Archive for the ‘Bailout’ Category

$13.4 billion to Automakers

December 23, 2008 Leave a comment

Before I start, here is the excerpt that really got me going…

“The government will put other conditions on the loans, Bush said Friday, including making pay competitive with foreign automakers with large U.S. operations such as Toyota and Honda. Employees of foreign automakers generally make less than those in U.S.-owned plants.

The plan also puts limits on executive compensation and perks such as corporate jets, requires the automakers to adhere to fuel efficiency and emission standards and open books to government scrutiny.”

via Feds to lend $13.4 billion to automakers –


So let me get this straight… they are going to lower wages, put limits on executives, require them to adhere to our country’s laws (what?) and open their books?

Lets start with the first doozy. Apparently, now that they are getting all this money, the UAW (which, by the way, forced them into this situation by not re-negotiating their clients contracts) will be willing to lower their clients contracts. Now, read my last sentence over again. The same people who refused to even negotiate are now going to negotiate and agree to a deal in which their clients (union members) will have their pay and benefits slashed? 

If that’s not funny enough, they are going for the populous touch with the limit on executive perks. First off, this probably isn’t even legal. A company or entity (in this case the government) can NOT put that kind of prerequisite for a loan. Even if they can, which I doubt, are we really supposed to believe that executives will now start staying at the Holiday Inn? AIG has been lambasted repeatedly for their executive spending and yet THE CONTINUE TO DO IT! It’s like they don’t care. Good luck with this one. 

Now the last part of that statement: “require them to adhere to fuel efficiency and emission standards and open books to government scrutiny.” Does this imply that they were planning on NOT adhering to our standards, which are actually laws passed by Congress? So we are loaning money to company’s who were planning on breaking our federal laws? A convict walks into a courtroom. The convict tells the judge, “Judge, I will not steal anymore if you let me out of jail. I promise.” The judge says, “Convict, not only will I let you out of jail, but I will also give you $13 billion so that you will no longer have to steal.” Does this sound like that? I think it does. It’s so ludicrous that you might be laughing, but it’s not a laughing matter. The fact that the convict promises to not steal is ridiculous. You are an American, and as such you have to abide by the laws! RIDICULOUS!

Oh, and don’t forget, they are going to open the books to government scrutiny? Hopefully this government scrutiny is better than the scrutiny the SEC uses… or perhaps better than the scrutiny for the $350 billion that no one can seem to trace. 

Again the bush administration goes against the will of the people and congress to wage another crusade in a last ditch effort to wipe his dirty slate clean… only problem is his legacy is tarnished beyond doubt…

Categories: Bailout, Links, Politics Tags: , ,

Whered the bailout money go?

December 23, 2008 Leave a comment

This story comes from the Sun-Sentinel here in South Florida. Apparently its quite easy to lose $350 billion dollars. 

Whered the bailout money go? $350 billion later, banks wont say how theyre spending it — South Florida

Categories: Bailout, Links Tags: , ,