Friday, December 12, 2008

The Bailout - Part 2

Here we are again...our politicians spending our money to help companies that have such greedy people at the top who also happen to be inept, pleading for money to save them. Congress passed a "bailout" for the Big 3. Of course, it was not the amount they asked for. It was approximately 1/2 or $14 Billion.

Remember that old saw..."a billion here, a billion there and pretty soon we're talking about real money"! I paraphrase, however it is true. If one has been watching the news and reading all the little blurbs on the internet, we can see the story unfold. In the last couple of days we have seen committee members questioning the Assistant Secretary of the Treasury. The crime is that there were no oversights put into the original bailout of $700 Billion. No one put any conditions on how the money was to be spent. No one said, "you must do these things with this money" such as put it into new loans for people not take your execs out on terrific excursions or have $200,000.00 parties.

Here we are, 1/2 the money has been spent and no one seems to know on what. There is no accountability! It is so egregious, one can only shake one's head and question who these people are in Washington? Do they know nothing of business? If any one of us had a bank loan that we couldn't repay, our assets would be seized. The government wouldn't bail us out. Why, we don't employ enough people.

Here we go again. Congress passed a bill that would have given the Big 3 $14 Billion and would name a "Car Czar" who would have to have a blueprint by the end of March 2009 as to how these businesses would change. How ridiculous! The blueprint should be in place prior to the money being lent. After the fact makes no sense at all! Of course, this is Congress. Why should we expect them to be rational.

What most people do not know is what was tacked onto the end of the bill that Congress passed...a raise for Federal Judges!!! This is the same thing as the "pork" of $150 Billion that was added on to the $700 Billion in order to get it through the Senate. No one is telling us where that $150 Billion in "pork" is going. It's just politics as usual. Once again the taxpayer is paying.

The other ridiculous part of this is that Congress (both houses) get a yearly, automatic raise. I haven't heard any of the indignant questioners say they are not going to take their raise this coming year.

As of this moment in time, the Senate has rejected the Big 3 bailout plan proposed by the Congress. We can only hope this bill dies a slow, painful death. It is time for the Big 3 along with the UAW to wake up and smell the coffee. Bankruptcy would help the Big 3 get out from under the thumb of the UAW. I wonder how many of you who may read this know that anyone who is laid off from 1 of the Big 3 companies and is a member of the UAW receives 95% of their pay.

Then, of course, there is the pension program and the fact that the executives of the UAW make enormous salaries. Of course, the UAW did testify before Congress and has agreed to concessions beginning in 2011.

If ever there was a time for peaceful revolution in this country it is now. We've had a small one with the election of Barack Obama. A man who is putting together a terrific cabinet. He is very smart and I believe he wants change. Look at the mess he is inheriting. So now we need a big peaceful revolution! It is time to send a very strong message to our politicians that "business as usual" is not acceptable. I wrote to my Senators, Congressman and the President yesterday with regard to the Big 3. Of course, I write to them consistently.

Amazingly, the only one I ever hear back from is Senator Bill Nelson (D) Florida. He is an honorable, reasonable representative of the people. The rest of them should be thrown out of office and don't get me started on the Governor of Illinois. Therefore, I guess this is a good place to end this diatribe.

Waiting for the revolution,