Fucked Over By Wall Street Once Again

The U.S. automakers have had their request for a bailout denied. Why? Because when the U.S. Congress gave bailout money to the bankers of Wall Street, it was misused by giving dividends and bonuses out instead of preventing foreclosures.

So now a real industry, one that actually produces something, has to come up with a plan that Congress approves prior to getting any money.

And I assure you that far more people will be hurt by the U.S. auto industry failing than any other industry in America.

1 comment:

The Lazy Iguana said...

This is about killing the unions. Republicans hate the unions. Big business never wanted unions. They did everything they could to prevent unions. Including hiring thugs to beat the shit out of uppity employees. Workers had to fight to get unions - and not just fight with words, I mean fighting with fists and sticks and whatnot.

Listen to crazy right wing radio. They are saying that this car mess is ALL about the unions. They want all union contracts ripped up. They want the UAW out of the picture. Only then do they say the loans will work.

And then there is the piss poor oversight, as is on par for the Bush administration, when the bank / AIG money was handed out.

For the hard right however - the issue with Detroit is more about sticking it to the unions than anything else. They would be happy to see the big three fold, and everyone to lose their job, if it would get rid of a union in the process.

In other news - I obtained my degree in business administration. I heard over and over that a managers job is "to increase shareholder wealth". That means stock price.

So - then the banks got the bailout billions, then declared dividends for shareholders and bought up other banks - well they were just doing their job! Increasing stock value. Or at least trying to.