The auto industry bailout was the topic du jour on all the sunday talk shows this weekend, and the hypocrisy of those conversations is something I can simply not let go unanswered.
shelbyofficialphotocolor250.jpgTo be clear, I believe the first Wall Street bailout was a complete one over on the American people and another corporate welfare giveaway to Wall Street. If the bailout would actually work I would have had no problem with it. But as I've learned at Pride At Work , rarely can you solve a problem by simply throwing money at it.
This bailout does nothing to solve the problems that have gotten us to this place; the extinction of financial regulation and oversight, the incredible disadvantage American companies have providing health care, as most industrial nations provide health care through the government, and finally, income inequality levels not seen in this country since before the last great depression.
Senator Richard Shelby of Alabama has been hitting the airwaves calling on the Senate to reject an automobile bailout. Of course Senator Shelby has a vested interest in seeing the demise of the Detroit auto industry, as his state has had a boom of foreign car companies like Toyota and Daimler-Benz relocating to Alabama, since, as a right to work state, the ability to unionize is diminished, thus employees at those factories make lower salaries and receive nominal pensions.
The general reasoning being purported for rejecting the bailout is that Detroit has been making a terrible product and deserves to go down for their lack of foresight in the need to make green cars, and that their management needs to learn a lesson. Maybe so.
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