Whatever your belief about government bailouts in general may be, the double standard is disgusting
Nothing for the auto companies, and more importantly, the autoworkers. Auto companies have "too much debt." What about banks, Wall Street? Trillions in Federal Reserve gauranties, TARP funds, and Lord knows more whenever they demand it from this Administration and Congress.
Yet companies staffed with thousands upon thousands of union workers given the heave ho, dismissed as badly run companies. Well of course they've been badly run, just like Wall Street. So if endelss government bailouts for Wall Street are appropriate, why not a fraction of the same for auto companies who employ working class folks?
Fundamental structural change is needed for the auto industry yet applying the very same approach to Wall Street is dimissed as radicalism, no need for such talk. And this by a Democratic Administration!
The Democrats must abandon this continuation of Rubinomics and the Bush/Paulson Wall Street "most favored failed companies" bailouts or this Democrat will go Green in 2012 as will, I suspect, many more. We don't need two big business parties which is obviously what we have. And today's only big business is Wall Street!
There is no excuse for this, Detroit and Wall Street have both failed us. Yet one is endlessly bailed out to the tune of trillions with bonuses intact, the other is scolded, denied $20 billion and told to undertake structural reformation (union givebacks).
This is a disgrace, pure and simple. Not the change I voted for and an approach I am getting entirely sick of.
I don't work in the auto industry. These autoworkers, however, are my neighbors and if my money must bailout anyone I'd rather it be them not some Nantucket-summering, ski resort villa-owning, Park Avenue con man.