What happens when your homes value falls to pre 1980 levels how many owe more then $45,000 on their primary residence what will you say to the bank then?
What happens when the unemployment system runs out of money will you the worker support higher taxes to pay out of work car industry officials you may not have a choice?
What happens to retirees of the car industry when they lose their pensions and the federal government has to pick up the cost who pays that bailout?
What happens when your city or town has to close schools because of lost revenues due to high vacancies in the commercial district and falling excise tax revenues. Will we see 60 kids per room in an empty warehouse maybe?
What happens when we are sending $300 Billion oversees to Toyota, Nissan, Hyundai, Kia, Honda, etc… for cars and trucks to get to work in and the cost of these autos double as they ramp up to meet demand is a Kia worth $40,000 for a base edition. No competition why not?
What happens when, you need to think about it, before you jump on to the band wagon and say no to a bailout. Yes we can set terms just as we did as a country when our fathers and grand fathers returned from WWII and we were still digging out from the 1929 crash and depression look up the “Treaty of Detroit”.
What will you say now that American Express just this morning converted to a bank holding company in order to take deposits but also to take a bail out for the growing numbers defaulting on their Credit Cards you had no say in that one I wonder if the CEO gets his bonus for Christmas or how about the party for top execs for another years job well done think the shrimp will be a little smaller amybe?
How about MasterCard and Visa how far away are they from doing the same on a larger scale, say 10-1 larger, then the American Express bail out.
What happens when your company says their is no one left to buy our product their all out of work here is your two weeks notice sorry will you blame the guy or girl in the next work station or maybe the CEO how about those Wall Street types who bled you dry?
Will you speak up then? Will you make a call demanding a bail out or will you walk away from your home take what you can carry because your american made car is dead in the drive way and tell your kids and your wife to start walking? where will you go? what will you do? how do you restart if their is nothing to restart?
Ok, now that we are all thinking lets get down to business. Yes bailouts for dumb actions taste bad, really bad, it’s a taste that will stay with us for decades maybe longer. Yet the alternatives are dramatic look at the stories of the 1930’s at the struggle for survival, if your lucky enough to have a parent or grand parent alive who lived through it ask them to tell you what it was like, then go reread my questions many of them are based on stories from that time.
Brace yourselves our Economy is a house of Cards, because of greed and I believe fraud in the financial sector which created paper(yes Just Paper) that they claimed represented our full faith and credit and sold them as unregulated bonds and so called insurance deriviatives on bundled mortgage debt. And they did this over and over and over and over again to the point that they may have sold the same thing 10 to 20 times, maybe more. When it is all sorted out we may know the truth but this will take time. Yet as a result of these 2 decades of greed for commissions, bonuses and run away profits we are placed in the position of having to bail them out or lose our social economic framework.
Make no mistake 9 out 10 were indirectly involved in this scheme we in so many cases were un knowing of the lies being told and the shell games being played but we were lured in by the promise of a bright future, which one of us after working so hard would not jump at the chance to enjoy the fruits of our labor hey the same people who tell us day in and day out what to do for 40 hours a week were incharge why wouldn’t you believe them? Now you may not have been one who bought a home, you may not have refinanced it when it doubled in value, to buy a boat, or a plane, or a motorcycle, but you went out to dinner weekly instead of saving and living a Spartan life you may have contributed to the problem. Instead you should have been smarter ,right, you should have been in preparation for this collapse. What about those that sent your children to an over priced College or University maybe your almamatter and had them take out student loans to the tune of $20,000-$30,000-$40,000-$50,000….. with jobs now being lost and others jobs not being created how will they pay for them are they abunch of dead beats? Why didn’t you have the savings to send them to Dartmouth or Yale instead of borrowing? Why didn’t you see this comming and send them instead to Middlesex Community College and saved a bundle for this collapse.
Look this is Veterans Day 2008 a day when we not only remember the dead, but for many Veterans they remember those they served with and survived with. How no one was a hero but they built bonds unbreakable, bonds that when the time came demanded the ultimate sacrifice. for many who have not served we look at those bonds and scratch our heads some times and wonder why they support another veteran just because they are a veteran and we wonder why, even when they never knew the individual, yet they share a bond and they remember that bond is based on sacrifice.
Well the bail out, if you get down to the bare bones, is you and I helping out other workers maintain their dignity, the sacrifice they made going to work day in and day out doing what the boss commanded, you can not fault them, for the CEO mistakes. Instead it is time to DEMAND that the bailouts come with conditions on those who made mistakes in judgment and leadership, they have to pay a price, but not you and I and our neighbors we need to stick together. Currently the Administration has done little but bolster the fat cats and CEOs. Much like Firing the Privates and promoting the generals. These are the “Captains of Industry” who have made the mistakes that have brought us to this day and time. They have stuck to the same doctrine as the years past that “trickle down” will wash our problems away this is the frustration when we see what is now well over 2 Trillion dollars going to the top companies who started this problem and the reports of them reserving some of the bailout money for “Billions in Bonuses” this December again at our expense. I don’t think we are going to see a single assembly line worker get a bonus next month if we bail out the Auto industry do you? Instead you will see a thank full man or women who on Monday will get up and go to work and on Friday get a paycheck to struggle on for another week. Lets not forget that our economy is one engine yes in the past we have had sectors stumble and fall and pain was felt but they will pale in comparison to this event if and this is a big IF we can not stop the cards from all failing.
I will again raise my voice and suggest that Hank Paulson should be run out of Washington ASAP and his rewards to Wall Street should have new conditions, strict conditions, placed on them and for AIG’s Ceo and top Management team and the head of the financial sector should be forced to resign or be fired by those providing the bail out as should the CEO’s every institution who recieves a bail out including those of GM, FORD and Chrysler if they get a single US Dollar. New leadship needs to be put into place that realize that you can not repeat the errors of the past a new direction needs to be plotted. Letting a single one of them remain is an insult to the average American who gets up and goes to work tomorrow morning.
Best to ALL