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stevendedalus

Join Date 11/2003

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Hate Crime: Blue Collars?

At the drop of a hat Citibank gets its second bailout while the Big 3 must sit in the corner of the classroom for not doing their homework. Normally I would attribute this to class warfare except 50,000 white collars are out of luck as the bailout is unrelated to rehiring. Nevertheless, it is still glaring that Paulson favors Wall Street over Main Street as there’s been little movement with the exception of Fanny and Freddie in relation to forestalling home foreclosures, which are indeed toxic to the point of avoiding them like the plague. Granting that the auto industry offered little in its presentation, it was still obvious that it is in need and should be helped. Congress, however, balked not because of the industry’s lack of preparation but really launched a vicious attack on the UAW for not giving up its bargaining rights and being in line with the southern strategy of union free workers. There are blue collars and there are blue collars with a ring around them—hated union members.

Copyright © 2008 Richard R. Kennedy All rights reserved. Revised: Nov 25, 2008.

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At the drop of a hat Citibank gets its second bailout while the Big 3 must sit in the corner of the classroom for not doing their homework

I am in no way way shape or form happy with the way this bailout business to the finacial system's crooks is being handled with no conditions or oversight requirements (although they say it is included in the bailout rules).

However, i believe it is being done with not much questions because of the $700B the Congress acted and mainly because Paulson, Bush and Congress know full well that THEY ARE the cause of the problem ... you cant open the barn's door then blame the horses when they run wild.

As for the Auto crooks, that is a totally different matter. These dumb-heads went through this same crisis in the 70's .... crysler got its bailout ... and the other two got spanked market-wise and lost a great share of the car market worldwide .... for the Japaneese ... did they learn from that? ...noooooooooooo

not only that ... up till last year they fought, and won, all fuel-effeciency standards which was pathetic compared to the japaneese standards ... they actually fought against 35 mpg by 2020 while this 35 mpg is actually the minimum for the Japaneese NOW !!!! is that believable????!!!!!

actually Obama gave them a lecture (i think 2 yrs ago) about that ... did they listen ??? and guess who helped them ... the MI senator .... his wife is a big senior Exec at GM ... no surprise there ....and he is a democrat ... i am ashamed to say !!!!!

now he is begging along with them?????

until they come back with a plan to overhaul their management and kick those current crooks out and revamp their whole operation to produce cars people can actually use economically ... i say let them go down .... it will be a disaster ... but we deserve that by allowing them to do what they did ...

because stupidity and deregualtions allover the world ... all the finacials of the world are in trouble ....

Do you see anyother car manufacturing comp in trouble other than those dumb-three???

even BMW are ok.... and that is a very expensive car ...

the UAW is as dumb as the big3 are .... just because you have power you dont have to be self-destructive ...

an auto worker makes $150K????? engineers dont make half of that !!!!! that in addition to the generous benefits .... then they complain the companies are going bankrupt ???

show the plan before you get the money .... if not go chapter 11.

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not only that ... up till last year they fought, and won, all fuel-effeciency standards which was pathetic compared to the japaneese standards ... they actually fought against 35 mpg by 2020 while this 35 mpg is actually the minimum for the Japaneese NOW !!!! is that believable????!!!!!

Not true. The American fleet is totally different from the foreign fleets putting them at a disadvantage. But I'll give you that they are an epitome of dumb management and should be fired--and btw should also apply to the big boys in finance.

show the plan before you get the money .... if not go chapter 11.

I endorse that and elsewhere said that; still, there's definitely a dual standard when it comes to the big banks and the little people.

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Uh, Paulson is not holding this up. Pelosie and Reid are. Nice rant, if misdirected.

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What you cant live on 25.00 an hour with a 401K plan? I mean come on I can raise a family of 4 on 13.00 an hour and live okay... I dont feel on bit sorry for the unions... maybe they should have looked past greed ( and the workers for they DO HAVE A VOICE IN A UNION DUMBASSES THAT THEY ARE!) they wouldnt be sitting here worrying

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Maybe the auto makers should spend a little less on lobbying congress and a little more on making cars people actually want to buy. While the gas crisis over the summer certainly increased the demand for fuel efficent vehicles that demand has been rising for years now and the big three have been very slow to respond to it. Then take safety standards, the latest rankings came out today and Honda scored extremely high (in every single class of vehicle) yet Chrysler didn't even place. People will pay a permium for safety features, again one of the big three not making cars that people actually want to buy. The big three have made their bed and now they must lie in it.

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One argument in favour of the Citi bailout (not saying I support it, since I'm generally opposed to bail outs and don't know the full specifics of the situation), but it could well be that Citi has a sound business that can cope financially, but is vulnerable to people having poor expectations about it's future, with people believing it is in worse shape than it actually is. However the government is aware of Citi's true state, and so buys up pref shares in Citi since not only should they be good value, but also it should help stop a sound business from going under due to inaccurate beliefs.

Of course in reality it could be Citi's a business on the brink of going under due to a poor business model and the government bailout is simply looking to keep them afloat for the sake of jobs/other negative impacts if Citi went under. If this is the case I'm against the bailout.

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Quoting maudlin27,

One argument in favour of the Citi bailout (not saying I support it, since I'm generally opposed to bail outs and don't know the full specifics of the situation), but it could well be that Citi has a sound business that can cope financially, but is vulnerable to people having poor expectations about it's future, with people believing it is in worse shape than it actually is. However the government is aware of Citi's true state, and so buys up pref shares in Citi since not only should they be good value, but also it should help stop a sound business from going under due to inaccurate beliefs.

Of course in reality it could be Citi's a business on the brink of going under due to a poor business model and the government bailout is simply looking to keep them afloat for the sake of jobs/other negative impacts if Citi went under. If this is the case I'm against the bailout.

come on have we seen any of this money going anywhere besides the execs pockets? Im not seeing growth unless your calling growth in the unemployment claims

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come on have we seen any of this money going anywhere besides the execs pockets? Im not seeing growth unless your calling growth in the unemployment claims

Hopefully, Paulson has mandated that this infusion must go to borrowers--consumers and small business--who are relatively financially secure.

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Quoting stevendedalus,

come on have we seen any of this money going anywhere besides the execs pockets? Im not seeing growth unless your calling growth in the unemployment claimsHopefully, Paulson has mandated that this infusion must go to borrowers--consumers and small business--who are relatively financially secure.

you would think and that was what the inital was supposed to do was free up the credit and like i siad all it did was line the pockets of the people that got into the mess in the first place.

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all it did was line the pockets of the people that got into the mess in the first place.

I'll grant you that it appears that way and I have always suspected white collar thievery, but this time they are under scrutiny and will have to come through. Even Freddie and Fanny are making steady progress.

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Quoting stevendedalus,

all it did was line the pockets of the people that got into the mess in the first place. I'll grant you that it appears that way and I have always suspected white collar thievery, but this time they are under scrutiny and will have to come through. Even Freddie and Fanny are making steady progress.

Let me ask you this... if there was not as much public uproar you think that there would be a watchful eye on them? I think at first that they were not thinking that alot of people were going to be so critical of them with this money but now that we are watching what they are doing its more or less " o shit we better watch what is done with this money" type thinking.

I hope it works... because this country is in dire need of this market to pick up very badly. I just wished for the life of me that these "bonuses" would have gone back into the system instead of the head guys of the company... its sorta like rewarding them for FAIL and helping put this country in the situation its in now.

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I hope it works... because this country is in dire need of this market to pick up very badly. I just wished for the life of me that these "bonuses" would have gone back into the system instead of the head guys of the company... its sorta like rewarding them for FAIL and helping put this country in the situation its in now.

I second that!

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