$15 billion to keep the US auto industry alive vs. trillions for Wall Street, no questions asked.

Friday, December 12th, 2008 @ 10:52 am | Clueless Conservatives, Corporate shenanigans, Economy, Politics

The discrepancies are starting to come to a boil…what CEO of a major financial behemoth is getting dragged in front of Congress to have their homework demanded or else? Why is the political class so fast to throw up their hands and say “Whatever you want!” to AIG so they can keep circulating money on paper, yet so slow to talk about doing something to save mortgages?

This week’s drama has centered around the auto-companies, who affect the employment of millions, asking for $25 billion, a pittance compared to what is being thrown at the financial sector to scant avail. Now they’ve been hounded and harassed and bargained down to $15 billion, with pay cuts for CEOs that would be unthinkable for Wall Street moguls (even the golden parachute provision was engineered to not apply to anybody who’s currently in charge).

I was initially suspicious of the auto bailout, at least until I heard they were only asking for $25 billion. I later said, install conditions, accountability, and the means to produce vehicles for the modern era (already I’ve heard rightwingers drooling about buying big gas-hogs again now that you can fill up your car without a mortgage). As I see it right now, the auto bailout can do more good for the economy than ten times the amount thrown at Wall Street, so…

Sen. Jim DeMint (R-S.C.), a fierce critic of the bailout, said the failure of the bill could hurt his auto-state colleagues, but noted, “politically, I think Republicans can show a real difference [with Democrats] here.”

I’m glad this Republican has his priorities straight. Surely them Southern Republicans, free from the nefarious influence of Michigan, can think with their principles.

…pitting Rust Belt and auto-state senators who joined Democrats in a plea for federal aid against their Southern colleagues who represent states where foreign-owned automakers constitute a significant economic presence

Great job!

We are reflecting our deepest priorities, our very nature, in our response to the Siege of the Invisible Hand. Given the urgent need to completely restructure how business and politics is handled in America, given that we have little choice but to re-align our priorities or else have it done forcibly, Republicans like Jim DeMint represent the Old Guard…of Nothing. Nothing but politics and self-interest, when we need them to get the country repaired.

-jb

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