Over the past few months we have watched our economy collapse through the housing market and Wall Street. The Fed's have tried to intervene and just made matters worse and made the working class seriously doubt thier judgement. The financial bailout was basically free money to anyone who claimed to be a bank. Well, everyone all of a sudden was a bank! What a surprise. As portions of the outradgious bailout funds were dispersed to the qualified companies that needed it so drastically to get the credit market moving again. They did just the opposite of it's intended purpose and spent it on spa vacations for over $400,000 as well as purchasing other banks, etc. But the true people in need, the homeowners who could not keep up with thier balloon payment mortgages did not see a dime. So Washington called a halt on the fiasco and the next day 50,000 financial jobs were lost. Were they going to lose them anyway or was this a message to Washington, you give us that money or we'll make you pay dearly.
Now the three major American auto makers are on the verge of total disaster due to lack of credit for buyers. If they should go bankrupt close to 3 million jobs will be lost and out economy will be in worse trouble it's seen since 1929. Capitol Hill says no more hand outs and even claims the auto makers were staggering before the financial meltdown. But the facts say otherwise. After the financial mess they made I don't trust any decision that these people are making on behalf of the American people. They don't have the best tract record.
I do agree that allowing the auto makers to stumble would be a crippling to the U.S. economy that would take generations to mend. Something needs to be done before the new administration but what? It's just not an easy answer.
This blog was written by and is copyright of Roxanne Brewer on November 18, 2008. Any copy of it after the date and time of it's post is a violation of copyright and is plagerism.
