Let’s see if I’ve got this straight. We bail out AIG and they use the money to make good on the credit default swaps they insured. (Although they didn’t call it insurance!) A lot of this money has gone to banks in foreign countries.
When it comes to GM, we want to force them into bankruptcy, which means a massive loss of jobs for blue and white collar workers, losses for bond holders and retirees, not to mention loss of market share.
Was Rick Wagoner, now GM’s ex-president and ex-CEO, guilty of risky practices, skirting the law, in order to make more money? No.
I’ve lived in the Detroit area for 38 years, and for as long as I can remember, the Big Three have been the favorite whipping boy of the liberal elite, with Al Gore being the number one “whipper“.
Sure, the Big Three didn’t adapt, and they and the unions negotiated contracts with big legacy costs, but ask yourself. Who suffers the most if they go under? Answer: The workers on the assembly line and automotive engineers. Not the likes of Rick Wagoner.
But hey, most of these people live in the Middle-West, which used to be America’s heartland, but is fast becoming a wasteland.
How can we be socialists if at the same time we are doing away with the proletariat?
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