I’ve been around for a lot of elections and following each, the losing party usually has some negative comments about the winner and it ends. 2008’s Presidential Election is different. The losing party is not only continuing to complain but they are acting like road blocks.
Living on a retirement income. I was very interested in how Washington was going to handle the cash crash on Wall Street. President Bush (yes he is still the President) stood firmly behind the $700 Billion bail out and while his party ignored him, the deals were finally cut and Wall Street survived to fight another day! Oh yes, the bail out did little to help a retirees invested savings.
The $700 Billion was suppose to help those losing their homes, loosen up credit and give the economy a nudge to prevent the Recession for getting any worse. What appears to have happened was that large banks bought other large banks and many small banks were gobbled up by the creative use of your tax dollars…a bail out of sorts but for whom?
We now come to the Auto Industry. There are many who have been beaten up by auto sales personnel that would like to say…”Let ‘em sink.” I think I would feel the same way were it not for the thousands of persons that would be directly impacted by the demise of this industry, not to mention the related businesses that support said businesses. Everyone knows how they reached this point…poor management, poor product and now a lack of credit to entice buyers. The question is “Do you let this industry fail?” As someone with a conscience and no ties to the auto industry, I think it would be tragic to allow any of the “Big Three” to go under. The thought of Chapter 11 only leads to one thing…UNION BUSTING! Ronald Regan managed to break the Union when he fired the Air Traffic Controllers. At that time, many Republicans lauded his deed. Now, Republicans are advocating Chapter 11 and no assistance for the Auto Industry. This would be a great way of breaking the Union and not getting their hands dirty.
If the Auto Industry goes under it will be a lot more about Union Busting than an industry rebuild itself!