Sunday, December 14, 2008

Republican southern Senators seeking partisan advantage at time of crisis...

This is a discussion on Countdown from Friday night on the subject of that leaked GOP memo in which Republican strategy to strike a blow against organized labour is disclosed. That memo was discussed in a post at pogge's blog yesterday. Faced with the imminent prospect of 3 million Americans losing their jobs due to the tanking of the American auto industry and the tumult that would cause...the Republican southern Senators are preoccupied with striking a significant partisan advantage against a political foe.

Does that sound familiar, Canadians?

For more on the hypocrisy of seeking wage concessions from the UAW and not having done anything of the kind in respect of the Wall Street bailout, NY Times columnist Gretchen Morgenson is powerful today: "Blank Check for Banks, Pink Slips for Detroit."
HERE in Bailout Nation, you’ll be surprised to learn, some of us are more equal than others.

Witness the Congressional back of the hand delivered last Thursday to Detroit automakers. Chrysler and General Motors were asking for $14 billion to see them through the end of the year; the Senate said no.

Mitch McConnell of Kentucky, who leads the Senate Republicans, opposed the rescue. “None of us want to see them go down, but very few of us had anything to do with the dilemma that they have created for themselves,” he said. “We simply cannot ask the American taxpayer to subsidize failure.”

That’s a new concept — not asking the taxpayer to subsidize failure. Is that not what we just did with the banks, to the tune of $700 billion, 50 times what the beleaguered carmakers asked for?

Moreover, in the bank rescue, taxpayers are subsidizing not only failure but also outright recklessness and greed. In spite of the fact that financial institutions drove the nation into the economic ditch, and even though “very few of us had anything to do with the dilemma that they have created for themselves,” the financial industry received billions, with few strings attached.

Complaints about bailing out high-earning autoworkers are another fascinating disconnect. The supposedly exorbitant autoworker wages that get everybody so riled up pale in comparison with the riches of Wall Street.

Neither were the banks required, as Detroit would have been, to get rid of their private jets or supply Treasury with in-depth restructuring plans in exchange for bailout funds.
The hypocrisy that is going on as between the treatment of the auto industry versus the financial sector just reeks...