Change You Can Pay For
With this downturn in the economy, you might not be buying as many things as you would ordinarily. Some parts of this country are currently experiencing what is called a recession. You may not be in the market to be spending lots of money lately. But, according to Congress, that is the very reason this country is in the crapper. You know, in times past during hard economic times, some businesses may have had to lay off some workers or even close its doors.
But, now that we have elected The One, all that will change. We no longer have to worry about those silly and frustrating economic swings.
But, now that we have elected The One, all that will change. We no longer have to worry about those silly and frustrating economic swings.
One day after General Motors announced that it is rapidly running out of money, congressional leaders called on Treasury Secretary Henry M. Paulson Jr. to add the car companies to the expanding list of industries eligible for government assistance under Treasury's $700 billion economic rescue program.
House Speaker Nancy Pelosi (D-Calif.) and Senate Majority Leader Harry Reid (D-Nev.) sent a letter today to Paulson asking that he "review the feasibility . . . of providing temporary assistance to the automobile industry during the current financial crisis." [Ed: thought the crisis was over now that the $700b package was approved and Obama has been elected Prez??]
The letter notes that Congress granted Paulson broad discretion to use the bailout money to "restore financial market stability. A healthy automobile manufacturing sector is essential to the restoration of financial market security," the letter continues, as well as to "the overall health of our economy, and the livelihood of the automobile sector's workforce."
Well, maybe a little bit might not hurt so much....
Congress recently voted to fund a $25 billion low-interest loan package to help the car companies produce more fuel-efficient vehicles, but that money has been hung up by red tape. Obama and other Democrats have offered another $25 billion in loans,...
Oh, wow. That much? Am glad that they aren't the Oil Industry. Else, Pelosi and Reid might be talking of taking extra money out of their dwindling coffers.
Once again, Congress is using its power to dictate how businesses should operate and what products they HAVE to produce. And, because the market and the economy is going down, Congress feels the need to use our incredibly valuable tax dollars to falsely inflate the bottom lines of these failing businesses.
Here is the money quote. This is how they feel about you...
In their letter to Paulson, Reid and Pelosi wrote that the record low auto sales reported yesterday "only reaffirm the need for urgent action."
So, because you idiots and selfish people are NOT buying cars, then the government is going to do that for you. YOU are to blame. It is your fault that Detroit is losing money. Well, you may not have the money to buy a new car this year, but the government is flush with your cash and they are going to buy those cars FOR you (and then keep them).
That's ok though. Congress has seen fit to attach some rules.
If Treasury does decide to include the auto industry in its rescue program, they wrote, the chief executives of the car companies should be subject to the same "limits on executive compensation" as any other participant in the program, and should be required to give the government equity stakes in their firms "to provide taxayers a return on their investment upon the industry's recovery."
Great!!! Now the auto industry is going to be nationalized?
This will only be the start.
