The Ghost of Snapped Shot

Or, welcome to my low-maintenance heck.

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.

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.



#1 DMartyr 11-Nov-2008
Panic selling is the number 1 cause of the stock market plummet.

In a way, pumping government money into the economy sounds like a good fix, but in the long term it's a bad idea. I think it would be safer in the long run to just let the market rebound on its own.

But what do I care? I can't wait for some of that Obama cash! Woohoo!
#2 captainfish 11-Nov-2008
Yeah, since the RICH voted for Obama, I am sure that they are perfectly OK with paying 65% tax rate.

BTW, I want to say thank you for paying that and freely giving of that money to people who dont work. Because it is not fair to expect people to work for money that you made.

Oh, and thanks for subsidizing the mass-transit system too because when Obama makes Oil illegal, everyone not making over $250,000 a year will be FORCED in to mass transit.
#3 DMartyr 12-Nov-2008
I just lost my job last Saturday, so I want to thank all you Obama supporters for putting someone who not only is going to give me some of your money, but is also going to pay my mortgage and gas.
#4 captainfish 12-Nov-2008
Oh CRAP!!!

Sorry to hear about that DMartyr. I hate being unemployed.

But, like you said, you will be living high on the hog now that everyone else will be paying your way. Isn't Socialism wonderful.

But, between you and me, I hope you can find another job soon.

Heard the DOW went down 400 again today. And AMEX is begging for $4billion to cover their bad debts. WHile it does mean lost jobs, these companies need to go down. They need to learn the lesson of bad economics and foul lending.

Tho, am heartened to also read that Paulson feels that the automakers are not part of this bailout... this time around. I just know that Pelosi will create a new bill to bail them out once again.
#5 DMartyr 13-Nov-2008
Thanks, Capt. It was inevitable. I've been in that low-paying, go nowhere job for a while. I've been telling myself for the last couple of years I need to find something better. Maybe it'll all be for the best. I just wish the economy (thus, job prospects) was better.

I'm pissed about AMEX - isn't that like a very elite credit card that must be paid in full each billing cycle? Or did they change that?
#6 captainfish 13-Nov-2008
Yeah, Elite Card. For most of its life, it used to be 30-day payoff, but then during last few years it went to an "extended" payoff timeframe to entice lesser wealthy people.

I do not know the specifics of those details as my brain does not yet have coffee this morning.
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