At warp speed, legislators approved a $700 Billion bailout for Wall Street with the total now standing at $8.5 Trillion. Wall Street Executives single handedly have wiped out trillions of dollars of wealth while receiving exorbitant bonuses in the process. Hank Paulson was a recipient of some of this bonus money as well while at Goldman Sachs. AIG has received over $100 Billion in spite of their luxurious getaway. Major banks were handed billions of dollars even if they did not want it.
The U.S. automakers are asking for $35 Billion and are being burned at the stake. I know there is much criticism of the U.S Big Three. However, the market has voted with its dollars to keep these guys in business. The Big Three simply gave the American people what they wanted- Hummers, luxury SUV’S, etc. The U.S. Congress breezed through $8.5 Trillion for the banks with very little criticism. The ratings agencies who were supposed to protect the global community from toxic investments have had no public hangings. Yet for a request of 4/10ths of 1% (35/8500), the U.S. Automakers are being sliced and diced.
C’mon people! Let’s keep these things in perspective. The blue collar worker will be the one to suffer if the automaker bailout does not come, not Wall Street. Where is the support for Main Street when it really needs it? Have you forgotten about all of those extravagant bonuses paid to all levels of Wall Street employees? Do you think a line worker in a GM plant gets anything close?
The U.S. is the largest debtor nation in history. Our leader flies on the most expensive corporate jet in existence, Air Force One. It’s cost per mile to operate is unbelievable yet we do not want our leader taking a junket to China or the Middle East when we have our hand out for more of their wealth to support our debt or way of live, now do we?
This arrogance directed toward three CEO’s underlines the fundamental mess we are in. Pride and ego have taken center stage. Let’s find some whipping boys to take the heat while the real culprits are found on Wall Street, not Main Street.