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I got this in my inbox today(not spam). And the opening "our futures are linked" isn't suppose to mean the general public just who they were sending this particular e-mail to. Anyhow, they are bugging us to support their bailout! The e-mail ends (not shown) with information how how to contact various government reps.
E-mail:
Because our futures are linked, I want you to know that
General Motors is doing everything possible to deal with
the impact the financial crisis is having on the domestic
auto industry. Yet despite our successful efforts to
restructure, reduce costs and enhance liquidity, we are
facing an uphill battle with the current administration
and Congress in securing a bridge loan.
That's why we need your help now. Simply put, we need
you to join us to let Congress know that a bridge loan
to help U.S. automakers also helps strengthen the U.S.
economy and preserve millions of American jobs.
Despite what you may be hearing, we are not asking
Congress for a bailout but rather a loan that will
be repaid.
The consequences of the domestic auto industry collapsing
would far exceed the $25 billion loan needed to bridge
the current crisis. According to a recent study by the
Center for Automotive Research:
One in 10 American jobs depends on U.S. automakers
Nearly 3 million jobs are at immediate risk
U.S. personal income could be reduced by $150 billion
The tax revenue lost over 3 years would be more
than $156 billion
Discussions are now underway in Washington, D.C.,
concerning loans to support U.S. carmakers. I am
asking you to support this vital effort by contacting
your representatives.
I actually bought a GM about 2 years ago because I get a big discount. Its a piece of junk, I totally regret it. The fabric on the seats is wearing out and I don't even drive it much (only 19,000 miles), its poorly designed in terms of usability (little things that you don't notice until you drive it for awhile) and just overall junk.
You'll probably get more money if you tore it down for scrap metal and parts than actually selling to the genpop as a whole operating car!
Between housing, vehicles and pencil pushers, the US economy by now destroys value, reminiscent of the Soviet economy: after the collapse, Russians with the power to do so made billions by selling raw commodities on the international market rather than producing Trabants or whatever.
I perceive no plan among US leaders to restore a domestic economy that, on the whole, actually adds value to the global economy rather than wastefully sucking resources from it.
FWIW - I have a Subaru Wagon with 160 k miles and going strong and a Buick with over 180k. The Subie is a good grocery getter and the best snow car I have ever had and the big Buick Roadmaster wagon is a nearly perfect highway cruiser that can actually haul a useful amount of stuff. I also had Chevy C-10 pick up with 500k + that I gave away when it rusted out. The truck is still running on a farm in Maine.
I, for one, would buy a GM vehicle. If I ever get the money to build a custom car I will get a '95 Roadmaster Wagon and put a cop car suspension and a turbo diesel engine into the thing. Then drive it to New Mexico and back twice a year. Diesel efficiency and good enough handling to surprise some of the rice baskets.
Instead of loaning the money to GM the government should buy a few billion worth of stock and get some people on the board.
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What I find amusing is the outright disdain the white collar class in america has exhibited for the union blue collar strata of this country under the guise of being against bailouts in principle. I too was against the $700B bailout, but nobody is bringing that up when it comes to the US auto manufacturer discussion. Instead everybody jumps on the UAW and the outright assertion that overpaid blue workers are the central and fundamental reason GM is in trouble, yet nobody scrutinizes the labor practices or composition of the AIGs of the world, and in so far as union corruption is concerned, nobody tempers that with the squeaky clean nature of wall street managerial class right? *ugh*
It is easier and emotionally fulfilling for the bitter white collar class in this country, in light of their own reduction in purchasing power under the globalization mantra, to seek consoling in egging on and witnessing the demise of yet another domestic real goods producing branch of our economy to the catacombs of Walmart wages and the slave-service economy, than fight for the preservation (as a principle) of domestic ownership of a real goods producing economic vehicles and the preservation of high compensation benchmarks for the indsustry, as opposed to whoring it away to foreign interests. But that's not what's viscerally behind the anti-bailout crowd. It's the misery loves company effect. As long as these overpaid knuckleheads begin earning 16/hr across the board with no union protection and no health benefits like Massa' intended we can feel better about our disheartened laboring white collar wage slavery. This is one classy country I tell ya.
Let me reiterate, as much as I was opposed to the 700B Wall Street fat cat bailout (and I hear they're not even absorbing the bad mortgage paper like they told yall, they're giving it directly to the banks to lend at their DISCRETION, man you can't make this stuff up) in this instance you're dang skippy I'm all about robbing the heck out of Peter and paying Paul.
I would rather see them broken up into companies owned by former employees. GM has made so many bad decisions that they deserve to become extinct. Perhaps a group would own Chevrolet and another pontiac, maybe another Cadillac, Buick. etc. I have been very upset with the auto industry since the 70's and they need to go. Maybe GM assets could drop to prices as low as foreclosed homes in Detroit. Personally if I had my way I would buy Chrysler and re-introduce the 1968-70 Chargers and Challengers and Cudas with a choice of electric, Diesel or Hemi power. If the industry goes bankrupt it might free up the reproduction market and get big 3 lawyers out of the way to clear a path for new, innovative auto manufacturing.
Between housing, vehicles and pencil pushers, the US economy by now destroys value, reminiscent of the Soviet economy: after the collapse, Russians with the power to do so made billions by selling raw commodities on the international market rather than producing Trabants or whatever.
I perceive no plan among US leaders to restore a domestic economy that, on the whole, actually adds value to the global economy rather than wastefully sucking resources from it.
As someone who's spent a lot of time living and working in Russia, it always strikes me how much better socialism actually works in the U.S. Apart from that, we're much better at legitimizing state-supported graft and outright highway robbery.
As for the plan that you mention, or, more accurately, lack thereof, it was far easier to coax the people into a debt-financed consumption culture than to encourage actual value-adding economic activity, and after the collapse, it will be far easier to milk the leftover pieces than to actually promote something meaningful and sustainable.
I really wonder, though, if it could be any different. Looking at human history in its entirety, the state has been consistently effective at only two things: stealing from people and killing them.
Looking at human history in its entirety, the state has been consistently effective at only two things: stealing from people and killing them.
Yet no part of the world has been able to break free from the State. Here in the US we tried, but lost the war against tyranny anyway. Is there anywhere left to go? Where does the "free market" exist today?
Instead everybody jumps on the UAW and the outright assertion that overpaid blue workers are the central and fundamental reason GM is in trouble, yet nobody scrutinizes the labor practices or composition of the AIGs of the world, and in so far as union corruption is concerned, nobody tempers that with the squeaky clean nature of wall street managerial class right? *ugh*
I agree with the entire post, but this, in particular can not be overstated.
This crap started around Nixon's time but didn't really get rolling until the Reagan era. Blame the unions. Put a bug in certain people's ears and watch it spread like wildfire. And the blue collar workers - the ones that didn't belong to unions - bought it.
This has worked for decades.
Open up trade with China. Approve for-profit health care. Bust the unions. Keep education to the basics, and, don't teach any of them to think for themselves. Wave the American flag, bring the Moral Majority in with the promise of school vouchers and watch the ignorant, uneducated people fight amongst each other.
In the meantime, big business buys up the media, slashes the staff so that they have little time or money for in-depth reporting. Anytime a reporter tries to step out of the box, teach the masses to scream, "liberal mainstream media!" Have Rush Limbaugh tell them that Walmart is good for America, while he sits in his mansion next to Donald Trump.
The politicians and big business have been playing this scam for a very long time.
Having said that, I am against a bailout for GM or anyone else. Let them all sink and eventually, perhaps, small startups will emerge. AIG and the rest of them are a bunch of liars. They are still going to their resorts and they are still handing out credit like it is candy.
Don't think so? My husband and I have been approved for credit four times in the past few weeks. No kidding.
Don't believe any of them.
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