If you are wondering how Ford (the champions of responsibility, as they did not take the government bailout) will be able to weather this economic downturn, you might be depressed after reading this post. As you know, the bailouts were only going to last for a temporary amount of time with General Motors (Government Motors) and Chrysler. Now, it appears with Chrysler’s recent decision to declare Chapter 11 bankruptcy that there will be more control from the government, along with the United Auto Workers (UAW) union. What does the UAW have to do with both GM and Chrysler? Well, the answer is clear.
The UAW will now own 55 percent of Chrysler, while they will own 50 percent of GM. The government will be giving control to the union thugs, who have helped drive the “Big 3″ into financial problems. The chief financing of a GM and Chrysler vehicle will now be handled by the government. If you think for a second that the financial problems were solely caused by lack of innovation and the product itself, you are wrongly mistaken.
Since the UAW union thugs have taken over, there has been a rise in plants going out of business. Just look at Detroit, once America’s crown jewel of the auto industry. When I was visiting Detroit on business last summer, many plants have suspended operations and there was a sign of a bad economy. Many of the businesses who helped supply GM, Ford, and Chrysler with parts, etc. were closing up shop or suffering horribly under the environment. It was really sad seeing the impact that many of these unions, because this area used to be booming with business.
Now, the UAW will also start pushing their coercion on Ford. Since Ford did not accept the bailouts, the UAW will be driving competition and Ford could be the one hurt in this deal, as there will be immense competition between the UAW Motors (GM and Chrysler). Hopefully, more people will begin buying Ford vehicles in retaliation to the government interfering with competition.
I believe Jim Wooten of the Atlanta Journal-Constitution said it best when he said, “I don’t want government to succeed in nationalizing American industry. I will not buy a car from the government and I won’t invest in banks that its agents control.”
Today, the London Daily Telegraph reports that Britain’s Prime Minister Gordon Brown has been under fire for his recent £1.4 trillion spending proposal. With the release of this, protesters have gathered angrily demanding that Brown stop wasting money on his “so-called stimulus package.” Many Conservative party legislators in Britain have been speaking out against this proposed package. It appears that the Tea Party (albeit, this is not April 15th is starting to gain traction on a global level with many being against wasteful spending measures during troubled economic times.
The Telegraph reports that Britain is getting closer to being placed under IMF control. With the upcoming G20 summit, Brown will have to answer some questions about his proposal. In the meantime, the taxpayers in England are fed up with their Prime Minister’s wasteful spending. The Tea Party is starting to gain global traction, which is always a good thing.
Addendum to this post: A good friend on Twitter informed me that many of these protestors are strong leftists, communists and anarchists, who want the government to spend the money on the people. There are also some conservatives who are also enraged at this action. Here is another example:
As we approach the 100 day mark for the Obama administration, we have already witnessed the preliminary phase of change with disastrous economic policies and policies that are threatening the sanctity of human life. The size of government will be doubling, and even more shocking will be the increased power that Timothy Geithner has requested for the Department of Treasury. Even one Congressman went as far to call Geithner out on his radical request. The Obama administration is already starting to show its stripes for all of America and the world to see.
The NRSC has a great video online about Candidate Obama vs. President Obama. There’s no doubt that Obama is treating his Presidency like a political campaign.
Although Obama was duly elected as President, it does not mean that we have to support or believe in his proposed “changes.” Rather, it is time to rise up and have our voices heard. You can do this by attending a local Tax Day Tea Party to show your disdain for the trillion dollar debt, increased government regulations, protest the wasteful government spending and bailouts. This is not the time to sit down and watch the government steal your liberties.
These are the last two segments in the Bailouts and Bull**** series on 20/20 featuring Drew Carey of Reason.tv and John Stossel. With the recent bailouts, we can only expect more government waste over the next four years. This is not the change America voted for in 2008, and we are getting closer to a wake up call. Future generations will be paying for the $786 billion mistake.
This is Part Three and Four of the recent 20/20 special featuring John Stossel and Reason.tv’s Drew Carey, entitled Bailouts and Bull****. The third segment discusses medical marijuana, and the fourth segment focuses on universal preschool.
Welcome to the Lifestyles of the Greedy and Despicable! This week’s episode features an insurance firm, who begged for and received money from the Federal government, only to use this money to give bonuses for top executives. Who was this insurance firm? Does AIG sound familiar to you? Well, it should. After all, they received $12.9 billion dollars from the government to help get them out of financial collapse.
The Washington Examiner reports that there has been considerable outrage on Capitol Hill regarding AIG’s handling of the bailout money. These bailouts were unnecessary and our legislators realize that the taxpayers money was being used unwisely.
This is exactly what I predicted would happen, and the behavior of these executives should not be condoned. In fact, AIG should pay this money back to the government immediately. Why should these executives be receiving any raises? After all, they should be focusing on working to pull their agency out of the fiscal problems they are experiencing. Upon initially receiving the bailout money, AIG sent their executives on a ritzy retreat, while the financial industry was on the brink of collapse. AIG did not deserve or need one red cent from the government, and hopefully, our elected officials will regret their decision to vote to approve these bailouts.
Face it, the economy is in a recession, and America is in massive debt. If this money would be returned to the government, then this will help with paying down some of the debt, etc. Now, of course, we know this will not happen, but there should be an in-depth investigation on each company that has received a government bailout to ensure that this money is not being wasted on corporate raises, etc.
On Friday, 20/20 had a compelling series, in conjunction with Reason.tv, that featured the details of the recent bailouts and highlighted the wasteful spending included in this legislation. Both John Stossel and Drew Carey did a fabulous job with this segment.
Here is the first video in the segment that discusses the bailout. Just a note, I will be including the rest of the series throughout the next two days.
So, President Obama…how’s your stimulus plan working? If you look at the recent Dow industrial index, you would see that it is not working well. If only you would have listened to the American people, who have been sending you “crystal clear” (no pun intended) messages that this plan is not going to “stimulate” the economy, rather sending it into a deep depression.
The Dow Jones industrial average has fallen below 7,000 Monday for the first time in more than 11 years as investors grow even more pessimistic about the health of banks, and in turn the economy.
A staggering $61.7 billion in quarterly losses at insurer American International Group Inc. is touching off fresh fears about the health of the nation’s financial system.
Those worries pushed the blue chips below 7,000 for the first time since Oct. 28, 1997. The credit crisis and recession have now slashed half the average’s value since it hit a record high over 14,000 in October 2007.
The Dow is down 225 at 6,837.
The Standard & Poor’s 500 index is down 26 at 708.46, and the Nasdaq composite index is off 38 at 1,338.
Things are not looking pretty, Mr. President. Maybe, both you and Congress should take a step back and review your economic plan again. With the current policies, the economy will tank and the market sent you the first sign.
and say NO to Bailouts! I don’t know about you, but I am tired of my government taxing both my generation and future generations away from fiscal prosperity. It is also wrong to expand the government and spend on wasteful programs.
Ronald Reagan said it best, when he said, “Government exists to protect us from each other. Where government has gone beyond its limits is in deciding to protect us from ourselves. “