I don't know what we expected...?
So not only are we increasing the depth of our welfare programs for those without jobs, but now the Democratic party wants to institute the biggest welfare program of all for Big Business!
My only question: Where is the government getting all this money?
In a written statement, the California Democrat [Nancy Pelosi] said the aid was needed "in order to prevent the failure of one or more of the major American automobile manufacturers, which would have a devastating impact on our economy, particularly on the men and women who work in that industry...."Real mature.
"Congress and the Bush administration must take immediate action," she added. Administration officials have concluded that the bailout bill that passed earlier does not permit loans to the auto industry, but lawmakers are expected to return to the Capitol for a brief postelection session beginning next week.
-CNN
So not only are we increasing the depth of our welfare programs for those without jobs, but now the Democratic party wants to institute the biggest welfare program of all for Big Business!
My only question: Where is the government getting all this money?
Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, [give it about $700 billion].
-Ronald Reagan (brackets mine)
So good. So true. dammit.
ReplyDeletewe want to give to those who aren't generating money, we want to give to Big Businesses... where is the money coming from? the only sector left is the middle class. but wait - we want to give the middle class all the tax breaks... I wonder where we could get more money?
ReplyDeleteok, ok, I know. we aren't giving billions to every business. just the ones that are poorly run and whose budgets are millions or billions in the red every month (not an exaggeration)! so besides Japan, Communist China, Russia and all the middle Eastern countries with whom we are at war or generally engaged or about to become engaged with militarily, we can take money from all the actual enterprises generating our GDP! in fact, the more efficient, the more profitable, the more generative they are, the more we can place larger and larger tax burdens on them!
ReplyDeleteand not only do grants and bailouts come with strings attached anymore - but taxes come with more regulation too!
ReplyDeleteIf we don't want to borrow from other countries, we could always, you know, just print more! That won't really have any negative effect, will it?
ReplyDeleteum, no not at all I don't think...
ReplyDeleteoh I guess it's not just the auto industry who's motivated to lobby for more and more of taxpayer's money...
ReplyDelete"The new assistance program for AIG involves dipping into the $700 billion bailout plan that Congress approved. Previously, only banks and financial services companies were eligible for a share of the pie. The Federal Reserve will also make loans to AIG as part of the new plan at a lower interest rate than the previous loans, and the company will have five years to back the money, instead of two."
-NPR
even after
"Days after it got a federal bailout, American International Group Inc. spent $440,000 on a posh California retreat for its executives, complete with spa treatments, banquets and golf outings, according to lawmakers investigating the company's meltdown.
AIG sent its executives to the coastal St. Regis resort south of Los Angeles, California, even as the company tapped into an $85 billion loan from the government it needed to stave off bankruptcy.
The resort tab included $23,380 worth of spa treatments for AIG employees, according to invoices the resort turned over to the House Oversight and Government Reform Committee."
-CNN
I enjoyed reading this blog, but I enjoyed reading your and David's banter back and forth more. Not gonna lie.
ReplyDelete"As top Detroit auto executives prepared to make their most intense plea for aid to Congress on Tuesday, General Motors also pleaded Monday for a €1 billion credit guarantee from the German government to help its Opel subsidiary. The request, greeted with some skepticism in Germany—Chancellor Angela Merkel promised a reply by Christmas—demonstrated how what had been building as a Washington drama involving efforts to save the venerable Detroit auto industry was fast becoming a story about how the international industry might be transformed by the spreading financial crisis." (International Herald Tribune, Tuesday)
ReplyDeleteGM wants free money, and they don't care where they get it.
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ReplyDeletehttp://www.foxnews.com/story/0,2933,454844,00.html
ReplyDeletewow. I am speechless.
also, http://money.cnn.com/2008/11/19/news/companies/auto_hearing/index.htm