McCain making sense
Behold! John McCain actually made sense for once when he offered his two cents in opposition of the automakers’ bailout.
George W. Bush has approved the bailout of $17 billion this morning. Barack Obama is supporting the bailout and the President’s decision. It’s strange that McCain would disagree with Bush and Obama, maybe he’s just having an “opposites” day.
Read all about it after the break!
“I regret the President’s decision to give away over $17 billion to the domestic automakers. Just last week, the Senate rejected a bailout plan because it failed to provide assurances that the domestic manufacturers would fundamentally change the way they do business to ensure their long-term viability. I find it unacceptable that we would leave the American taxpayer with a tab of tens of billions of dollars while failing to receive any serious concessions from the industry.” -McCain
Turns out he’s more intelligent than I thought. While the middle and lower classes struggle to make ends meet, the banks and now the automakers are rolling in green with holiday “retention” payments.
Source: Ben Smith – Politico
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Comments
Dear Lokywoky,
Thanks for your comment and input. I can definitely see your point of the argument, and am myself a little torn on the issue of government bailout of the automakers. However, the difference between our views is my strong belief in free market economics. And no, I do not want to put thousands of people out of work, I just wish the automakers had a better business model from the start.
I believe McCain and most republicans who opposed the bill did so not because they believe these giant undemocratic corporate institutions don’t deserve government welfare, but because the auto industry deal does not punish the auto workers enough. The Republicans want to deal a big blow to the unions in the auto sector.
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I disagree with you on this one. The two things – the banking industry and the auto industry are NOT the same. The problems the auto industry is having right now are CAUSED BY THE BANKING INDUSTRY.
It’s not just the Big Three in trouble – all automakers are in trouble.
This country needs to have an industrial base. If we’re going to run around the world attacking everyone – we need to have companies that can build things. Autos, planes, all of them.
The auto industry employs 3 million workers – you want to put them all out of work? I don’t. McCain is an idiot for claiming that the automakers are rolling in money just like the banks. Where were the rules that said the banks had to get rid of their corporate jets and their CEO’s could only take One Dollar for a salary for this year? How about the pay of most of the workers in the banks (averages $320 per hour) when you are complaining about union workers getting $28? Oh, and Toyota pays $30 per hour – just so you know.
We have poured nearly $8 trillion (Yes, trillion) into the banks and AIG and those people. And nothing has changed. No credit is flowing to regular people or companies who need it. And the banks are using the cash to buy each other. The credit problem is not fixed by a long shot. And the problem – sub-prime mortgages – has not been dealt with.
If they actually fixed the actual problem – the automakers would not be in trouble.