Detroit bailout
While having little use for any Republican presently holding office, I don’t automatically support the Democrats on every issue. Obama and Pelosi are calling for a Detroit bailout, which I don’t support.
My view is that the present management of Detroit and its present shareholders should disappear. They chose a parasitic agenda- short-term profits while the host dies. They must be accountable for the consequences of their choices.
Let Detroit either expire or morph through Chapter 11 proceedings. If it emerges from Chapter 11, then hopefully the process will have turned a syphilitic spirochete into a butterfly.
Once in Chapter 11, the fed can come in with funds with lots of strings attached, including strict criteria on vehicles powered by something other than carbon fuels, and the cost of USA produced parts being the majority with final assembly here.
Corporations are suppose to hold the public trust. Greedy management, shareholders and government leaders have conspired to destroy this concept in our collective public consciousness. We must make the term “public trust” a part of our daily lexicon in the context of our present economic woes. The constitution neither mandates nor sanctions monopolies of wealth and power.
GM, Ford and Chrysler are examples of corporate and shareholder greed sucking the blood out of the future economic potential of this country, resulting not only in our own loss but that of future generations.
And the financial industry should be no more sacrosanct than Detroit. As to their management and shareholders and government officials who support them including Henry Paulson, let them all eat dirt.
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