Responsible bail out
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| Wed, 11-19-2008 - 9:05pm |
I am for the bail out. I've supported the overall idea since it was first proposed. What is distressing is how we are apparently totally bungling the power granted to this administration.
My bad. I should have known they could not even get this right.
On the way home tonight, NPR's Marketplace ran a story on how executives are being paid bonuses, and that companies are paying dividends - out of this funding. Few are doing anything remotely close to lending.
Barney Frank was right to be outraged at the lack of assistance for homeowners, and the continued reluctance of the administration to assist homeowners.
And today comes word of deflation, a huge, huge red flag that screams the 'd' word. Folks, we are on the cusp of 1930, and our leaders, given latitude they did not have in 1930, are f'ing it up.
I am no expert on this, but the way they explained this tonight, deflation can spiral downward, last occuring way back in the 1930s.
There is 450 billion left. How do we use this intelligently? First thing that has to happen is mandate no bonuses and no dividends to any company receiving funds. Mandate they must lend, and we will gurantee mortgages they renegotiate to better terms for the homeowner, allowing them to stay, with a certain acceptable parameters. Set quotas on how many mortgages they must underwrite a day, how many auto loans, etc. Publicise acceptability criteria, so people know before going in whether they qualify.
If there are one too many automakers in Detroit, don't close one, set it to a different task - any ideas out there on how we could divert them to something that helps us face other issues? America has to build things again... what can we get them to build? Financing isn't the problem, the money will be there - any ideas?

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Sopal
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"What you have posted
Hire replacement labour? Do you know how incredibly volatile and dangerous a practice that is? Go look at history.
The pattern I see here is that you would strip US law of protections for workers... are you willing to strip companies of protections as well? What if all
Full length fiction: worlds undone
"You have no power over my body..." ~ Anne Hutchinson
I have a question for you... should car companies lower the price of their products if they cut labour wages as you suggest?
Are you aware of the dangers of deflation?
Full length fiction: http://llhaesa.org/ (pronounced la.hay.ess.sa)
Full length fiction: worlds undone
"You have no power over my body..." ~ Anne Hutchinson
"Getting paid $60+/hr in pay and benefits is way too much for unskilled workers plain and simple."
You have a serious chip on your shoulder!
I won't comment further on Wal-Mart because it is inappropriate for me to do so.
I am really glad your view is a minor percentage of
Full length fiction: worlds undone
"You have no power over my body..." ~ Anne Hutchinson
Actually laziness, boredom and apathy have proven to be bigger problems for our society than fear.
Full length fiction: worlds undone
"You have no power over my body..." ~ Anne Hutchinson
Yup, and you are arguing as if companies are helpless in the hands of their employees, simply because the employees work together for fair wages.
You look at the wages, ignore that the company negotiated, ignore the rights of workers, and you summarily conclude 'their wages are too high.'
Companies are losing money not because of the wages they pay, but because they produced the wrong product and the banking industry tanked - not because of the workers.
Look to management of banks and the companies when you start tossing this criticism around. Workers didn't decide to build Excursions and Suburbans - management did. Their handle on world energy needs, on the growing markets of Asia neglected to factor in their demand for energy, and what that would do to prices.
And banks tried bundled mortgages, indiscriminately lent, and tanked the world economy.
The issue here is with management, not workers. Workers did their jobs, and did them well.
Full length fiction: http://llhaesa.org/ (pronounced la.hay.ess.sa)
Full length fiction: worlds undone
"You have no power over my body..." ~ Anne Hutchinson
I've not misrepresented your pov. You can argue until you turn blue for an environment where labour can be exploited, it is your right.
98.5% of the country disagrees with you, and hey... you still have that right.
Full length fiction: http://llhaesa.org/ (pronounced la.hay.ess.sa)
Full length fiction: worlds undone
"You have no power over my body..." ~ Anne Hutchinson
It is exactly true. I was a small businessowner, I got that tripe in the mail all the time, and tossed it out.
We had a Republican legislature for 100 years, and most of the time with a Republican governor... still could not pass right to work laws.
Because people know that the name is opposite its intent. It should be 'right to exploit.'
Full length fiction: http://llhaesa.org/ (pronounced la.hay.ess.sa)
Full length fiction: worlds undone
"You have no power over my body..." ~ Anne Hutchinson
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