Treasury Sec. Geithner announced yesterday that, yes, we will probably need to push more money into the banking industry. At the same time the Prez announced that he wouldn't give the auto industry anymore $$$ without huge changes; he basically took these CEOs to the public whipping post and meted out punishment after he humiliated them via the airwaves. The clarion call echoing nation-wide is "Let Them Go Bankrupt".
I don't get it, and I don't think the average citizen gets it, either. This govt gave the industry a whopping $18 billion and is miffed that the magic wand of capitalism isn't bringing about sky-rocketing auto sales. And, because of the paucity of sales, the Prez and Congress have had a field day beating up on them.
The banking industry, on the other hand, which hasn't done a thing has been given the royal treatment. Many have been invited to the White House or to special functions by members of Congress for a red carpet-back slapping- good ol' time. Remember these are the same g/gals who got us into this mess and, guess what, no one in leadership wants these CEOs fined, prosecuted, removed, or even verbally criticized.
Oh, lest we forget, the banking industry has been handed $1 trillion U.S. dollars (and getting more). The auto industry at least created jobs and our beloved cars.
Tuesday, March 31, 2009
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As a driver of an unquestionably American car... a big, fuel hungry, European influenced, Chrysler, I can help but feel a little bad for the auto industry. And you're right... the auto industry has been scapegoated. I think that's because this time around the government *could* do something to exact torch and pitchfork justice at them. If he was that dicey with the financial sector, I'd expect there'd be mucho crticism and a DOW at 4,500 points. I guess its a sad example of picking your battles? Or being at the right place at the wrong time?
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