Man the Life Boats!

Secretary Paulson,
Would you please give back the 350 billion you extorted from tax payers. Please. The American people overwhelmingly told their representatives in congress not to give it to you but, they ignored us. (kind of like you ignored the whole over sight thing) Sir, please. It's obvious that you aren't spending the money wisely. You are not helping the mortgage crisis which is why you asked for the money in the first place. The money you are spending is going to the banks and financial institutions to pay for executive bonuses and vacations. The rest is unaccounted for as you will not make public who is receiving the $. Interesting to note that a lot of merger talk is going on amongst institutions who were just last month on the brink of going under. Mergers require capital Mr. Paulson, and I suspect a lot of the bailout $ is going to underwrite these mergers.
Sincerely,
A pissed off tax payer

Here's where I have to re-tract a little of the venom spewed in the last post:

While Goldman Sachs, AIG, and other wall street companies cannot be allowed to fail . . . GM, Ford, and Chrysler are apparently expendable. As many as 3 million jobs will be lost if this auto industry collapse comes to fruition. Previously I said let them fail, it's upper management's fault and they get what they deserve. I didn't take into consideration the 3 million jobs that will be affected. I wasn't aware that this would be a loan. A $25 billion loan that the auto industry can use to retool their factories for the green revolution. It makes no sense to flush tax dollars down the toilet of Wall Street and then ignore an actual job producing industry in need. The American worker has put in more hours and is producing at a higher level than anytime in our history only to have those efforts pillaged by corporatist who want to justify their positions.

If the auto industry's unions were full of Republicans instead of Democrats I wonder if this would even be an issue. Let's not give them $25 billion with no strings attached like we did with the $750. billion to Paulson. (I still can't believe that happened. Not two weeks after receiving the first installment he lets congress know that the $ wasn't going to used the way he said it was. He changed his mind. AAARRRGH!!!!)

Let's not make that mistake again. In order for GM, Ford, and Chrysler to receive this loan they must agree to a few of these stipulations: 1. Not one dollar is to go overseas. No foreign steel would be used. 2. A mandatory streamlining of executive positions. Way to many chiefs and not enough Indians. 3. Executive compensation must be limited. (Remember Lee Iocca's bailout 20 or so years ago? He only drew a $1.00 salary that year. Let's see these bloated fat cats show that kind of integrity.) There needs to be a lot of oversight and re-structuring. In the fifties a mid level manager came from the ranks and knew what those under him did. They actually could fill in if someone called in sick. Today the white collar worker couldn't run the simplest machine on an assembly line.

The Federal Reserve (330 of the wealthiest families in the world) would like nothing more than to see the American auto industry go by the way side. The union supported labor force and their "workers rights" is the prickly thorn bush that stands between them and a one world global economy. If they can get Bush to remove that brush pile, cheap labor and rising profits will abound for all those at the top. In the on going redistribution of wealth from the working class to those at the very top of the economic food chain: our government has allowed financial institutions to embezzle the retirement savings, only to loose all of their booty in bad unsecured credit swaps. What's worse? Instead of plugging the hole in the hull of the ship, we're taking pick axes to it. Instead of bailing out the water, we're scooping it up out of the sea and pouring it into the ship. I've sent out distress signal after distress signal only to hear static and right wing talk show host call this the Obama recession. I've shot flare after flare into the night sky only to have congress say, "Ooooh . . . Ahhhh . . .how pretty!"

DaG Out