Monday, November 24, 2008
IN WHOSE HANDS? This morning, I wake to hear that overnight, Citi Bank has received a huge handshake from the government in the form of a 250 billion dollar bail out. Overnight! yet the automotive industry was sent packing last week to come back in 2 weeks with a plan. Now, I worked in the automotive industry for almost 30 years, and I know the internal "yes" think that that has hurt them so badly. HOWEVER, the trickle down consequences of not helping an industry that is so vital this state . . . this nation's economy is huge. Is it huger than AIG or Citibank? or is it just different people's money? What will happen to the everyday worker if Ford, GM and Chrysler file Chapter 13? Some say it's the best way, but is it just the Big 3 we are talking about? I beg to differ. It is you, the store manager, the clerk, the sales person, the nurse, the health professional, the parts supplier, the homeowner -- the person who is trying to make a living and put food on the table. Will you have to move to find employment? Where will that be? Will you be able to sell your house for what you owe? or will you have to do a short sale, or worse -- lose your house to foreclosure or bankruptcy. Are these implications being considered when our elected officials grandstand on television and asking such non-productive questions about private jets and the like? Where were they when AIG was spending our tax dollars on billion dollar sales extravaganzas and paying huge executive bonuses? Where were they when the community reorganization act was ramping up to give mortgages to people who didn't/couldn't meet the basic [protective] criteria? Where were they months ago when we were told that Fannie Mae and Freddie Mac were solid, yet they were left holding the bag of bad mortgage decisions directed at local lenders by regulations that they set in place? Are they not operating with the same hindsight 20/20 vision that they criticize the Big 3 for? Where is their plan and where is the help for the automotive industry that so many of our jobs hinge upon?