Thursday, December 11, 2008

Republicans Still Don't Care about Americans

Republican Senators are throwing up road blocks for a Bailout of the Auto Industry. They only had slight qualms about giving 700 Billion plus dollars to the Financial Industry, an industry that hands out Multi-Million Dollar bonuses to their Executives and bonuses equal to two times salaries to their middle management. The Republican Senators do not have the same concern for the hourly workers on production lines in the Automotive Industries. The Financial Industry taking advantage of the Republican Policies that deregulated their industry created financial instruments such as Credit Default Swaps that have proved to be the undoing of the American Economy. Although they would like to try to blame the current financial problem on 5% of the mortgages in default that is not a realistic scenario.

The damage to the economy was caused by the Financial Industry itself with their exotic financial instruments that were kept unregulated and their wild speculation and leverage led by Hedge Funds and the Banks. The Banks that were so easily bailed out have major percentages of foreign ownership including the Sovereign Wealth Funds of the favored Arab Nations of the Bush Administration, yet the Republican Senators did not find it necessary to block the Financial Industry Bailout without any pre-conditions, but when it comes to helping an industry that employs a majority of hourly workers who support middle and lower class families the Republican Senators have no ideas on how to accomplish this.

As usual the Republican Senators are shortsighted. Have the Republican Senators given any thought to who would make Military Vehicles if they allow the U.S. Auto Industry to collapse? Do they remember what industry was geared up and started pouring tanks and military vehicles off of their assembly lines during World War II? I guess the Republican View is that they will allow foreign car companies to produce the fleets of vehicles needed by the Federal, State and Local Governments and farm out the production of Military Vehicles to one of their foreign friends who they always find a way to accommodate.

It is a National Shame that the Financial Industry was Bailed Out with no pre-conditions, they were not required to restructure mortgages which they want us to believe is the cause of the mess, they were not required to move their call centers back to the U.S. from India, Pakistan and the Philippines and employ American Workers at a livable wage, they were not required to divest themselves of foreign ownership, but the Auto Industry, a staple of American Life, has restrictions and a lack of interest from the Republican Senators.

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