09-23-08

 

     $700 BILLION. I cannot even fathom that amount without being scared to death. That's how much we taxpayers will have to pony up to make good on bad mortgage loans made over the past near 20 years. Who's to blame for this mess? The Democrats blame President Bush (As Always) and the Republicans blame liberal democrats who pushed to make mortgages available to low-income families, minorities who were discriminated against in the past and others who would not normally qualify for home loans. The main argument was that home ownership opportunity should be available to everyone, regardless of circumstances. Frankly, I DON"T CARE!!! There is more than enough blame to go around on this mess. What we need is both leadership and a workable solution. Congress will need to stop playing partisan games aimed at discrediting one another in hopes of making gains in the November elections. The people responsible for this mess on both Capitol Hill and Wall Street need to held accountable for their actions. Reforms must be put in place to prevent this from happening again. First off, Congress needs to reinstate the requirements for mortgages that were eliminated (Good credit history, tangible assets, a job, etc.) Tight money will be the order of the day for years to come. Greater government oversight of banks, mortgage brokers and other financial instutions will be necessary to regain the public's trust both here and abroad. We are in for some bad times, folks. This may just be the beginning. Bailing out Wall Street.....WHO'S GOING TO BAIL US OUT??!!

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        Chutzpah is yiddish slang for the quality of unmittigated gall. Most examples include taking a limo to your bankruptcy hearing, catching your spouse in the act (literally) and their then saying "It's not what you think." or my favorite where a man who has killed his parents asking the judge for mercy citing his being an orphan.  It looks like both GM and Ford have cornered the market on Chutzpah going before Congress with hat in hand asking for their own bailout,  $25Billion worth of Chutzpah. Both companies claim they need the loans to modernize their production facilities so as to become more competitive with foreign car makers. Alright, since we as taxpayers are going to have to foot the bill for this one as well as the bailout on Wall Street, I think Congress should lay down some harsh and non-negotiable terms for the loan:

1) A ban on layoffs and outsourcing of jobs overseas.

2) Require both Ford and GM to shut down overseas operations in the far east where auto workers are paid slave wages and bring those jobs back to the U.S.

3) Require the re-opening of all American production facilities.

4) For Ford: Their plans to build the "Fiesta" overseas and not in any U.S. plants is scrapped. Either they agree to build the "Fiesta" here or it will not be allowed to be sold here. Of course they also lose their cut of the loan.

5) Like the Chrysler bailout of 1980 both Ford and GM must appoint a United Auto Workers (UAW) representative to their respective boards of directors with full voting rights. The rank and file must have a say in their own future.

6) NO GOLDEN PARACHUTES FOR ANYONE!!!  All executive perks need to be cut out entirely. CEOs and CFOs should be subjected to severe oversight and the companies books need to be audited thoroughly. Assembly line workers have suffered enough. Now it's their turn.

 

We may not get anything in return for bailing out Wall Street, but we must demand something from Ford, GM and (Most importantly) from Congress on this one.

 

"Enough Said!"