The big three automakers showed up on Capitol Hill to beg for their "share" of the federal bailout money and try to get their collective snouts into the Federal trough.
SOME ADVICE TO THE BIG THREE: When you want to come looking for a handout, showing up in your three, THREE, private jets is probably not the best way to set the mood with your lenders. You should probably try to look poor, act poor and show a little more financial responsibilty in your travel arrangements. Hey, granted this was not an AIG-style luxury junket, but wouldn't commercial flights have been a lot cheaper??? Just some food for thought.
Now, as I understand the figures, GM would like to get $5 billion of which approximately half would be used to pay off on benefits from their union contract with the UAW. The UAW has been milking the auto companies dry for decades. Currently, the average employee wage in this country is about $28 per hour. The cost of labor at the Toyota plant in Tennessee is about $46 per hour. GM's cost of labor is in the ballpark of $73 per hour. So, roughly speaking, the average American wage earner is expected to pony up a little more than 2.5 hours' worth of wages for every bailout hour that GM needs to pay off. Is it just me, or does that sound a tad bit unfair to the rest of America?
Is this kind of use of this money really going to make GM operate better, more efficiently, more profitably??? Probably not. This kind of payoff will enable the UAW to continue milking GM for a while longer. It has all the earmarks of a payoff from our Democratic-controlled Congress to the big labor vote that helps keep them in power.
These bailouts are wrong, Wrong, WRONG!! Any decent poker player knows that, sometimes, you just have to fold a bad hand, lose the money you have already bet and wait for better cards to be dealt. Throwing good money after bad in this situation will only lead to more waste, more losses, and more problems...oh, yes, and requests for more money.
Think about this. The original bailout bill was to be for $700 billion, total. Only now, we hear figures in the TRILLIONS OF DOLLARS being discussed in the news and in Congress. WHERE WILL IT ALL END?!?!?
WE NEED TO FOLD THIS HAND NOW AND NOT THROW THIS MONEY AWAY!!
IT IS NOT GOOD FOR AMERICA, IT IS NOT FAIR TO THE AMERICAN TAXPAYER AND IN THE END, IT WILL NOT SOLVE GM'S PROBLEMS, ONLY PROLONG THEM!
Thursday, November 20, 2008
Friday, November 14, 2008
B.O. (bailout)--America's New Stink
If you read my earlier entry of today, you already know how I feel about the AIG bailout. America has started down a long and slippery slope which can only end in bankruptcy all round. We have already bailed out AIG, and they have sure made the most of it, haven't they?? A couple of junkets to luxury resorts that most of us will never be able to afford, and now a proposed $500 million to pay its top management (the ones who screwed up in the first place) in advance so that they will not leave the company! Is America a great country or what?!?!?!
NOTE: For any reader who doesn't realize it at this point, the above is sarcasm. The whole AIG affair, in this blogger's opinion, is one giant BCS (Big Crock of Shit, not Bowl Championship Series, although I think the BCS is also a BCS!)
So, here we are. Lehman Bros. does not get a bailout, but AIG does. Who made that decision? What was the basis of that decision? What will any future bailouts be based on and who will make those rules? WHERE WILL IT ALL STOP?!?!
If we bail out GM, what about Ford and Chrysler? If we bail out the auto industry in general, what about the steel industry, the coal industry, food service, hospitals and medical care, etc., etc., etc.? I heard on the news while driving today that Congress is now, or will soon be, receiving bailout requests from cities and states. Starbucks profits are way down? Are we going to bail them out or risk doing without our Venti White Mocha Latte?!?! Can America survive THAT?!?!
We live in, or are supposed to live in, a free market society, where every company, big or small, can succeed and be profitable or fail and be replaced by a better company. I run a company with 65 employees. If my company would ever go under, 65 people would have to find another job, including me. But the government would not ever think of bailing out my company, nor should they. But, if General Motors or Ford or AIG or Starbucks can't compete successfully, then they too should be kicked to the curb and another company will fill their spot. Too bad, how sad!!
However, as a final thought, I offer this information. I am a small business owner, as I stated earlier. I, and thousands more like me, provide 80% of the employment in this country. If the government really wants to get some "bang for their buck" in the bailout department, take the several trillion dollars and distribute it to these businessmen as low interest loans. Those business people, who are used to working and producing a profit, will expand the economy and produce new products and services, increasing employment, and pay the money back to the government. That would leave our economy a hell of a lot stronger than flushing the money down the industrial toilet by giving it to people and businesses who have already proved that they can't make a profit.
By the way, if anyone in the government wants to bail me out, it will only take about $200,000.00, and I won't even take a luxury junket!! WHAT A BARGAIN!!
NOTE: For any reader who doesn't realize it at this point, the above is sarcasm. The whole AIG affair, in this blogger's opinion, is one giant BCS (Big Crock of Shit, not Bowl Championship Series, although I think the BCS is also a BCS!)
So, here we are. Lehman Bros. does not get a bailout, but AIG does. Who made that decision? What was the basis of that decision? What will any future bailouts be based on and who will make those rules? WHERE WILL IT ALL STOP?!?!
If we bail out GM, what about Ford and Chrysler? If we bail out the auto industry in general, what about the steel industry, the coal industry, food service, hospitals and medical care, etc., etc., etc.? I heard on the news while driving today that Congress is now, or will soon be, receiving bailout requests from cities and states. Starbucks profits are way down? Are we going to bail them out or risk doing without our Venti White Mocha Latte?!?! Can America survive THAT?!?!
We live in, or are supposed to live in, a free market society, where every company, big or small, can succeed and be profitable or fail and be replaced by a better company. I run a company with 65 employees. If my company would ever go under, 65 people would have to find another job, including me. But the government would not ever think of bailing out my company, nor should they. But, if General Motors or Ford or AIG or Starbucks can't compete successfully, then they too should be kicked to the curb and another company will fill their spot. Too bad, how sad!!
However, as a final thought, I offer this information. I am a small business owner, as I stated earlier. I, and thousands more like me, provide 80% of the employment in this country. If the government really wants to get some "bang for their buck" in the bailout department, take the several trillion dollars and distribute it to these businessmen as low interest loans. Those business people, who are used to working and producing a profit, will expand the economy and produce new products and services, increasing employment, and pay the money back to the government. That would leave our economy a hell of a lot stronger than flushing the money down the industrial toilet by giving it to people and businesses who have already proved that they can't make a profit.
By the way, if anyone in the government wants to bail me out, it will only take about $200,000.00, and I won't even take a luxury junket!! WHAT A BARGAIN!!
Hey AIG, Are You Joking?!?!?
Everybody remembers AIG, don't you?? They are the insurance giant who received a $1,500,000,000.00 bailout from the government, i.e. the taxpayers of the United States of America. Well, after taking a luxury spa getaway shortly after the bailout, I did not think they would have the balls to go over top of that. But they do and they have!!
I was watching Fox News this morning and, after listening to the latest story about AIG sneaking in another luxury junket at the taxpayers' expense, and it was reported that AIG is planning on paying their top executives a combined $503,000,000.00 in advance compensation so that they will not leave the company. Yes, you heard it correctly, AIG would like to pay a little over FIVE HUNDRED MILLION DOLLARS TO THE VERY PEOPLE WHO RAN THEM INTO BANKRUPTCY SO THAT THEY WILL STAY AND CONTINUE TO RUN AIG!!!
HAS COMMON SENSE AND RESPONSIBLE FISCAL BEHAVIOR JUST COMPLETELY ABANDONED THE AMERICAN MARKET PLACE?!?!?
MORE IMPORTANTLY, ARE WE, THE TAXPAYERS OF AMERICA, GOING TO CONTINUE TO FOOT THE BILL FOR THIS TYPE OF IDIOCY AND IRRESPONSIBILITY?!?!?!
STAND UP AND SAY "NO"!! Call your congressman (all contact information is available through the internet) and voice your objections to this use of your tax dollars. Tell your representative, your senator, your president that you are sick and tired of footing the bill for these irresponsible overpaid jackasses.
DON'T WAIT!! DO IT NOW!!
I was watching Fox News this morning and, after listening to the latest story about AIG sneaking in another luxury junket at the taxpayers' expense, and it was reported that AIG is planning on paying their top executives a combined $503,000,000.00 in advance compensation so that they will not leave the company. Yes, you heard it correctly, AIG would like to pay a little over FIVE HUNDRED MILLION DOLLARS TO THE VERY PEOPLE WHO RAN THEM INTO BANKRUPTCY SO THAT THEY WILL STAY AND CONTINUE TO RUN AIG!!!
HAS COMMON SENSE AND RESPONSIBLE FISCAL BEHAVIOR JUST COMPLETELY ABANDONED THE AMERICAN MARKET PLACE?!?!?
MORE IMPORTANTLY, ARE WE, THE TAXPAYERS OF AMERICA, GOING TO CONTINUE TO FOOT THE BILL FOR THIS TYPE OF IDIOCY AND IRRESPONSIBILITY?!?!?!
STAND UP AND SAY "NO"!! Call your congressman (all contact information is available through the internet) and voice your objections to this use of your tax dollars. Tell your representative, your senator, your president that you are sick and tired of footing the bill for these irresponsible overpaid jackasses.
DON'T WAIT!! DO IT NOW!!
Tuesday, November 11, 2008
Veterans Remembered
As we all know, today is Veteran's Day, a day in which we honor the men and women who have fought and suffered and died to protect the freedoms that we cherish here at home.
Whether you are pro- or anti-military and regarless of your political or moral posture on the Iraq war, or any war for that matter, it is incumbent on each citizen of this great land to stop and remember those who have sacrificed the most to provide and safeguard the liberties that we all enjoy and often take for granted. It is impossible to surmise where and what our country would be without the sacrifices of our veterans throughout our history. But it is a pretty fair bet that we would not be the greatest country on Earth, the leader of the free world, without those sacrifices.
So, no matter what your political leanings or feelings, please take time today to thank a veteran for his/her service to this country. ALL VETERANS DESERVE THIS EVERY DAY!
Whether you are pro- or anti-military and regarless of your political or moral posture on the Iraq war, or any war for that matter, it is incumbent on each citizen of this great land to stop and remember those who have sacrificed the most to provide and safeguard the liberties that we all enjoy and often take for granted. It is impossible to surmise where and what our country would be without the sacrifices of our veterans throughout our history. But it is a pretty fair bet that we would not be the greatest country on Earth, the leader of the free world, without those sacrifices.
So, no matter what your political leanings or feelings, please take time today to thank a veteran for his/her service to this country. ALL VETERANS DESERVE THIS EVERY DAY!
Sunday, November 9, 2008
One Week, Two Big Losses
This has been a bad week for me personally. On Tuesday, my candidate for president, Senator John McCain, was defeated by Senator (now president-elect) Barack Obama. I did not feel that Obama was the right choice for America but I was outvoted, literally. I have already expressed my sentiments on a previous blog entry and I will try my best to give our new president my support and the benefit of the doubt until I see how he performs and where he tries to lead our country.
The bigger loss for me, personally, was when my beloved Penn State Nittany Lions football team lost to the unranked Iowa Hawkeyes by a single point, 24-23. The Lions were ranked #3 in the nation and were looking at a probable shot at the national championship. The loss ends any real chance of that happening now. The truly disheartening part of the loss is that Iowa, while being a decent team, should not have been able to beat Penn State. In point of fact, if you look at the game, 14 of Iowa's points game directly from Penn State turnovers and mistakes. Iowa did not beat Penn State. Penn State beat Penn State and that is the toughest type of loss to take.
However, life goes on. Penn State still has two more games to play, both at home. On November 15, they play the Indiana Hoosiers and then on November 22, the Michigan State Spartans. The Indiana game should be a relatively easy game for Penn State, but Michigan State will be tough and both teams will be battling for the Big Ten crown and a trip to the Rose Bowl. I will be at both games and will be cheering my head off for Penn State. If you have no dog in the fight, join me for wishing Penn State a win in both their remaining games.
A 12-0 record would have been great, but an 11-1 record and a trip to the Rose Bowl wouldn't be bad either. So ROAR LIONS ROAR and let's go to the Rose Bowl.
The bigger loss for me, personally, was when my beloved Penn State Nittany Lions football team lost to the unranked Iowa Hawkeyes by a single point, 24-23. The Lions were ranked #3 in the nation and were looking at a probable shot at the national championship. The loss ends any real chance of that happening now. The truly disheartening part of the loss is that Iowa, while being a decent team, should not have been able to beat Penn State. In point of fact, if you look at the game, 14 of Iowa's points game directly from Penn State turnovers and mistakes. Iowa did not beat Penn State. Penn State beat Penn State and that is the toughest type of loss to take.
However, life goes on. Penn State still has two more games to play, both at home. On November 15, they play the Indiana Hoosiers and then on November 22, the Michigan State Spartans. The Indiana game should be a relatively easy game for Penn State, but Michigan State will be tough and both teams will be battling for the Big Ten crown and a trip to the Rose Bowl. I will be at both games and will be cheering my head off for Penn State. If you have no dog in the fight, join me for wishing Penn State a win in both their remaining games.
A 12-0 record would have been great, but an 11-1 record and a trip to the Rose Bowl wouldn't be bad either. So ROAR LIONS ROAR and let's go to the Rose Bowl.
Tuesday, November 4, 2008
America Makes Its Choice
Today, Americans across this great country exercised the cherished right of all our citizens to cast their vote for President of the United States. America has made its choice in electing Senator Barack H. Obama to be our next president.
During the past weeks of my new blog, I believe I have made it clear that I was supporting Senator John McCain in this election. I am disappointed that Senator McCain will not be our next president. However, it is now incumbent upon ALL loyal Americans to accept the the will of the majority and to support President-elect Obama as he prepares to take the oath of office on January 20, 2009.
As a loyal American and a patriot who loves this country unabashedly and completely, I will pray to God Almighty to bless our new leader with the wisdom and courage to guide our country through these troubling times in a dangerous world. I encourage others to do the same.
MAY GOD BLESS AND GUIDE PRESIDENT BARACK OBAMA AND THE UNITED STATES OF AMERICA!
During the past weeks of my new blog, I believe I have made it clear that I was supporting Senator John McCain in this election. I am disappointed that Senator McCain will not be our next president. However, it is now incumbent upon ALL loyal Americans to accept the the will of the majority and to support President-elect Obama as he prepares to take the oath of office on January 20, 2009.
As a loyal American and a patriot who loves this country unabashedly and completely, I will pray to God Almighty to bless our new leader with the wisdom and courage to guide our country through these troubling times in a dangerous world. I encourage others to do the same.
MAY GOD BLESS AND GUIDE PRESIDENT BARACK OBAMA AND THE UNITED STATES OF AMERICA!
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