Thursday, November 20, 2008
Detriot's agony
The US auto industry is learning a hard lesson. It usually favours the Republican party. It contributions fill the party of Lincoln's war chests. But when it comes with cup in hand to Congress for a bridge loan to tie it over during an economic crisis which the government infused funds have pumped up bluge bracket banks who created the subprime mortgage meltdown, thereby cutting off avenues of credit to Detroit, it discovers that its Republicans friends ain't listening. In fact Mississippi senator Shelby is the spokesman who is willing to tell them 'drop dead', go into Chapter 11. Well old Shelby who is known for his know nothing politics has been preaching the same message since he turned thumbs down on the Chrysler bailout in 1979. Luckily, he wasn't listened to. But this time, Detroit's Republican friends are digging in their heels in the wake of the party of Lincoln defeat at the polls and loss of the White House. More, Shelby & co represent the extreme right wing of the party which believes the workers not the banks have done the economy in and suddenly wake up to blame generous senior managers of the auto industry for inefficiences, lavish living, and any other sins they can find in their bible of narrowmindedness. Well by refusing to vote for a bridge loan of us$25 billion with severe conditions, they're willing to worsen an already bad economic future for the US. It's not bad enough when they had Bush in the White House, they let the banks and big business get away with everything imaginable, they now find virtue in letting millions of workers lose jobs, and fill the growing army of the unemployed and the poor. Why worry says Shelby? The market will correct itself. It won't. And the dimlight from Mississippi hasn't a klew ... does he believe the world is flat?
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