When greed and stupidity combine with the jet stream and humidity from the gulf of mexico and form a giant “broke cloud” over the Citibank building, they get a guaranteed government handout. Cause, you know, wasn’t their fault at all…
When the same weather pattern forms over Detroit though, the cry goes out “Let them die!”
For all the talk of ours being a classless society, it sure seems to me, from down here in the trenches, that the moneyed elite get their mistakes forgiven, and the poor and lowly are supposed to take “personal responsibility”. As though somehow what happened at Citibank wasn’t related to anything management did, it was just a sad coincidence. Same with Fannie and Freddie. Oops! Now those boys in Detroit, on the other hand, engaged in some serious negligence!
You might wonder what powers this double standard. Lets have George Will explain it, shall we? This is his proposed solution:
The answer? Do nothing that will delay bankrupt companies from filing
for bankruptcy protection, so that improvident labor contracts can be
unraveled, allowing the companies to try to devise plausible business
models.
So you might ask yourself, what does he mean by “improvident labor contracts”? That’s right. Unions. George Will, whose wife happens to be a PR consultant for the Japan Automobile Manufacturing Association, thinks we ought to get rid of those pesky union contracts that have so hobbled Detroit! Except that Japanese car companies that build plants here pay essentially the same amount, and do fine!
Even Henry Ford, antisemitic wacko he was, understood that if his employees could not afford to buy his cars, he couln’t make it. He paid above the prevailing wage so his employees could by things. What does everyone think will happen if the big three automakers close down, taking with them hundreds of thousands of jobs in the auto industry? Will a bailout of Citibank help if a couple hundred thousand folks default on morgages and car loans? Will taking 300,000 people from 25$ an hour to $10 an hour help grown the economy? Get us out of our mess? Increase consumer confidence?
What about national security? Should we give up our manufacturing base completely? What if we need to suddenly kick into gear and build a massive amount of supplies again? We ask the Japanese to build it for us in their plants?
The fact is, the auto companies made stupid mistakes. So did Citibank, AIG, Lehmann Brothers, Fannie, Freddie, et al. Why would we punish autoworkers for the stupidity of their management, but reward others for it?