Thursday, December 4, 2008

Money for Bankers but not for Autoworkers

In this morning's New York Times, there is a full page ad on page A7 that states

We are not bankers

We don't work on Wall Street or for big insurance companies...If we go out of business, so will thousands of other businesses.  If we lose our jobs, so will millions of others...

...if Wall street can get help, so should Main Street"

It is true that the auto makers showed up asking for money after flying to D.C. in their private jets. But didn't the bankers do the same? 

Today's paper shows a photo of the auto guys driving to D.C. It's almost comical.  Why aren't their photos of AIG driving around in cars for middle class people?

Yes, the automakers killed the electric car, ignored the impending environmental pressure to make fuel efficient cars. None of this can be denied. Yet, the bankers made their own share of mistakes, and those mistakes have been felt all over the world.

The bankers and AIG showed up without a plan. Well, I should take that back. AIG showed up with a plan (they didn't talk openly about) to have a fancy party a few days later.

The automakers had not game plan and were laughed at. 

For a few days I've been thinking about the difference between a Wall Street Banker and an Auto Worker. Detroit and Manhattan are two distinct worlds.  Yet, if you think about it, even with a bailout, lots of bankers still lost their jobs.  Seems like the only people that really win in these rescues are the guys at the top.

Even so, it seems like the Congress intends to make a point of the difference between the banks and the car makers.

p.s. We are back to the consumer supporting the provider.  The automakers make big SUV's because WE bought them.  Even Obama owns one.

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