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Hats off to Corker

Ya know, back during the primary, I was not a fan of Bob Corker. But, recently, he has impressed me. Lately with his big call out of the auto industry. Good for him.

Also, we bailed out the banks. Most of us did not approve. I’m convinced if McCain had come out in opposition to that, he may have squeaked out the election. Instead, he tried to play Obama-light. And, being McCain, he’s never seen anything he thought the government shouldn’t be involved in. So, of course, he supported letting someone else suck the government teat.

Now, we’re looking at bailing out the dinosaurs of industry, auto-makers that have cost structures that cannot be sustained. Most of us do not approve. Think they’ll pass it anyway? A bail out is just a delay unless it comes with some serious pre-conditions, such as not paying unskilled laborers more than three times the national average in wages and benefits.

Up next at the trough looks to be the state of California. And for the same reason, unsustainable employee benefits.

We can’t continue to print money to get us out of tough economic times. If I do that, it’s called counterfeiting.

And I love the news coverage. They say things like congress failed to pass the bill. That’s not a failure.

And I wonder how much bling bling our elected representatives stand to get in campaign contributions from said auto makers? Corker probably won’t get much.

6 Responses to “Hats off to Corker”

  1. nitegator Says:

    alot of people have the same feelings, im glad to see that he is saying something that many can agree on.

  2. Smacklug Says:

    It’s retarded to bail out the financial industry and not take over the auto industry, we’re already past the point of no return in terms of spending. The auto industry bailout would be much less, have a reasonable chance of turning a profit, and keeps a large amount of jobs.

  3. SayUncle Says:

    it’s retarded to do either.

  4. Xrlq Says:

    Taking over the financial industry may be a mistake, but it’s scarcely “retarded.” Financial institutions are, in a very real sense, utilities. If your insurance company went under without government interference, your insurance policy would instantly become worthless. If your bank went under without an FDIC to back it up, there went your life’s savings. If the credit market dries up, or if the power company shuts its doors without warning, every business in town, however well-run, may go under as well.

    Very few other industries are like that. If the Big Three all dissolved tomorrow, my Chevys would still run, and your Ford still wouldn’t.

  5. dave Says:

    “Very few other industries are like that. If the Big Three all dissolved tomorrow, my Chevys would still run, and your Ford still wouldn’t.”

    I didn’t quite agree with the part before this, but God this was funny.

    My question is (and I doubt I fully understand how the bailout will work): if the auto industries do receive this “mana from heaven” bailout, what’s keeping them from needing another one 5 years from now?

  6. _Jon Says:

    I’m no fan of the auto bailout, but your “three times the national average” is incorrect.

    The NYT made a bad calculation on that and lots of people have passed it along. They took the obligations of the companies – including retirement pay – and divided that by how many _current_ employees there are. Not quite an apples-to-apples comparison.

    They do make more than the national average for their skills and their work-rules are lethal, but the numbers are not that far out of whack.