But how can the administration not see how it looks to the rest of the country?

[lame54]

Run time: 03:54 https://www.youtube.com/watch?v=SW3ysJQX9Cw   Posted on YouTube: February 04, 2009 By YouTube Member: Views on YouTube: 0   Posted on DU: March 30, 2009 By DU Member: lame54 Views on DU: 688

 
http://crooksandliars.com/susie-madrak/obama-says-no-more-auto-industry-bail

From C&L:

John Rich performs his new country song, "Shutting Detroit Down," which in the past two weeks is becoming a working-class anthem. Gee, I wonder why? Maybe the media bobbleheads can tell us where all this crazy, wacky populist rage is coming from...

Me, I'm just flabbergasted by today's news. All those things Obama's saying to Detroit, a city of working people left devastated, about sacrifice and restructuring - why isn't he saying them to Wall Street, too?

WASHINGTON -- President Barack Obama on Monday will reject requests for almost $22 billion in new taxpayer bailout money for General Motors Corp. and Chrysler, saying the car makers have failed to take steps to ensure their viability.

<...> A senior administration official, briefing reporters late Sunday night on the condition of anonymity in order to speak freely, said Obama will call for more sacrifice from carmakers, their investors and automotive unions.

Billionaire bankers (and their investors) walk away from the table with their pockets stuffed with taxpayer cash while members of the auto workers union are told they'll have to sacrifice even more - in this case, the Obama administration wants the companies to get rid of "old liabilities" - i.e. retiree pensions. (You know, while bankers complain about having to sell the house in the Hamptons.)

No, Obama's not talking about the insolvent banks. He's talking about Detroit. Could he make it any more obvious that the wealthy are a protected class?

"If they're not willing to make the changes and the restructurings that are necessary, then I'm not willing to have taxpayer money chase after bad money."

Funny, that's just how I feel about Citibank!

And what's all this crap about bringing the cost of wages in line with Japanese auto workers - whose government provides free health care? Why are workers the only ones expected to bear that burden? That's a right-wing meme if ever I heard one.

I'm not even arguing with the concept that deep cuts have to be made now to save the industry for later. For all I know, the union really is dragging their feet in negotiations. But how can the administration not see how it looks to the rest of the country?

[soulcore]

1. Simple.

The new administration has taken it's side in the class war, and it ain't Main Street.

Real Americans with real jobs and real mortgages? Fuck off, get your own bailout!

K&R

[tridim]

2. Yea, everything is either black or white

There is zero room for nuance, all bow to Saint Bush.

Of course the President hates his voters. :eyes:

[soulcore]

3. Straw man much?

I never said it was black or white or that he hated the voters, only stating what seems obvious, and that is the fact that this administration cares about Wall Street more than Main Street.

But hey, if you think that's much different than Bush just keep your head in the sand while we're sending more troops into Afghanistan, and letting the auto industry die while we bail out crooked bankers. And squashing single-payer health care.

[Thrill]

6. Be realistic. What do you want them to do? Continue sending Billions to GM

While they continue to lose Billions each month?

You forget, that deal setup, was if their plans weren't good enough, they go into bankruptcy TOMORROW. He didn't allow that to happen.

[Pastiche423]

4. I never thought I would be recommending a c/w song

But there it is!

[inna]

5. what pisses me off is that the corrupt banksters get trillions,

while the working people get completely screwed.


:grr:

:banghead:

[Thrill]

7. So you want him to continue to just pour billions into GM?

While they lose Billions every month? When were you willing to allow it to stop? People aren't buying their cars. What do you suggest?

[swishyfeet]

8. I agree

To think Obama cares only for Wall Street is ridiculous. The fact is, nobody is buying cars - much less buying GM cars. Car sales are a lot easier to figure out than our financial markets. I have no idea why the financial system broke down, but I sure as heck can tell you why GM did.

I get 3 car magazines every month, and I've yet to see that new model which will have me rushing to my nearest GM dealer to buy. Not even close.

[Mithreal]

10. Some folks will never buy GM. I always do. So what?

Nearly all car companies are suffering. Luxury auto sales though are another story.

[Mithreal]

9. This is about the flow of money to the middle class.

GM asked for loans and the even the Obama task force said GM was making improvements just not fast enough.

What role did GMAC financing play in those monthly losses? Did you know they didn't just lend for autos but mortgages and other banking products as well?

The OP asks how DC not bailing out GM looks. Your argument works for me, but it won't work with people who understand this song.

As an aside, some DU'ers freak at lack of full Obama support on some issues. But among us, fellow DU'ers, we respect and appreciate Obama and want him to have two terms. There is zero risk that the DU community won't fully back Obama in the next election with some rare exceptions, but this anthem and others like it are going to make winning 2012, no even 2010, that much harder.