The “bailouts” crime

Starting with the $700 Billion financial institution bailouts, and moving own to a discussion of an automobile industry bailout, the United States congress, and the Administration, is perpetrating a crime!

 

Mike Todd, of Elizabeth Taylor fame, paraphrasing what he used to say in explaining the secret to his financial success, that to owe a tremendous amount of money, much more than he could ever repay made sure that his [well to do] creditors would not let him fail so that they do not ultimately lose the money that they were owed. This philosophy may be flawed, and it is not likely that Todd meant it literally, but present day automobile industry situations seem to fall in that kind of category.

 

The automakers made it clear to the United States Congress that if they fail, millions of jobs would be lost! Serving “the people,” Congress cannot let millions of its constituents join the ranks of the unemployed; it must keep the automobile companies in business and use “the people’s” money for the task.

 

If a typical member of “the people” was to fall so far behind, the law will likely be called upon to “fix” the problem. The individual would have to be held ac countable and live up to the responsibility of living up to legal commitments. Why should large industries be made to live up to the same standard?

 

The pragmatic answer is simple; holding the likes of the automakers responsible would hurt the nation, not something that the Congress can allow happening.

 

What is the alternative?

 

Those executives who were at the helm when the irresponsible spending took place should not only be deprived of “bonuses,” they should be made to pay reparation to the public, and if the damage reaches a given level, those responsible should punished in an appropriate legal manner, even incarceration if deemed necessary.  

The executives who justify the obsene pays by claiming to be “the best of the best” should be made to prove their value by fixing the problem, or be punished in a suitable manner. Those voting for baiouts should be dealt with especially if those who they help bailout are owed political favors.