The latest focus is on the auto industry wanting some government money after the failure of Bear Stearns
Fannie Mae and Freddie Mac
American International Group
And many others. Today Citigroup has been added to the list.
I'm dismayed that some of my conservative friends are blaming the unions for the collapse of Detroit. Did the unions cause the collapse of the big financial companies? I know a few people that work for CitiBank and not one of them belong to a union and they are hourly employees.
I haven't read a liberal or conservative blogger or talked to a Republican or Democratic voter that agrees with what is going on but we keep hearing the same mantra that Margaret Thatcher was famous for when I lived in England, "There is no alternative."
I can't get my arms around what has happened in the last month and I'm an Economics major. As a rule I don't like it when the government goes into panic pass mode because they usually get it wrong, think the Patriot Act or the MCA.
As a minimum we should expect some accountability from these companies such as the firing the top management of these not now going concerns and limits on any future compensation for their successors. The auto execs showed how tone deaf they are to the mood of the country by flying into Washington on private jets with while asking for a hand out. This past week's exchange between Congressman Paul Kanjorski and GM CEO Rick Wagoner shows how arrogant and out of touch these guys are. Kanjo asked Wagoner a simple question that he couldn't answer.
"How Much money do you need until March 30th?" And he couldn't give a straight answer.
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