At the drop of a hat Citibank gets its second bailout while the Big 3 must sit in the corner of the classroom for not doing their homework. Normally I would attribute this to class warfare except 50,000 white collars are out of luck as the bailout is unrelated to rehiring. Nevertheless, it is still glaring that Paulson favors Wall Street over Main Street as there’s been little movement with the exception of Fanny and Freddie in relation to forestalling home foreclosures, which are indeed toxic to the point of avoiding them like the plague. Granting that the auto industry offered little in its presentation, it was still obvious that it is in need and should be helped. Congress, however, balked not because of the industry’s lack of preparation but really launched a vicious attack on the UAW for not giving up its bargaining rights and being in line with the southern strategy of union free workers. There are blue collars and there are blue collars with a ring around them—hated union members.
Copyright © 2008 Richard R. Kennedy All rights reserved. Revised: Nov 25, 2008.
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