How sweet - amid all the colossal decisions Barack Obama has facing him at the moment, yesterday he took time out to present Vice-President Elect Joe Biden with cupcakes, candles and gifts. Biden's 66th birthday is actually today - but I'm sure there may have been a surprise element to yesterday's celebration. There were twelve candles, and if it is anything like my house, that was probably all they could find. Rather than put a huge pillar candle in the middle, good choice Obama staff.
I would presume that the three big automakers spokesmen, all flew home yesterday, in their mega-million dollar private jets, whilst their tails were between their legs. I do not pretend to be an economist by any means, but considering the automakers have already been given $25 billion, I feel that they should do what the average Joe has to do - file bankruptcy. When these gentlemen were asked if they would raise their hands and agree to sell off these jets and fly commercial - no hands were raised. The gentleman from GM, I believe, does not even live in Detroit and uses the company jet to fly back and forth to his Seattle, Washington home several times a week - now there's some fiscal responsibility.
This is just my view, but it is not like we are at the brink of the precipice and without cars to purchase (if the banks would lend). Look around, car lots are full - I repeat FULL! Used cars have held their resale value for the past 4 years, and with the cost of new autos rising exorbitantly, people have been making genuinely good deals by purchasing used cars. I'm sorry for the impact this may have on the employees...but I am talking reorganizing. These employees will be able to draw unemployment benefits for 26 weeks - during this time, the needed re-tooling can be initiated in these plants to begin producing fuel efficient cars for the future. The CEO's can cut their pays by 50% (and I am being generous), to show America and the employees that an honest effort is being made to become competitive again.
The GM CEO speaking yesterday, stated that their profit margin from the Russian plants was great, and refused to state that any of those dollars could be brought back here and applied to the financial problems in the U.S.
In my mind...if these companies should file bankruptcy and have to reorganize and then cannot compete - too bad. It is not like there wouldn't be someone at some time come in and start up a new auto giant for the future. I hope we have seen the end of these gas guzzlers being produced for only the fat-cats who can afford them, or should I say who ONCE cold afford them.
The day of the "auto giant" monopoly, and the word "blue chip" have gone by the wayside. Nothing is forever it would appear and changes have to made as we march into the future.
Like I said, I am not an economist - but just a lame opinion to put out there.
***Here in the Ohio Valley, we were once the hub of Wheeling Pittsburgh Steel, which no longer exists, having been bought out by a Russian company. Coal mines were a major employer, again, they no longer exist as they once did. Jobs are hard to come by here, even to find a minimum wage job in the retail sector is very hard. But when the Steel mills were asking Washington for help - to keep the companies afloat - nada, nothing, nil! NAFTA became the rule of the day and American construction started using Chinese steel (below specs much of the time.) This is a sad commentary on our country and its priorities. We all need help Washington - you have fucked things up long enough. Maybe (and I say this with sincere hope), things may be put back in some sort of order, to help us move on and prosper, in the next 8 years.
Later......
