I had an article already to go called "R.I.P, G.M." a few days ago. Unfortunately, the President did me the disservice of making my eulogy untimely. With only about five weeks left in this administration, we get to witness some mind-boggling abuses of power and disregard of economic liberties.
As I toil away at my day job, I have a small TV in the corner of my office, with the cable news channel on. I heard the President's press secretary wax on about how this will be a kinder, gentler bankruptcy for the big automakers. The $17.4 billion given out today (12/19/08) ([link edited for length]) ([link edited for length] ) was the last piece of the current $350 billion TARP fund, which was supposed to buy the illiquid assets of banks. The theory went, by saving at-risk banks, the happy days of free credit cards would have come back. Instead, the treasury secretary made me and my fellow taxpayers stock speculators.
The promise of loose credit hasn't hit my household, and I don't see it happening here anytime soon either. I'm going to save every dollar I can, lest I lose my job and my house. I already possess two American-made vehicles, and can't afford to buy another soon. They're made by Ford, so I may still get spare parts for the next couple years. Ford is in a little better shape than GM and Chrysler ([link edited for length]).
During the begging process, Ford only wanted a $9 billion line of credit from the U.S. government ([link edited for length]). With practice, they also asked for $1.57 billion from the Canucks ([link edited for length]). Prudently, they secured $38 billion of credit earlier this summer, so they will be o.k. I guess. GM's and Chrysler's futures are more in doubt. They may go the way of the Plymouth and Oldsmobile.
The problem that I have with this latest mini-bailout is that I don't know if it was predetermined. Did the President know that he had the power to make this happen all along? Our Congressmen were told that if they didn't agree to this loan arrangement that 2.5 million workers would hit the unemployment lines ([link edited for length]). Not just the autoworkers, but all the suppliers as well. Apparently, none of that will happen. Those hearings with the car CEOs, arriving by corporate jet or subcompact, now look like they were merely for show.
We forget that about a year ago The Big Three were fighting off strikes by the UAW ([link edited for length]). The union wanted better wages for the next two years. The retirees and newly retired wanted their health benefits paid for. The unions won, sort of.
Fearing a strike, the management of these once great companies showed the backbones of gummy bears, and caved into the requests. As a taxpayer, I'm now supposed to subsidize and reward these decisions?
Methinks not. I was not a party to these private contracts, and therefore should not be held liable. I have a hard enough time being accountable for my own dumb decisions.
How sad am I supposed to be for my chief executive neighbors on the other side of the State? A few months ago, I got cut from one job and was rehired by a former employer at a discount. I'm more fortunate than my fellow Michiganders, who make up part of that 8.9% employment statistic. Yet I have no compassion for the empire builders who cannot stomach the consequences of the risks they've taken on; and the salaries and bonuses they've accepted over the years. How likely are these CEO's going to fare in bad times with the new TARP money, when they couldn't make a go of it in much better times?
The government's power grab of car industry smacks of hypocrisy in light of its recent criticism of China's apparent violations of WTO trade policies ([link edited for length]). The U.S. farmer has been subsidized by the U.S government for most of the last century. Perhaps newspapers will be next when it comes to businesses too important to fail ([link edited for length])? All this inches us closer to the spectre of Soviet-style five-year plans ([link edited for length] ).
Unfortunately, any pleas for changes in our foreign trade policy will go unheard in this administration's death throes. Nobody cares if GWB is a free-marketer or a fair-marketer or a protectionist. For foreign trade, it's a little too little, and a little too late. The American people have either backed him blindly or dismissed him years ago. I miss Ross Perot.
Between now and January 20th, I'm trying to keep my sanity, as I see my personal and economic liberties slip away. I'm supposed to be thankful that big buildings haven't been blown up in the last seven years, as I'm treated as a criminal every time I climb aboard an airplane.
For now, the best we can hope for is that this lame duck President will hang out by the pool and forget where he left his signing pen.
©2008 Bob Nightingale, all rights reserved. You must have written permission from the author in order to republish this work.
Published: Saturday, December 20, 2008
Last modified: Saturday, December 20, 2008
The views expressed in this article are those of Bob Nightingale only and do not represent the views of Nolan Chart, LLC or its affiliates. Bob Nightingale is solely responsible for the contents of this article and is not an employee or otherwise affiliated with Nolan Chart, LLC in his/her role as a columnist.
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Reader Comments:
Posted By: David S
Date: 2008-12-20 14:54:56
"Between now and January 20th, I'm trying to keep my sanity, as I see my personal and economic liberties slip away. "
I hear you on that one my friend! But I also wonder how I'm going to keep my sanity after January 20th.
Posted By: Jake, the champion of the constitution
Date: 2008-12-21 07:18:38
Hey Bob!
Chin up, my friend! Maybe sell the second car and get some silver, join the Free State Project? :)
Not sure if you've seen this note from Lee Iacocca's new book, but you might find it inspiring as I have
Am I the only guy in this country who’s fed up with what’s happening? Where the hell is our outrage? We should be screaming bloody murder. We’ve got a gang of clueless bozos steering our ship of state right over a cliff, we’ve got corporate gangsters stealing us blind, and we can’t even clean up after a hurricane much less build a hybrid car. But instead of getting mad, everyone sits around and nods their heads when the politicians say, "Stay the course."
Stay the course? You’ve got to be kidding. This is America, not the damned Titanic. I’ll give you a sound bite: Throw the bums out!
You might think I’m getting senile, that I’ve gone off my rocker, and maybe I have. But someone has to speak up. I hardly recognize this country anymore.
The most famous business leaders are not the innovators but the guys in handcuffs. While we’re fiddling in Iraq , the Middle East is burning and nobody seems to know what to do. And the press is waving ‘pom-poms’ instead of asking hard questions. That’s not the promise of the ‘ America ‘ my parents and yours traveled across the ocean for. I’ve had enough. How about you?
I’ll go a step further. You can’t call yourself a patriot if you’re not outraged. This is a fight I’m ready and willing to have.
The Biggest ‘C’ is Crisis !
Leaders are made, not born. Leadership is forged in times of crisis. It’s easy to sit there with your feet up on the desk and talk theory. Or send someone else’s kids off to war when you’ve never seen a battlefield yourself. It’s another thing to lead when your world comes tumbling down. George Bush, Dick Chaney and who is this Bozo coming up next? One of the most Liberal Idiots in the U.S. Senate, and he is talking about disarming America . I can’t believe the
American people aren’t seeing what he is about to do to this country. May God have mercy on us all.
On September 11, 2001, we needed a strong leader more than any other time in our history. We needed a steady hand to guide us out of the ashes. A Hell of a Mess. So here’s where we stand. We’re immersed in a bloody war with no plan for winning and no plan for leaving. We’re running the biggest deficit in the history of the country. We’re losing the manufacturing edge to Asia , while our once-great Companies are all moving offshore. We’re getting slaughtered by health care costs. Gas prices are skyrocketing, and nobody in power has a coherent energy policy. Our schools are the worst in the world. Our borders are like sieves. The middle class is being squeezed every which way. These are times that cry out for leadership and we are getting ready to put the most Liberal Senator in the U.S. Senate in as our next President because we want to be fair and elect someone just because of his race. We don’t have time to be fair, we need a strong leader.
But when you look around, you’ve got to ask: ‘Where have all the leaders gone?’ Where are the curious, creative communicators? Where are the people of character, courage, conviction, omnipotence, and common sense? I may be a sucker for alliteration, but I hope you get the point.
Name me a leader who has a better idea for homeland security than making us take off our shoes in airports and throw away our shampoo? We’ve spent billions of dollars building a huge new bureaucracy, and all we know how to do is react to things that have already happened.
Name me one leader who emerged from the crisis of Hurricane Katrina. Congress has yet to spend a single day evaluating the response to the hurricane, or demanding accountability for the decisions that were made in the crucial hours after the storm. Everyone’s hunkering down, fingers crossed, hoping it doesn’t happen again. Well guess what people? We are having more floods right now. What are we doing to help these people out? Now, that’s just crazy. Storms happen. Deal with it. Make a plan. Figure out what you’re going to do the next time. Why are we allowing people to build in flood plains anyway? If you build in a flood area, expect to be flooded and deal with it. Don’t expect the Government to bail you out.
Name me an industry leader who is thinking creatively about how we can restore our competitive edge in manufacturing. All they seem to be thinking now-days is getting themselves bigger salaries and bonuses. Who would have believed that there could ever be a time when ‘The Big Three’ referred to Japanese car companies? How did this happen, and more important, what are we going to do about it? Likely nothing!
Name me a government leader who can articulate a plan for paying down the debt, or solving the energy crisis, or managing the health care problem. The silence is deafening. But these are the crises that are eating away at our country and milking the middle class dry. I have news for the gang in Congress and the Senate. We didn’t elect you to sit on your asses and do nothing and remain silent while our democracy is being hijacked and our greatness is being replaced with mediocrity. What is everybody so afraid of? That some bonehead on Fox News will call them a name? Give me a break. Why don’t you guys show some spine for a change? I honestly don’t think any of you have one!
Had Enough?
Hey, I’m not trying to be the voice of gloom and doom here. I’m trying to light a fire. I’m speaking out because I have hope; I believe in America … In my lifetime I’ve had the privilege of living through some of America’s greatest moments I’ve also experienced some of our worst crises: the ‘Great Depression’, ‘World War II’, the ‘Korean War’, the ‘Kennedy Assassination’, the ‘Vietnam War’, the 1970s oil crisis, and the struggles of recent years culminating with 9/11. If I’ve learned one thing, it’s this:
‘You don’t get anywhere by standing on the sidelines waiting for somebody else to take action. Whether it’s building a better car or building a better future for our children, we all have a role to play. That’s the challenge I’m raising in this book. It’s a call to ‘Action’ for people who, like me, believe in America . It’s not too late, but it’s getting pretty close. So let’s shake off the crap and go to work. Let’s tell ‘em all we’ve had ‘enough.’
Posted By: Editor, PerotCharts.com
Date: 2008-12-21 22:08:01
Bob:
If you're missing Ross Perot, as you say in this article, you can watch him, listen to him, and see his new charts at PerotCharts.com.
Editor, PerotCharts.com