I sent the following to CNBC today:
At 11:15 this morning, December 15, 2008, CNBC treated us to an “interview” with Larry Kudlow talking to Senator David "asked for and received forgiveness" Vitter and Senator Kay Bailey Hutchinson in their “going home for Christmas vacation” attire. I heard a recitation of talking points by all three that sounded almost rehearsed. In them, the UAW was intransigent, the auto manufacturers were trying to soak the taxpayers, and free enterprise was saved by 35 Republican Senators. CNBC, you would have done your viewers much more good by giving them three minutes of silence.
When I finally found your feedback page, I selected "Inaccurate data" as the most appropriate category. I think my subject line above is more accurate.
Congratulations! You have earned a comment in my blog.
Friday, December 12, 2008
Rich Mitch Knows UAW is the Villain
“The sticking point that we are left with is the question of whether the UAW is willing to agree to a parity pay structure with other manufacturers in this country by a date certain." This quotation is taken directly from a McConnell press release.
Thus, Senator Mitch McConnell of Kentucky placed the blame squarely on the shoulders of men and women who work for a living. This includes the Ford workers in Louisville and GM workersin Bowling Green. This raises a whole bunch of questions Mitch should answer for us.
What is Mitch talking about when he twice refers to a "parity pay structure" and a "date certain?" Why does Mitch McConnell hate people who work for a living? What kind of cardoes Mitch drive? Will Mitch be flying home on a private jet?
Thus, Senator Mitch McConnell of Kentucky placed the blame squarely on the shoulders of men and women who work for a living. This includes the Ford workers in Louisville and GM workersin Bowling Green. This raises a whole bunch of questions Mitch should answer for us.
What is Mitch talking about when he twice refers to a "parity pay structure" and a "date certain?" Why does Mitch McConnell hate people who work for a living? What kind of cardoes Mitch drive? Will Mitch be flying home on a private jet?
Monday, December 8, 2008
Class Warfare: Banks Winning
I sent the text below (except the last paragraph) to Senator Mitch McConnell:
Here we go again. Bank of America gets $25 Billion of our (or more precisely, our grandchildren’s) money and does not use it on behalf of American workers. The way I read the story, Republic Windows and Door shut their windows, closed their doors, and fired their employees because Bank of America cancelled the company’s line of credit, thus avoiding the federal requirement that employees being laid off receive 60 days pay and benefits.
To be sure, Bank of America looked at the downturn in the company’s revenues and made a prudent banking decision. Bank of America is not responsible for the company’s business decision, the welfare of the employees, or the downturn in the housing market. Well, let’s hedge a bit. Bank of America and the financial industry might have made a series of business decisions that landed Republic Windows and Door and the rest of us in the current mess. Did our Congress find Bank of America responsible for their own business decisions and force them to live with the results? Did you, Senator McConnell, recipient of $5000 from a PAC affiliated with Bank of America, vote to let Bank of America suffer the consequences of their bad investments?
Oh, wait. Those folks (the ones who run Bank of America) are your peers, friends, colleagues, benefactors, fishing buddies. They’re too big to fail; they’re one of you. Senator, I submit that this is an example of class warfare. You save the bankers and let the hourly workers suffer the consequences of the irresponsible banking calls of the last eight de-regulated years.
In 1995, R. J. Samuelson opined in Newsweek that "the War on Poverty is over and the poor lost." Looks like the banks won.
Here we go again. Bank of America gets $25 Billion of our (or more precisely, our grandchildren’s) money and does not use it on behalf of American workers. The way I read the story, Republic Windows and Door shut their windows, closed their doors, and fired their employees because Bank of America cancelled the company’s line of credit, thus avoiding the federal requirement that employees being laid off receive 60 days pay and benefits.
To be sure, Bank of America looked at the downturn in the company’s revenues and made a prudent banking decision. Bank of America is not responsible for the company’s business decision, the welfare of the employees, or the downturn in the housing market. Well, let’s hedge a bit. Bank of America and the financial industry might have made a series of business decisions that landed Republic Windows and Door and the rest of us in the current mess. Did our Congress find Bank of America responsible for their own business decisions and force them to live with the results? Did you, Senator McConnell, recipient of $5000 from a PAC affiliated with Bank of America, vote to let Bank of America suffer the consequences of their bad investments?
Oh, wait. Those folks (the ones who run Bank of America) are your peers, friends, colleagues, benefactors, fishing buddies. They’re too big to fail; they’re one of you. Senator, I submit that this is an example of class warfare. You save the bankers and let the hourly workers suffer the consequences of the irresponsible banking calls of the last eight de-regulated years.
In 1995, R. J. Samuelson opined in Newsweek that "the War on Poverty is over and the poor lost." Looks like the banks won.
Friday, December 5, 2008
Bail ME Out, I Want to Buy a Car
I sent the following to Senators McConnell and Bunning:
It is curious to me a taxpayer, who is a son of a coal miner, who served in the United States Navy, who worked as an hourly worker for Ford, who completed a career in education that a financial institution, Capital One, is using my tax dollars to purchase another bank.
According to the Associated Press, Capital One received $3.56 billion in bailout funds and has now paid $445 million in cash and $75 million in stock to buy Chevy Chase Bank. Questions arise. If a bank can buy another bank, why should it receive bailout money from taxpayers? If this is how the bank is using our money, should the government proceed to collect the bailout money back? Why is this just fine at the same time you people are raking over the legislative coals the executives of another industry asking for government loans that amount to about 6% of what you gave the Republican-deregulated banking industry.
When you people passed the $700 billion dollar rip-off of U. S. taxpayers, I reluctantly bought into the claim that these banks were “too big to be allowed to fail.” Now, while you and your well-heeled Senate brethren look down your noses at the auto industry and pretend that their problems are caused by the unions or by government interference, both of which are damned lies, you ignore banks refusing to loan money to Americans while they buy other banks. “Obscene” is the nicest word I could muster for this class warfare.
I will wait for your reply, not anticipating anything approaching honesty.
It is curious to me a taxpayer, who is a son of a coal miner, who served in the United States Navy, who worked as an hourly worker for Ford, who completed a career in education that a financial institution, Capital One, is using my tax dollars to purchase another bank.
According to the Associated Press, Capital One received $3.56 billion in bailout funds and has now paid $445 million in cash and $75 million in stock to buy Chevy Chase Bank. Questions arise. If a bank can buy another bank, why should it receive bailout money from taxpayers? If this is how the bank is using our money, should the government proceed to collect the bailout money back? Why is this just fine at the same time you people are raking over the legislative coals the executives of another industry asking for government loans that amount to about 6% of what you gave the Republican-deregulated banking industry.
When you people passed the $700 billion dollar rip-off of U. S. taxpayers, I reluctantly bought into the claim that these banks were “too big to be allowed to fail.” Now, while you and your well-heeled Senate brethren look down your noses at the auto industry and pretend that their problems are caused by the unions or by government interference, both of which are damned lies, you ignore banks refusing to loan money to Americans while they buy other banks. “Obscene” is the nicest word I could muster for this class warfare.
I will wait for your reply, not anticipating anything approaching honesty.
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