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Portland
AUTO BAILOUT IS THE DEVIL BUYING SOULS
Contributed by Sam Minervino myMaineToday.com 2008-12-10


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Portland — President Elect Obama appeared on Meet the Press and suggested auto executives should lose their jobs if they don't end their "head in the sand" approach to decision making. Meanwhile, Christopher Dodd, Democratic U.S. Senator from Connecticut since 1981, says General Motors should not share in federal auto industry bailouts unless GM Chief Executive Rick Wagoner steps down. Democrat Representative Barney Frank weighed in with this quote;

“We don't think it would be enough. The way we have this structured, they will get $25 billion if the bill passes, with a lot of conditions. No dividends can be paid, no bonuses for people over $200,000, and some other things. But they would have to prepare and file by March 31 a plan that shows how they plan to get much more efficient and to get cars that can be marketed.”

And yet all three of these individuals are obvious supporters of the Keynesian theory of economics which basically says that spending is the way to an improved economy.

“Keynes nevertheless successfully convinced multitudes of supposedly knowledgeable economists to accept a series of black-is-white arguments. Savings became bad and deficits became good, and the prudent accumulation of reserves for foreseeable and unforeseeable contingencies was imprudently responsible for disastrous consequences. The accumulation of capital assets becomes an economic obstacle rather than an economic advantage. Investment and employment is stimulated by inflation and hindered by price declines. Market liquidity becomes more of a problem than an advantage.”- http://www.futurecasts.com/From%20Keynes%20to%20Krugman.htm

First of all, the hypocrisy of having three so-called leaders who have never worked in the private sector purporting to know what is best for capitalism is beyond the pale. Their idea of just throwing money at the problem is conditioned into them and really just a cover for a bailout of not the auto industries but the Unions. As always, the politicians will bribe their constituents with taxpayer money;

“The Los Angeles Times says unions funded the Democratic victory to the tune of more than $80 million just this election. The San Francisco Chronicle puts the number a bit higher – $450 million. Either way, they want their payback. They already have two things in mind – eliminating secret ballots in union elections and saving their 139,000 brothers and sisters in the United Auto Workers.”- http://www.cnsnews.com/public/content/article.aspx?RsrcID=39484

The 60 square miles that are inside the beltway called Washington DC, is a black hole of common sense, corruption and taxpayer money and a bastion of ruling elitists who hold nothing but contempt for the electorate. They use their economic theories as excuses to spend money that isn’t there and use the Federal Reserve as they once used the House of representative bank to cash their rubber checks;

“Keynesian concepts are once again popular and in use today - especially in the United States under the Bush (II) administration. They remain very popular with political leaders, since they provide intellectual cover for doing what political leaders have always done when seeking to put off confronting the real problems that afflict an economy. Keynes provides a rationale for pursuing short term relief from those problems by means of budgetary deficits and monetary inflation - palliatives that must ultimately just make matters considerably worse.”- http://www.futurecasts.com/From%20Keynes%20to%20Krugman.htm

Elected officials complain of private industry not being able to manage their monies and unfortunately those industries view the government as helpful. The auto industries are selling their souls to the devils that will merely manipulate those enterprises for their own personal interests.


Comments and photos about this story

P. Hamilton of Portland, ME
Dec 27, 2008 8:22 PM
Sam, once again your assumptions about who I would recognize as a hero: aren't on your list. The insults you receive are due to the garbage you've been writing all year. And it's apparent that you have self proclaimed yourself to be an intellectual; but the writing still has facist- conservative tones in it. One question, though, exactly what exponent did you use to calculate your 1% increase in my intelligence from reading your 'stuff'? Keep in mind, Sam, that 1% of nothing is still nothing. How legible or literate do you need the comments to be; seems clear to the rest of us humans. Girly.

Sam Minervino of Portland, ME
Dec 26, 2008 8:16 AM
P, who are your heroes? Barney Frank, Ted Kennedy, Nancy Pelosi, Harry Reid? Should I go on? You have never even attempted to write anything close to being literate or even remotely legible. But keep reading my stuff because someday, if even 1% sinks in, you will have increased your intellectual level exponentially.

P. Hamilton of Portland, ME
Dec 22, 2008 10:28 AM
Juvenile, try the continued hero worship of such stellar persons as, G.W. Bush, D. Rumsfeld, R. Cheney and your favorite, S. Palin. I suppose that it isn't juvenile at all, Sam. Some of us would just call it stupid. But; go on, and on, and on,...... The proof is in the pudding. Great writing.

Sam Minervino of Portland, ME
Dec 18, 2008 8:29 AM
P, your constant juvenile name calling and insulting are indications of a lack of knowledge or common sense. But I still love you.

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