New Take On The Bail-out
The latest news is that the execs of the banks that got bailed out have earmarked a large amount of the bailout money to pay themselves end of year bonuses. Now we’re going to bail out GM too, again by forking over millions to the very execs whose miserably bad decisions got GM into this mess in the first place. What if we REALLY invested in the economic infrastructure, by giving the money to the GM workers, instead of the managers?
After all, these are the people who preach the doctrine of the free market. In which case, by their own creed, it’s sink or swim, baby, and if GM is sinking, then that’s the market, so bye bye.
But we could, if we wish, inject funds to regenerate the economy in those soon to be stricken areas of Detroit. Not by putting it into the hands of the already fat cats, but by spreading it around to the people whose lives would be most affected if GM were to close. I don’t mean just handing over cash. I mean, what if we funded those peoples’ dreams of the better lives–and better communities–they really long to create, in their buried heart of hearts?
What if we set up funds for the following options:
- Going back to school to take any course you like. Not just a new machine shop class for ten weeks at the local community college, but a PhD in philosophy, if that’s what grabs you, or a law degree, or whatever.
- Moving your family to another location where you’d have a better chance of getting the job you want.
- Starting your own small business, with a year or so of sustainable management consultancy thrown in, to help you succeed.
If we did that with the money, we’d affect people’s lives in a way that would far surpass a bailout of a failing auto giant whose cars are an international scandal of low fuel efficiency and high emissions. And it would be cheaper too. Which would leave funds left over for other grass roots projects, resulting, potentially, in a mushrooming of small, local growth, and a true regeneration after the death of the big, bloated mammoth.
Tags: bank, business, economy, investment, money, politics, recession
Nov 27, 2008
Are you crazy? The people who work for the big 3 automakers on average, make well over $70,000. a year, have the best health insurance in the country, and because of the unions, live better than most of the rest of U.S. workers.. These are jobs that take less than a high school diploma. Why not put the money in the hands of the many struggling small businesses in the blossoming green industry to assist in the move towards sustainability instead? Or in educational assistance to single mother’s education and job training in the green industry. Auto workers have many more benefits than most of us non-auto workers even after layoffs, they have opportunities to go back for any type of education they wish, paid for already.
Please, before you suggest we give OUR money to the auto industry workers, get a clue of how very well their standard of living is! Multiple cars, water jet skis, snow skis, wide screen TV’s are unfortunately, typical of where their hard earned money goes, instead of college for their children or themselves. There are exceptions to this lifestyle, unfortunately, as a born and raised Motowner, it’s NOT the majority.
Nov 28, 2008
excellent idea! I dont understand why they didnt start a program to lower mortgage rates or help people pay their mortgages. That way the banks would have got their money and the people would not be homeless.
Jun 19, 2009
Motownbabe, I had no idea the car industry workers were so well-off, and I totally agree with you that all out stimulus money should be going into green collar jobs. I’m glad Obama has invited Van Jones onto his cabinet for that reason.