One of the most honest people in the U.S. financial markets, Rick Santelli, makes a great point as talks increase about the federal government bailing out General Motors.
"Where in the Constitution does it say that the government must prevent a recession?!" Santelli said recently on CNBC.
He is right. The cost of all the bailouts of Wall Street, banking and corporate fatcats ultimately will be $2.8 trillion of your money. And you have yet to see a direct dollar to address your needs -- be it a bad home mortgage, savings wiped out in the stock market or you being forced to return to work after retirement.
I have a friend and doctor, a pediatrician now 70, who is returning to work in his golden years due to the lies made to him about keeping his money in the stock market. This sorry scenario is being repeated across the nation.
This economy needs a failure of something like GM. Fatcats need to be finally shown there is a consequence for their wrong decisions -- just as it is in our households.
Yes, GM employs a lot people. But as my prima suprema in Topeka, Kan, has told me, a lot of workers in the auto industry have been making big bucks for years and spending many of those dollars like water. They could have saved in the event of losing their jobs and all the overtime of more than $50 an hour. My cousin does not feel overly sorry for auto and tire industry workers.
Finally, taxpayers have to draw the line. GM is the perfect spot.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment