Wednesday, November 26, 2008

bailouts take 2

I really don't understand our tax dollars being used to bailout private companies. However the activities of this week have made me even more furious. What drives me even crazier than even Republicans do is double standards. And we have seen a textbook example of a double standard when it came to bailouts this week.

First off we have the auto industry, who in my opinion have not been saints. However what they represent is the blue-collar segment of America in some parts of the country (I will admit that I have never even driven a GM car, and that I don't live in a part of the country that depends on the auto industry so I'm really not aware first hand of the economy's dependence on the auto industry). And the auto industry was told to come back when they have a concrete plan on what to do with the money. That sounds fine if you stand it by itself. And they've done some budget cutting when it comes to high paid avertising (they cut out the Tiger Woods endorsement)

However this was not an isolated incident. Just days after the auto industry fiasco happens Citibank comes and asks for a bailout. They're handed a blank check from Uncle Sam. However they represent a white-collar crowd that is not the bread and butter of an entire region of the country. And were THEY even asked twice about what to do with the money? Of course not. And when it comes to the high profile and pricey sports endorsemetns, well Citibank is still paying 400 MILLION to name the new Shea Stadium (even though I am a Yankees fan, I do respect the cross town rivals and HATE corproate stadium names, so I will continue to call it Shea Stadium). And guess who is paying for the naming of Shea Stadium? That's right it's you and me.

So tell me why Citibank can ask for a blank check and get it but GM needs to have a concrete plan?

1 comment:

Mberenis said...

It's not all rum and mud. Most people don't realize how much money there is out there. During economic times like this, there is more money to be had than ever. Because of the bailouts and economy, lenders are bending over backwards to bail you out too. Believe it or not, there is people getting tons of cheap money nowdays to start businesses, buy homes, pay off debt, and more. Search for your Bailout