We had the federal auto czars in Detroit today, seeing what can be done with the auto giants. I am still of the belief that a structured bankruptcy is the way to go for GM and a sale to a foreign buyer for Chrysler.
The unions are indeed making concessions to get over this financial crisis but believe me, they will be back when things improve and it will be the same ole’ unions again; bankruptcy will eliminate the union contracts for good.
I will also add that the Fed should nationalize some of the big banks. In this way the big boys can be chopped up and sold thus returning the taxpayer’s money with interest. Regulations should be enacted immediately preventing financial institutions from diversifying and growing as have these banking behemoths. I hope we have learned our lesson about eliminating regulations (in this case set by FDR in the time of the Great Depression) to prevent some of the calamity that befell the U.S. in the 1930s. These regulations were enacted for a reason and for us to think they no longer apply is blatant naïveté.
The unions are indeed making concessions to get over this financial crisis but believe me, they will be back when things improve and it will be the same ole’ unions again; bankruptcy will eliminate the union contracts for good.
I will also add that the Fed should nationalize some of the big banks. In this way the big boys can be chopped up and sold thus returning the taxpayer’s money with interest. Regulations should be enacted immediately preventing financial institutions from diversifying and growing as have these banking behemoths. I hope we have learned our lesson about eliminating regulations (in this case set by FDR in the time of the Great Depression) to prevent some of the calamity that befell the U.S. in the 1930s. These regulations were enacted for a reason and for us to think they no longer apply is blatant naïveté.
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