I’m so glad that the weekend is here- we get a break from the doom and gloom on the news.
So, what I’ve been wondering this whole week is how Congress decides to give money to which cause.
Evidently, the mortgage industry was a huge problem. People couldn’t pay their house payments and their homes were going into foreclosure. Huge companies such as AIG, Fannie Mae and Freddie Mac were in big trouble. It was time to bring out the big guns and give them all some cash ($100 billion alone for AIG).
By them, I mean the insurance companies, not the people who were losing their homes.
Now it seems as though many of our lawmakers feel that the Big 3 automakers are so lame that they don’t deserve their help, sympathy or money. Period.
According to them, these companies have been mismanaged for years.
There has been tons of waste.
The pampered top execs fly their own jets.
Some argue that they aren’t worth saving.
Isn’t it interesting how our government decides to spend OUR money?
Never mind that part of the problem with the mortgage crisis was shady mortgage lending practices. Never mind that directly after the bailout, several execs from AIG were found to have spent over $400,000 on a ritzy retreat, purportedly using bailout money.
Never mind that Congress supported a mortgage tax deduction that gave consumers a tax incentive to buy more expensive houses, thus further contributing to the problem.
Never mind that, if any of the Big 3 were to fail, it would cause further economic damage.
My suggestion is that the lawmakers in Washington use a magic 8 ball to decide the fate of Detroit. It’s got less bias than many of them do. At this point, more logic too.