CARS - The Treasury Department has rejected a request by General Motors for up to $10 billion U.S. to help finance the automaker's possible merger with Chrysler, according to people close to the talks. The two American automakers have been hard hit by the automotive recession in the USA.
Instead of providing new assistance, the Treasury Department told GM on Friday, the Bush administration will shift its focus to speeding up the $25 billion loan program for fuel-efficient vehicles approved by Congress in September and administered by the Energy Department.
Treasury officials were said to be reluctant to broaden the $700 billion financial rescue program to include industrial companies or to play a part in a GM-Chrysler merger that could cost tens of thousands of people their jobs.
ERGO!
Does this make sense? The investment banks start screaming recession and lost jobs and get a record $700 billion bailout from the Bush Administration.
The American automotive industry has been screaming recession for almost 2 years now, and when they ask for cash to help out how does the Treasury/White House respond?
A flat no.
That says to me George W. Bush and the Bush Administration doesn't give a damn about American blue collar workers, they only care about their buddies in the investment banks.
If and when General Motors and Chrysler goes bankrupt there won't be just 10s of thousands of manufacturing jobs lost, it will be hundreds of thousands of other jobs lost due to belt tightening in industries effected by the loss of two of America's biggest manufacturers. The steel industry, parts manufacturers, etc., to say nothing of the belt tightening which will squeeze other people out of work.
And even if they don't go bankrupt, but layoff staff and downsize the economic repercussions will be felt across the United States.
American, Canadian, Toronto & International News Commentary: Spreading Freedom in the Face of Tyranny
November 3, 2008
Subscribe to:
Post Comments (Atom)
Affordable Website Design & SEO
|
Featured Posts
The Sarcasm Symbol
Ever had some confusion online or with your cellphone when someone fails to catch the sarcasm? Well now with the SarcMark you can ge... |
|
Behold, the Scorpion Hydrogen Supercar
CARS - To the right is the future of supercars... it is a hydrogen supercar called the Scorpion. The Scorpion from Ronn Motors in Texas is t... |
|
Documents show Stephen Harper misusing public funds
CANADA - According to 950+ pages of documents obtained by the Canadian Press under the Access to Information Act the Privy Coun... |
|
Pink's Rosie the Riveter
ENTERTAINMENT - What I like about this video is how it meshes different social movements like feminism, veganism, anti-capitalism... |
|
California's Dustbowl
ENVIRONMENT - The photo on the right is a farm in California that has been put up for sale. Its just one of thousands of farms that are n... |
|
Is Steampunk the New Goth???
GOTHIC - Watch out what you see on the subway late at night because while in 2001 you might have seen some pretty freakish goths, by 20... |
|
Do you have enough Ice Water in your diet?
HEALTH - A Calorie (large C) is a measurement of the amount of energy needed to raise the temperature of a litre of water (1 kg's worth) ... |
|
North Korean timeline towards Inevitable War
POLITICS - The following is timeline of events that have occurred on the Korean Peninsula. 1945 - Japan surrenders to the United States a... |
|
Judgment Day is Tomorrow, so sayeth Cult
RELIGION - According to a cult based in California, Judgement Day is tomorrow (May 21st 2011) and Jesus Christ will return to the Earth a... |
|
Sex in Space Forbidden
SEX/TECHNOLOGY - Sex in outer space is a big no-no according to NASA. Not for professional astronauts at least, but the growing numb... |
Popular Posts / Last 30 Days
-
Visit amazon.com/author/moffat to get free short stories and huge discounts on fantasy books by Charles Moffat. Sale ends on October 20th.
-
When was the last time you read a poetry book? If you enjoy poetry by Canadian poets do check out Gail M. Murray 's book: Reflections &a...
-
And the similarities don't stop there. Hitler and Trump have a lot more in common. The context in which Adolf Hitler was elected is...
-
Note About Images: In this post are 7 examples of North Korean propaganda posters, as well as two images of women in the North Korean army. ...
-
Peasant Magazine is seeking submissions for Issue #2. Specifically it is looking for fantasy, historical fantasy, historical fiction an...
-
Talk to anyone who is in the business of selling archery equipment and they will tell you that archery equipment sales are through the roof....
-
CANADA - An increasing number of Canadian soldiers may be using, dealing and becoming addicted to drugs, say reports from Canadian Forces of...
-
HEALTH - Some of you may have heard about the health benefits of being vegetarian or vegan. And there is a tonne of health benefits (and ...
-
By Ai Lung Nguyen - February 2011. TECHNOLOGY - It really boils down to a battle for market share... Facebook and Google have been conduct...
-
Download a copy of the free PDF version by visiting the Peasant Magazine website, or order the 8x11 magazine of Peasant Magazine via Am...
No comments:
Post a Comment
Comments containing links will be marked as spam and not approved. We moderate every comment. If you want to advertise on this blog it is $30 per link.