You Want Some Class Warfare? Look To AIG03.18.09
I’ve gone back and forth on my thoughts over whether or not the government should bail out the Big Three. If they were the only businesses failing right now, I think that I would be leaning toward letting them go bankrupt. But when AIG gets TARP money AND and additional bailout with pretty much no strings attached – especially compared to what those automaker execs had to go through in front of Congress – I say, why not? I’d much rather invest in a company that actually makes a product than one that invents derivatives to make money that eventually bankrupts millions of Americans.
Steve Parker gets it right in his blog:
And why do many members of congress (and the other usual suspects, including the US Chamber of Commerce) say that the wages fought for and won by the UAW should be tied to the lower wages paid to non-union workers by the “captive imports, foreign-owned car- and car parts-makers located mostly in the nation’s southeast?
Interesting that the government has required the UAW to restructure their contracts yet didn’t put any such stipulation on the execs that ruined AIG. It’s okay for the working class to take pay cuts but not the white collar workers? Now that sounds like class warfare to me.