I have a hard time suffering fools. How dare anyone who has been in the Congress or the Senate for the last eight years criticize the big three. Talk about the pot calling the kettle black!
These corrupt and incompetent fools have mismanaged this country into bankruptcy. Instead of oversight, they gave the same people who ripped off the system another 780 billion tax payer dollars without any plan or strings attached. If anybody ought to resign because of gross mismanagement, it is the fools in DC.
Sen. Dodd happens to be chairman of the Senate Banking Committee, which has regulatory responsibility of the financial services sector of our economy.
In Washington, Sen. Dodd has earned the nickname “Pac Man” for the money he takes from the very financial service institutions that he should be regulating.
According to the Center for Responsive Politics, nearly half, $5.2 million, of the total $13.6 million Dodd raised in his brief but unsuccessful race for the presidency came from the very industries — finance, insurance, and real estate — that he is charged with regulating as chairman of the Senate Banking, Housing and Urban Affairs Committee.
The Pac Man also took from Fannie Mae and Freddie Mac, the federally created mortgage companies, a grand total of $165,400 between 1989 and 2008.
And then when this financial service sector of our economy found itself in desperate straits, Dodd had no problem approving a $700 billion dollar no-strings bailout of the finance industry which had so generously supported his campaign.
If Obama has to spend $250 billion to create 2.5 million jobs, it is a bargain to spend $34 billion to keep 3 million jobs.
In Europe, Japan and elsewhere, the governments usually provide health care coverage for workers, and in some cases, they even own a stake in their auto companies.–snip–
Portugal and France have announced plans to craft aid packages for car and parts makers operating in their countries.
Other companies seem situated to receive assistance if they need it from their government owners. Lower Saxony, a state in Germany, is a 20% shareholder of Volkswagen AG. France, meanwhile, owns about 15% of Renault SA.
Even Chinese automakers are now asking for government aid to deal with the global credit crunch.
Boost for fuel efficiency
The European Automobile Manufacturers Association asked the European Union on Oct. 29 for 40 billion euros, about $50 billion, in a low-interest loan package “to help secure a sustainable market for current and newly developed fuel-efficient technologies.” –snip–
The European Union also has set aside $6.3 billion of a $252-billion general economic stimulus package for the 27-country union to help European companies make cleaner cars.
During testimony in front of the House Financial Services Committee on Friday, GM Chairman and Chief Executive Officer Rick Wagoner pointed out the advantages that Japanese automakers have had in the development of batteries for hybrid vehicles.
“It’s not a coincidence that the leadership in battery technology today” is in South Korea and Japan, Wagoner said.
The reality is we have our companies competing against countries who pay for research, countries who pay for health care, countries that fight for their industry on trade agreements.
Dodd and all the rest of the so-called Democrats in DC have a lot of nerve throwing stones from their glass houses. What I want to know is where in the hell was oversight by the Congress all the while this country was getting looted by Cheney and and the banks. Where are their resignations for the biggest financial fuck up in this country’s history?