Send a Tweet
Most Popular Choices
Poll Analyses
Share on Facebook 3 Share on Twitter Printer Friendly Page More Sharing
OpEdNews Op Eds   

Bailouts and other BS

By       (Page 1 of 1 pages) (View How Many People Read This)   No comments

Nearly forgotten in the race to castigate the Obama administration for wasting the nation’s money in so-called bailouts is that last September the Bush administration asked Congress for $700 billion (TARP funds) to bailout Wall Street.  Many recipients were so grateful that they promptly doled out huge bonuses and went on expensive junkets to exotic locations.  In addition, Bush asked for several billions to keep the auto industry from bankruptcy, loss of jobs, negative impact on the economy, etc.  These monies were granted in December in obeisance to the “too big to fail” theory.


So, what happened?  Money was poured into Detroit and the two recipients, Chrysler and GM, subsequently went bankrupt, are now downsizing, laying off thousands of people, closing a few thousand dealerships, and shuttering many plants.  What would they have done without bailout money?  Well, they would have…—gone bankrupt, downsized, laid off people, and closed plants and dealerships.  The only difference is that the executives (with minor exception) got to keep their jobs, perks, and bonuses.  In other words, the auto industry got the axle and we got the shaft.


Much of the bailout funding to the auto industry and TARP not only did not have the desired effect, but will go down in history as a government boondoggle of massive proportions.  What the Washington crowd does to us all the time (just as in football) is use misdirection—keep us looking the wrong way while they pull off their grand heist end runs.  Just look at Iraq and Afghanistan.  We were continually warned about terrorist threats, with the attendant colored threat levels, and taught to fear for our personal safety while Cheney & Co. handed out no-bid contracts to their cronies—you know who they are.  The waste, misappropriation, and outright fraud of these adventures are slowly coming to light.  The Obama administration and Congress is no less culpable for continuing the Bush/Chaney policies set in motion before his arrival at 1600 Pennsylvania Avenue. 


It is claimed that PT Barnum once opined, “No one ever went broke underestimating the intelligence of the American public.”  This seems to have become the political mantra for Washington that must be recited each day before going to work.


Rate It | View Ratings

Raff Ellis Social Media Pages: Facebook page url on login Profile not filled in       Twitter page url on login Profile not filled in       Linkedin page url on login Profile not filled in       Instagram page url on login Profile not filled in

Author/Lecturer, frequent writer of short stories, essays, and political commentary. Mr Ellis has numerous pieces published in newspapers, magazines, and on various Internet web sites. He is the author of the recently published memoir, "Kisses from (more...)
Go To Commenting
The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.
Writers Guidelines
Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
Support OpEdNews

OpEdNews depends upon can't survive without your help.

If you value this article and the work of OpEdNews, please either Donate or Purchase a premium membership.

If you've enjoyed this, sign up for our daily or weekly newsletter to get lots of great progressive content.
Daily Weekly     OpEdNews Newsletter
   (Opens new browser window)

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

What the hell is a social conservative?

The Day After Tomorrow

It's not a mistake when you lie!

Support your local author... read a book!

Why can't they have nukes?

Imitation is the Sincerest Form of Flattery--or Is It?

To View Comments or Join the Conversation: