Showing posts with label WALL STREET BANKS. Show all posts
Showing posts with label WALL STREET BANKS. Show all posts

Saturday, December 20, 2008

LARRY KUDLOW FOR BAIL-OUT OF WALL ST. BANKS BUT AGAINST HELP FOR UNIONIZED AUTO WORKERS

Larry Kudlow is the master of bluster on CNBC. He rants and rails against the auto bail-out both with his mouth and his hands which are especially objectionable. He points at the camera, at viewers and at his guests. Has no one ever taught him any manners?

But isn't this the same Larry Kudlow who demanded that the government, the Fed and the Treasury do something to rescue Wall Street Banks? As I recall just a few months ago, Kudlow wanted the government to ride to the rescue, and indeed it did, handing some 700 billion to banks like Citi and JP Morgan under the TARP program. Then, unlike now, Kudlow was pleased because, with Wall Street banks secure, his job at CNBC and his 401(k) was protected.

But when the issue concerns the lowly unionized auto worker, the guy not in a suit and tie but in his blue industrial uniform - the hourly wage earner who toils his whole life for bare minimums - Dr. Jekyl, aka Larry Kudlow, turns into a mean and parsimonious Mr. Hyde. He belittles the accepted prediction that chapter 11 for a company like GM would throw hundreds of thousands into the street unemployed. We see that Kudlow couldn't care less about auto workers' life savings or their health care or even their 401(k)s, if they're lucky enough to have a plan. No, Kudlow wants free enterprise to control, and please, no government interference, damn the workers.

So Larry Kudlow is for a bailout, no strings attached, when his own career and retirement savings are on the line, but against government help when unionized auto workers are involved.

Saturday, December 13, 2008

REPUBLICANS SHOW THEIR ANIMOSITY TO AUTO UNION WORKERS

The Senate Republicans clearly have an animus for workers in the automobile industry. The mean Republicans refused to go along with a House bill to aid the automotive industry and left hundreds of thousands of workers in jeopardy of losing their health care, pensions and jobs.

Compare the Republicans' put down of union workers with their largesse towards Wall Street Banks. They gave 700 billion to the banks without any conditions. But when it comes to labor and unions, they demand the most draconian conditions.

If the auto industry goes down, and if millions of middle income blue-collar workers are forced into unemployment, the Republicans will suffer a political backlash not seen in modern political history. They will be a volcano of resentment against Republicans especially in those states that have a large percentage of automobile suppliers and workers.