Well, I suppose we all knew it was going to happen, though most expected it would be GM that would hit the courts for protection first. Mind you, given the attitude of the Chrysler CEO and Execs in recent hearings, one could already tell they were bankrupt, least in character & integrity.
A bankruptcy filing by Chrysler is widely expected to happen shortly after a group of about 40 hedge funds opposed a plan that would reduce the automaker’s $6.9 billion US in secured debt. A group of four banks that together hold about 70 per cent of that debt are in support of the plan. ( source – CBC News )
Billions of dollars of our money is being given to these dinosaurs of the auto industry. Chrysler is expected to have a whopping 35% of its shares or equity purchased by Fiat, while the Canadian / Ontario Government gets about 2%.
Now, something doesn’t smell right here. Just how much is Fiat giving vs. how much we have given?
Then too, let us examine the whole concept of the Auto Industry Bailout by Harper. The goal was to save jobs, right? To that end the CAW was basically ORDERED to make huge concessions, not just on wages, but on the side perks, such as pension plan contributions, health premiums.
They did as Ordered.
And the result, is Chrysler is in Bankruptcy protection, GM is probably rushing to follow suit, even though it is closing hundred of dealerships, phasing out Pontiac production in Canada, and oh yeah, eliminating about 60% of its hourly wage earners in Cananda, while only turfing less than 30% in the USA. Great deal you made there, Mr Harper.
So Mr. Harper, tell me again what makes you a good Economist? Prime Minister? Canadian?
I don’t know, but when will someone take a real leadership role in this economic mess? Big Business has screwed us royally, and has placed the entire world economy into jeopardy, with its greed and free trade bullshit. I don’t see, or May doing much better, but I wonder, how deep are those pockets of these so called Captains of Industry? I mean why else would every single blasted leader be willing to piss away billions of our money, risk our wrath, for a group of greedy, insensitive, morally bankrupt, business leaders, if the payoff wasn’t worth it?
I know, I sound bitter, but damn it, it is common sense. One doesn’t need to be an economist to figure it out. Small Business generates more new jobs, more high paying jobs too, and is far more stable, than these big conglomerates. They constantly provide real growth, to our economy, when given the chance.
The very people, who this throwing of taxpayer money is supposed to help, are being fired, laid off, or made redundent. How is that helping our economy, or is it a way to force a lower standard of living on the masses?
The idea was good, but impracticle. Bailing out companies that allowed themselves to be in this situation, was stupid, ill conceived. That also is assuming, that they truly are in dire straits. It didn’t seem to impact the bonus money paid out to the executives, or the increased perks they all managed to secure for themselves, and yet our world leaders fawn over them, like they are Gods or something.
What is rather ironic, is that the very people doing the most ass kissing to them, are the Conservatives, whose mantra of Less Government seems to have somehow, disappeared. Harper who promised PRUDENT action, is now throwing billions of dollars into the Corporate Coffers, and in return, we get plant closurers, lay offs, and an unemployment of 8%, while he allows immigrant farm workers into the country.
It is idiotic, dangerous,and yet I have to say, Harper isn’t the only one acting like this. You have virtually every world leader, giving in to the insane demands of these giant corporations, who have caused this mess, to begin with.
I don’t get it. But you know, I would like my money back Mr. Harper. I’d rather see my billions of tax dollars spent on Canadians, and in a way that will let them keep their jobs, their dignity, their pride. If that means we pay more for Canadian Made goods, so be it. I’d rather keep my money in Canada, so my health care isn’t eroded, so my education isn’t depreciated, and my welfare programs gutted.
I don’t want to buy a gun, for protection, I want my Police to do that, and do it well. I don’t want my Emergency Room swamped with cases of Flue and other Pandemics, because you are too gutless to stand up for me, with the Gun Lobbyists, and the Mexican Government.
Enough Mr. Harper, go back to your fake religious think tanks where they taught you that 1 + 1 equals 3.
In the real world, 1+1 still equals 2.