Auchtoon!The Federal Bailout Showers…
Originally published in the Grand Rapids Business Journal, September 8, 2008
It’s just a little tough to take sometimes. Here we are in Michigan where we build stuff like cars. And for the past 30 years we’ve been building fewer and fewer for a variety of reasons — stupid decisions, greed, globalization, missed opportunities, laziness, bad timing, stuff like that. It’s finally gotten to the point of requesting some help from the government — a little something to, you know, meet all the new federal mandates and keep people employed. This being an election year, the funds have been promised. We’ll see.
In the meantime, government money is pouring out to mortgage loaners, investment bankers, insurance companies. Why them? Why do they need the money? Well basically for the same reasons as the automobile industry: stupid decisions, greed, globalization, missed opportunities, laziness, bad timing. But they get the bailout because they had the forethought (or lack of forethought) to have an immediate crisis. Nothing turns the faucet like panic….
Tyler said,
September 24, 2008 @ 4:37 pm
Guess it also helps to have former bankersetc working for the Administration…