RCA

Obama: 'We Can't Write a Blank Check to the Auto Industry'

On Nov 25 06:59 AM ANDY K wrote:

> Then explain to me why he's writing blank chacks to WALL STREET???

Umm... maybe you forgot... he isn't writing checks to anybody yet. He doesn't take office until Jan. 20.

Driven to Bankruptcy

It's an age-old problem, Smarty_Pants. Those who are afraid to be paid what they are worth form unions to extort high wages. Those who are afraid to compete ask the government for handouts.

The weak and lazy want cradle-to-grave support from the strong who are not afraid to compete and not afraid to get paid what they are worth. It sounds great, doesn't it, if you are on the receiving end of the largesse? But it penalizes the people who are willing to roll up their sleeves, take risks, employ people and produce value.

On the other hand, if we are going to ask the average Joe to give up his unions and government handouts, we must also ask big business to give up its obscene executive salaries, its opaque transactions, and its expectation of government guaranteed profitability and protection from bankruptcy.

Those who are in power at most of the large corporations are really no better than the factory worker wanting a guaranteed high-paying job for life. In fact, many are worse, because they have more power to game the system to their greedy advantage.

The corporate executives ask the government for protection from foreign competition. They lobby the government for industry sanctions and perks. They expect the government to bail them out of their incompetence and poor business decisions. And, by fiat, they command obscene salaries and golden parachutes whether they produce value for the stockholders or not!

Americans, en masse it seems, have the same faults and foibles at either end of the economic spectrum. We have become a nation of greedy whiners who want "the system" to guarantee success, regardless of effort or merit.

Smarty_Pants, you are right that the market doesn't have to be fair and the market doesn't have to offer any guarantees. This holds whether you are a factory worker in a union or an executive looking for corporate welfare.

The solution? To me libertarianism looks more and more attractive. I just can't get past the anarchy which is almost guaranteed to result if you follow libertarianism to its logical conclusion.

We need a drastic shakeup and we need to get rid of the scoundrels whatever their position in life or in business. However, anarchy just seems to danged drastic -- like throwing the baby out with the bath water. But short of everyone just magically doing an about-face and doing what they morally ought to do, no other solution is apparent to me.


On Nov 04 11:02 AM Smarty_Pants wrote:

> With all due respect to those working in the auto industry I'd like
> to present the market's case.
>
> The market doesn't care about how much you earn. You don't have a
> "right" to a good paying job. If you want high pay you must produce
> enough to financially support that level of pay.
>