Conservative talking heads are saying GM is a "failed business model" unworthy of a $25 billion bailout. These are the same talking heads who favored pouring $700 billion into a failed financial model….
Any bailout has its downsides. But if America loses its auto industry, it will lose the suppliers as well and will cease to have a manufacturing sector. For years no-think economists have been writing off America’s manufacturing jobs, while deluding themselves and the public with propaganda about a New Economy based on finance.
A country that doesn’t make anything doesn’t need a financial sector as there is nothing to finance.
"The Crisis Has Hardly Begun," by Paul Craig Roberts, November 16, 2008, VDARE.com.
When the Great Depression hit, America had 122,288,177 people; the world’s most massive factory system manufacturing everything under the sun; a labor-intensive agricultural sector; illegitimacy was rare and scandalous, and the nation’s moral fabric and the nuclear family were both intact; the economy was run by captains of industry rather than Ponzi schemers, and men did not have to compete for jobs with women or over 20 million illegal immigrants. And we had the world’s greatest popular music and entertainment.
Today, America has 305,688,195 people and counting, according to the Census Bureau’s low-ball estimate; agriculture is variously mechanized or done by illegal aliens; the factories are almost all gone, the economy has fallen into the hands of men who only know how to make a profit through fraud, by cheating workers out of pay and benefits, or by cutting labor out of the picture altogether; and what passes for music and entertainment gives a civilized man earaches and headaches.
I feel like I’m on the deck of the Titanic, watching my country sink into the frigid North Atlantic.
The “Minute Waltz,” please!
Stumble It!
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