I read today that GMAC has been declared by the government to be a “bank,” so that they can get some of the handout money. No big surprise – if you’re going to bail out a car company, why not bail out the finance company that they own that loans people money to buy their cars? As ludicrous as this is, the reality is that, if the recent history of the bank handouts is any indication, the money will go to executive’s pockets. I especially like the so-called multi-million dollar “retention bonuses” they are handing out to their executives, which is basically saying “We will give you fifty million dollars right now if you agree to continue to lead our company down the toilet for another year, for which we will pay you one hundred and fifty million dollars.” Hell, give ME two hundred million dollars and *I* will run a company, pay my employees and suppliers twice what I should, and make products that nobody wants, but are greatly are over priced.
This holiday season was apparently the worst in a while for the retail industry. So, some group in that industry (a “Retail Federation?”) has asked the government to allow them to have three days where they can sell products and not have to charge sales tax, to try to sell more products and make even more money. The catch is that they want the government to PAY RETAILERS what they would have charged in sales tax! If the retailers think that people will suddenly decide to buy crappy over-priced Chinese-made products just because they can get them for 3-7% less, then maybe the retailers should re-examine their pricing.
The “National Bicycle Distributors” (or something like that) has asked for a handout, claiming that this would somehow allow them to sell more bicycles, which would then be used by more people to replace their cars, thus saving gas. Before long, I expect the National Sneaker Importers to demand a handout so that people can afford to WALK. Considering that some of the trendy sneakers cost more than the average bicycle, it can’t be far behind.
If all of the multi-billion dollar companies have their way, the federal government will just take all of our paychecks and savings and hand them over to the companies. If the companies can’t get our money by selling us something, then, by golly, they will just have someone steal it from us and hand it to them!