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[unusualmusic_lj_archive]

via: quinacridones

Is anyone listening?

In which automakers are punished and Bank CEOs are coddled

Me, I'm just flabbergasted by today's news. All those things Obama's saying to Detroit, a city of working people left devastated, about sacrifice and restructuring - why isn't he saying them to Wall Street, too?

WASHINGTON -- President Barack Obama on Monday will reject requests for almost $22 billion in new taxpayer bailout money for General Motors Corp. and Chrysler, saying the car makers have failed to take steps to ensure their viability.
[...] A senior administration official, briefing reporters late Sunday night on the condition of anonymity in order to speak freely, said Obama will call for more sacrifice from carmakers, their investors and automotive unions.

Billionaire bankers (and their investors) walk away from the table with their pockets stuffed with taxpayer cash while members of the auto workers union are told they'll have to sacrifice even more - in this case, the Obama administration wants the companies to get rid of "old liabilities" - i.e. retiree pensions. (You know, while bankers complain about having to sell the house in the Hamptons.)
No, Obama's not talking about the insolvent banks. He's talking about Detroit. Could he make it any more obvious that the wealthy are a protected class?

"If they're not willing to make the changes and the restructurings that are necessary, then I'm not willing to have taxpayer money chase after bad money."

Funny, that's just how I feel about Citibank!MORE

Yeah. And the automakers have taken in all together less than 50 billion of our dollars, while the banks are in the hundreds of billions. Fuck you very much, Obama