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Hernando Today

Destruction Of The Middle Class Continues

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By FRANCES EARL, Call to Patriots

Hernando Today

Published: November 26, 2008

Yet another bank is to be "bailed out," namely CitiCorp. This is a major banking organization, which, if allowed to collapse, would considerably worsen the economic disaster we now find ourselves deeply mired in.
However, along with the infusion of billions of our tax dollars, we are also being asked to take responsibility for about $306 billion dollars in "at risk" assets. Most of this is sub-prime mortgages issued with less than appropriate researching as to whether the applications were made by those who could afford the loans they were requesting. I am not knowledgeable about the salary and benefits of the CEO and president of this entity, but I can guarantee you that the numbers are outrageously high and that no offer to reduce those amounts is being offered.
Why isn't that the case when the top leaders of this bank have obviously failed to do their jobs efficiently and with corporate success?
Due to the past eight years of the Bush administrations efforts to create an outrageously wealthy and elite "ruling class" in this country, we are on the verge of another Great Depression. George W. Bush's answer to this is to apparently vacate his responsibilities to his office, spending his time writing Executive Orders such as the most recent one opening pristine areas of Utah, surrounding a National Park, to oil, gas and coal exploration. The pretense is that we need to destroy yet more of our country due to our dependence on foreign sources of energy, but, in reality, is only yet another gift to those who contribute to the Republican Party in return for the right to ravage our most pristine lands.
At a recent G-20 conference, world leaders, one after the other, refused to offer their hand to George W. Bush as he proceeded along the line, although they warmly greeted all others passing along that line. Why do some Americans not see this man as clearly as the rest of the world seems able to do? Jeb Bush, when Governor of Florida, invested millions of state dollars in Lehmann Brothers, a firm already known to be in severe financial straits. Guess it should be no surprise then that when his term as governor was over, he was hired by Lehmann Brothers as an adviser to its private equity business. Last year Lehmann hired George Walker Bush, a second cousin, to head up the bank's asset management business. Who was Jeb really working for when he gave money that threatened the pensions of Florida's state retirees to an already failing company? Lehmann was not among the "bailouts!"
The Big Three automakers have again appealed for help as well. To date, Republicans and Democrats in Congress are justifiably angered by the corporate jet arrivals of the leaders of the Big Three, indicating to most who are paying attention that they do not seem to be willing to make necessary changes to their own perks in order to survive. They have been told to return on Dec. 2 with a written plan for the changes they are willing to make to ensure that there will be positive improvements should they be granted the dollars they seek.
Many Republicans now seem more disposed to grant their requests, but on what are they basing their change of heart? They are demanding that the workers and unions give up current benefits — in other words, let's blame the middle class, the workers for the failures of these companies instead of placing the blame where it belongs — on management.
This is the "union busting" the Republican Party has so long fought to achieve — nothing less. The workers are not at fault but, in fact, as middle class are the hope to purchase goods and services to put this economy back on track. Republicans, who have created the concept of greed and elite-class building are not only not contrite with the devastation they have wrought, but continue their assault on the middle class. Has anyone heard of a single CEO of the Big Three offering to bring his million dollar salary down? Don't hold your breath!
Do we need to bail out the automakers? You betcha! We cannot, with current conditions expect anything but tragedy if we move to put perhaps three million workers out of work. The auto dealerships will go down with them as well as the parts manufacturers. Try getting your car repaired if there are no parts available! The Republicans say many of those workers could find new jobs with Honda or Toyota plants in southern states, jobs without unions.
Stop and think folks, whose going to buy the homes they would have to sell to make the move, assuming any offers were extended. How long have some of your homes been "for sale?" But the managers would continue their million dollar salaries? The attempted destruction of the middle class continues!

Frances Earl, former vice chairwoman of the Hernando County Democratic Executive Committee, may be contacted at fearl@tampabay.rr.com.

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