Insight on why we bailed out Wall Street but are bad-mouthing Mainstreet

http://www.opensecrets.org/news/2008/11/auto-industry-gives-sparingly.html


Auto Industry Gives Sparingly to a Skeptical Congress

Published by Eliza Krigman on November 20, 2008 7:18 PM

Why, when Wall Street took the fast lane to grab its share of $700 billion in federal bailout funds, does the auto industry seem stuck in neutral? The carmakers' campaign contributions to Congress suggest one reason: Most lawmakers, especially those on the finance committees that heard this week from pleading GM, Ford and Chrysler executives, don't owe much payback to Detroit.

Meanwhile, the primary beneficiaries of the available bailout money -- securities and investment firms, commercial banks, mortgage companies and insurers -- are among the top 15 contributors to federal politics, according to the nonpartisan Center for Responsive Politics. By comparison, and perhaps as another sign of Detroit's hard times, the automotive industry ranks 34th among contributors to Congress, giving just $8.7 million this election cycle, far behind Wall Street and even below crop producers, retailers and accountants. The industry's ranking, which also accounts for contributions from car dealers, has been steadily slipping, from 16th in 2000 to 20th in '02 and 25th in '04 and '06.

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and rec

In the last two election cycles, the vehicle manufacturers and dealers gave a total of $2.9 million to members of the Senate and House committees that held hearings this week, 58 percent of which went to Republicans. These committees oversee the financial sector and aren't obvious targets for the embattled auto industry. Instead, carmakers have tended to focus on members of energy-related committees that have influence over fuel efficiency standards.

"Main Street" -- an irrelevant distraction otherwise



Face it. Both parties are now republican parties. There is zero evidence to the contrary since the early 90's.

and also white collar salaried people (people who work for a paycheck) employed as well as keeping a domestic manufacturing capability from going out of business for lack of liquidity and a lack of customers (due to the Credit Catastrophe). This includes the people working for all the auto suppliers too.

There is a huge difference between the Dems and Republicans. The last 8 years makes that abundantly clear to anybody who is not in a catatonic state. The collapse of the financial industry was due to the deregulation which was so fervently sought by Republicans and largely resisted by Dems (no, not ALL dems but by most) who properly recognized that financial markets and businesses need regulations to keep people in line. This actually helps responsible businessmen do better as the cheats and con-men are constrained by laws and regulations (and active monitoring of business activities).


I don't expect Democrats to be saints. They are human beings with weaknesses (i.e. they aren't perfect - which in a practical sense means: they don't always do what I would have them do - but alas, that's what happens in a Democracy. Sometimmes, or much of the time, you have to compromise in order to get something done.) But to assert there is no difference between Democrats and Republicans is unrealistic, ludicrous and leads one into a self destructive (for our democracy) Nader-like way of thinking. And that kind of thinking has helped Reupblicans and therfor gotten us into our current dire circumstances.

Here's the spectrum:

LEFT xxxxxxxxxxxxxxxxxxxxxxxxxxxx fringe dem xxxxxxxx CENTER xxxxxxxxxxxxxxxxxx DLC dem xxxxx fringe GOP xxxxxxxxxxxxxxxxx GOP xxx RIGHT


"fringe dem" is Kucinich, Feingold, etc.--this is now called the fringe, extremist left, even though about 40% of the country is there or further left. This is slightly more conservative than FDR, for example.

"DLC dem" is pretty much everyone associated with the Obama team--this is now called centrist, even though it is to the right of about 60% of Americans. This is more conservative by almost any measure than, for example, Nixon.

"fringe GOP" is the "old" McCain, Snow, etc.--this is now called moderate--even though it is to the right of about 75% of Americans. This is Barry Goldwater territory.

"GOP" is the cut taxes for the wealthy, neocon, deregulating, eliminate civil liberties nutball repuke wing--this is now called mainstream conservative, even though they are to the right of John Birch or Mussolini, not to mention about 85% of Americans.