In and outs of the political campaigns, focusing on Michigan and Lansing, Tim Skubick will report regularly throughout the primary and then general election campaigns.
Sunday, March 8, 2009
Wall Street: Two Faces Have I
Raise your hand if you have had it up to here with all the unwarranted influence Wall Street is exerting on the nation. Remember that the folks on the "street" are not driven by some humanitarian motive to improve life in America; rather they are driven to improve their own lives through greed and an unquenchable desire for a fatter bottom line. Over the past few years as the auto industry has struggled to avoid the scrap heap, it and the UAW have taken giant strides to cut back costs, but each time such an announcement is made, Wall Street chimes in, "That's not enough" and then the Street proceeds to prove it by trashing the auto stocks so that the brokers can squeeze more of the life out of the Big Three. And then you had the much publicized rant on the floor of the stock exchange by a CNBC "reporter " over efforts by the federal government to help the little guy who was about to lose his or her house. Rick somebody-or-other turned to his buddies and asked them to show their displeasure with the effort to help those who were in over their heads with mortgages they can't pay. This, of course, is the same Wall Street that opened its arms to a massive infusion of federal bail out money to keep certain investment companies afloat. Where was Ricky-poo to complain about that? And while we are at it, a little closer to home, the news media continues the drum beat of bad economic news. Headlines report a new jobless rate of 11.6%. Why not a headline that reads: 88% of the folks in Michigan have a job? Oh yeah, that would not sell any papers. Maybe the media and the Wall Street crowd have something in common?