Your guide to the Plymouth, MI community.

Billions For More Bailouts, But Not The Auto Industry?

.iTown Staff

First, the Wall Street firms get several hundred billions in federal funds to rescue them from their collective greed.  The emergency funding was intended to add liquidity to the credit markets - funds that were intended to get lending institutions lending again - with the only problem so far being...they haven't.  The funds are being used to cover the executive's behinds,

Then, Citigroup suggests they need money to protect their company and their rich executives from their bad decisions and bad business practices, and came up with a number - oh, let's say $30 billion, to make it all go away.   A government bailout was only a phone call away.

Now, most recently, as illustrated by the two articles that can be accessed below, Bernie Madoff (what an ironic name!) made off with $50 Billion in primarily wealthy investors money in a multi-year Ponzi scheme.  The rich investors who tried to get richer in what should have been a "to good to be true" investment opportunity get stuck holding the (empty) bag, right?  Heck no!  As detailed in the second article, a judge has ruled that, you guessed it, the investors duped by Madoff will be protected by taxpayer money, to the tune of $50 Billion and perhaps much more.

So all of this begs the question: In an economic environment largely created by Wall Street greed, government incompetence, and an understandable resulting lack of consume confidence, why do the car companies need to to continually beg for assistance, or worse, why are some Senators able to use the exercise to reward their own states foreign auto industry - and punish a union that has membership that typically does not support their party? 

And we're supposed to maintain our faith in government?

Here's an article that provides an idea of how people were duped by the Madoff scheme.

Here's an article that describes a judge's ruling that the government should come to their rescue.

Reader Responses:

Add your response:

What do you think of this mess?

Please let us know what you think...
Enter Code in Image:
< Above Image Code

Current Articles

Plymouth Rocks!

Plymouth Rocks!

We all knew it, but now it's official. To give people an easy way to remember and think about what a cool place Plymouth is to live, work, shop or play, the City of Plymouth will simply say - Plymouth Rocks!


We're up and running, but we want your ideas on how we can make this website work best for you. You'll win when they are implemented, but some people people that send us their ideas will win cool prizes too!
The Detroit Big 3 - What Do You Think?

The Detroit Big 3 - What Do You Think?

The difficulties faced by Detroit's automakers have obvious ramifications to the Plymouth and Canton communities. What can be done to improve the situation, either for the automakers themselves or for affected workers?
RETIRED POLL: Barack Obama Takes Office

RETIRED POLL: Barack Obama Takes Office

In this poll of site users, we found respondents hopeful that Barack Obama can do a good job for our country.
RETIRED POLL: Strange Weather - Is it Global Warming?

RETIRED POLL: Strange Weather - Is it Global Warming?

The results of an .iTown poll on global warming.

COMMENT: What's Wrong With This Story?

The Editors of .iTown admit to being gun-control leaning in our views. But we ask, can even the staunchest "right to bear firearms" advocate agree that an eight year old should be allowed to shoot an Uzi at a gun show?
COMMENT: The Big 3 Go To Washington - Was That the Best They Could Do?

COMMENT: The Big 3 Go To Washington - Was That the Best They Could Do?

The CEO's of Ford, GM and Chrysler made their trip to Washington last week to seek Government assistance. They need. We need it. So why did they fall on their collective faces?
RETIRED POLL - How Did Bush Do?

RETIRED POLL - How Did Bush Do?

As we are about to elect our next President, we retired this poll asking readers for their take on the job George Bush did. Read the results...

Plymouth.iTownOnline - What's This?

It's new, it's for you, it's about you. And who knows you better than you do? That's what Plymouth.iTownOnline is all about - your opportunity to find and provide the information that is important to you.

Past Articles

Community Poll:
Which statement best describes your attitude about taking web surveys?
I like responding to them
I do them, but don't always tell the truth
I do them when I need to to see the results
I don't like them - so why am I doing this one?
Email this page to a friend:
Your Email:
Friend's Email: