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Letter to the Editor: Shotgun approach to the economy: Bailouts
Issue date: 4/9/09 Section: Opinions
The president is using the last $100 billion from the $700 billion bailout for banks to continue to loan money to them, and he desires an option for another $250 billion.
The optional $250 billion should not be approved and the $100 billion in loans should have significant restrictions.
The president instituted a $75 billion program to allow troubled homeowners to refinance their mortgages.
They are mostly mortgages approved by conspiring banks for low-income people with poor credit ratings, which were instituted under the Clinton administration and continued in the Bush administration.
After providing $17 billion in loans to the automobile industry, the incompetent auto executives with the huge salaries are back for another $20 billion, but thankfully the administration is placing restrictions on future loans.
The average hourly pay of the unionized workers, including hourly rate and all the extravagant fringe benefits, is approximately $75 per hour compared to $45 per hour for non-union workers at foreign manufacturers with plants in the U.S.
The U.S. auto industry has to reorganize, manufacture small, fuel-efficient vehicles and cut the salaries of executives and get the pay of hourly workers close to $45 per hour.
However, the government should not be running any private corporations.
We have to stop bailing out banks, the AIGs and the auto industry.
Donald A. Moskowitz
Londonderry, NH
The optional $250 billion should not be approved and the $100 billion in loans should have significant restrictions.
The president instituted a $75 billion program to allow troubled homeowners to refinance their mortgages.
They are mostly mortgages approved by conspiring banks for low-income people with poor credit ratings, which were instituted under the Clinton administration and continued in the Bush administration.
After providing $17 billion in loans to the automobile industry, the incompetent auto executives with the huge salaries are back for another $20 billion, but thankfully the administration is placing restrictions on future loans.
The average hourly pay of the unionized workers, including hourly rate and all the extravagant fringe benefits, is approximately $75 per hour compared to $45 per hour for non-union workers at foreign manufacturers with plants in the U.S.
The U.S. auto industry has to reorganize, manufacture small, fuel-efficient vehicles and cut the salaries of executives and get the pay of hourly workers close to $45 per hour.
However, the government should not be running any private corporations.
We have to stop bailing out banks, the AIGs and the auto industry.
Donald A. Moskowitz
Londonderry, NH
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