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Socialism

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Gabriel Read

Published: November 24, 2008

Those desperate for a change can heave huge sighs of relief with president-elect Obama's victory, but must be realistic about significant change. Current bailouts have shown only relief for Wall Street bankers.

Now, the auto industry is seeking bailouts. They have huge obligations to their retirees and workers on furlough. The ironic factor is the retirees earned their pensions and benefits; whereas, elsewhere CEOs were allowed to dump these benefits elsewhere in the economy.

The parts market was out-sourced to other countries as was the manufacture of some vehicles.

General Motors and Ford are hurting badly today because of bad decisions earlier, but the workers are forced to sacrifice, again. Any bailout must include making cars in the U.S.

Unions wanted a "piece of the pie" for workers. They have a 100-year history of horrendous struggles to earn decent wages and benefits; yet today, minimum wages with no benefits is standard nationwide.

The latest phenomenon is the socialist issue. Somehow, it's acceptable to bail out Wall Street and bankers, but it's socialism to designate how the funds are expended, socialism to set up rules and regulations for Wall Street's and bankers' operations. Almost $1 trillion have been doled out to "save" several financial institutions, but Congress is balking on the auto bailout.

Congress is still formulating new laws while CEOs continue their old practices. Also, conservatives attack liberals for this "socialism." They remained in denial while their administration and party presided over eight years of progressive destruction of our financial system. In other words, they demand: Just give us the money with no conditions.

Gabriel Read
Avon Park

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