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Socialism

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Gabriel Read

Published: November 26, 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 same.

The parts market was out-sourced to other countries as was 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 has 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 remain in denial 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.

Meanwhile, re: victim mortgagees, a thorough analysis of victims is required. Example, 40 percent qualified for standard mortgages, but "steered" into sub-primes; justified relief. Identify and prosecute predatory lenders. Speculators "flipping" mortgages for profit get no relief. Those having no collateral, drop greedy fees, but hold accountable for true financial status. CEOs, bankers, must be charged, prosecuted and penalized for unconscionable practice and be required to pay back egregious profits.

Gabriel Read
Avon Park

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