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Some will question if failing to pay taxes in the past should disqualify Mr. Geitner from the post of Treasury secretary. The critics will say with the IRS reporting to the Treasury secretary it would be like the fox guarding the hen house. Others have suggested if he could not figure how to do his taxes how could he do a good job as Treasury secretary?
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No, your eyes do not deceive you! And yes, I agree – Bob Lutz, Vice Chairman of General Motors, is probably the last person you’d expect to be calling for higher gas prices. Especially given the state of the economy, and the knock-on effect it’s had on the automotive industry.
It’s even more surprising when car manufacturing giants such as GM and Chrysler have dragged their heels when it’s come to making improvements on fuel consumption. But as BBC World News reported, when gas prices rocketed last year, there was a refreshed enthusiasm for fuel efficient, more environmentally friendly cars.
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I’m worried about my hometown. I’m from a town just out of Toledo, OH. Toledo is very close to Detroit…and of course, Detroit is home to the auto industry. The nation is already in fiscal trouble, but if the auto industry goes runs out of money the already sad job market in Northwest Ohio and Southeast Michigan is going to quickly spiral out of control.
I worry about my friends who spent years using their parents’ connections to get into Chrysler. They have high paying jobs with amazing benefits. However, if the Toledo plant closes, they are out of luck. Some of them either didn’t go to college or didn’t complete college. Others have been working hard at the plant to secure their tuition reimbursement plans. I worry about their parents. They are either nearing retirement or recently retired. Now they run the risk of losing their pension plans. It is scary times for an area that is already seeing economic strain.
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Everyone is feeling the impact of this struggling (in some cases downward spiraling ) economy. It is hitting us in the pocket book, and we are having to change our way of life and cutting back to make things work. That alone sucks. However, I was dreading the day where the businesses I frequent would have to make drastic changes or worse – close their doors to the public.
Small business are taking a big hit right now. Things haven’t exactly been “good” for them over the past year, but now things are even more dire. Money is tight, consumers are watching their spending and they do not have the access to the credit they may need to stay afloat.
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I’ll never claim to be an economy expert. However, my not so bright cockatiel could tell you we are amid a financial crisis, and that we have been slowly circling the drain for some time now. As we are inundated with rhetoric about the bail out and golden parachutes, it becomes obvious that many people just are not informed.
I’m not a fan of the government having to bail out our Financial Institutions. I believe that this could have been avoided if better choices were made, and our government admitted we were in trouble long before it became the current mess. Normally I would be against the government using tax payer money to come to the rescue of financial institutions. However, I’m completely aware that without the bail out, our Market may fall further into disrepair.
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Every day, I’m reading of stock market losses. 200-500 point losses each day. This cannot be good. And yet, I must admit I don’t understand the how and why of it all. And I don’t really have time to do the research necessary to grasp it well.
Before you judge, I am very busy with work, baby, and family. I get maybe an hour to myself each day when I’m not in traffic, and I typically let myself watch a show i’ve missed on Hulu.com. So I have a few questions that hopefully some of you economy pundits out there can explain to me. They’re very basic questions, but questions I bet many people don’t know the answers to.
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Okay, it needs to be discussed, but I am far from the economic expert. The House of Representatives will vote today on the revised version of the proposed $700 billion bailout. At best, I can discuss this from a theoretical / logical perspective, and then I’ll leave it up to you to toss out your opinions and concerns.
Capitalism Presumes Risk
The very nature of free enterprise presumes risk. You are free to do your darnedest to create and build a successful company. You willingly assume the risks and rewards that come from such an endeavor. That’s how it works. That’s the only way it works.
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