May 02, 2009
– Comments (3)
keep em comin' I love this guy.
I'm not always a Schiff fan but in this segment he effectively explains why some recent federal actions making positive headlines will ultimately delay, or weaken recovery. For the past few weeks, economic numbers that indicate a slowing of the rate of decline have been reported as evidence of a firming recovery. The points made here reveal the subtle longer-term implications of actions taken to restore short-term confidence.
Schiff is nobody I usually consider worth listening too, and his chorus of sky-is-falling, sky-is-falling is by far self serving in nature (hey, he got famous, didn't he?), but about the car companies man... he has some good points.
The bondholders refused the government offered terms because they SHOULD have. They get 10%, the union gets 55%? The union HELPED BRING ABOUT the bankruptcy, the union will ensure that the american car copmanies are partially crippled as long as it is involved.
That was a dem congress and dem president paying back the union for always preaching dem and donating money to campaigns, period. Pure politics, pure lack of reason, pure BS.
That the UAW should get ANYTHING is debateable, that they get control of GM and Chrysler is far, far beyond belief.
Where is the outcry on this travesty of reason and probably travesty of law? I mean my lord.