Peter wrote:
> As my friend calls it, "socialism for the rich, and capitalism
> for the poor".
>
> Or put another way, corrupt oligarchy.
You haven't seen anything yet. Or perhaps you have. Look at what
Reagan's deregulation of the banking industry did, and how we all paid
for the bailout of the Savings and Loans. We will soon be paying for the
bailout of the Pension Benefit Guaranty Corporation, not just because of
the airlines, but because of the automakers as well. Ford and GM will
eventually have to enter bankruptcy protection because their competitive
situation has significantly worsened due to the increase in gasoline
prices. Delphi is already making noises about going into bankruptcy.
Bankruptcy is now the convenient way to get out of labor contracts, and
to get out of paying pensions, with the latter being shifted to the
Pension Benefit Guaranty Corporation, which will have to be bailed out.
All brought to you by your friends in the Republican party. |