Scorched Earth

Sometimes it's as if we’ve turned children loose in a boiler room; they turn a knob and suddenly steam is blowing through a pipe seam, so they turn another knob to see what happens next. The Federal Reserve uses its last card, cutting interest rates but forgetting to call "Uno!" The stock market soars as the dollar falls so what did they accomplish? Nothing! Not a damn thing. They fired the last shot in the gun only to remind us that they still had a gun. The seven hundred billion-dollar bailout has accounted for the massive rush by American banks to buy Chinese bank notes. They’ve cut interest rates for the banks and Americans still can’t get credit or a mortgage or a job.

General Motors cries, save me, save me, don’t you know me, I’m your native son! Yet promises that if they receive their bailout they will enact cost-cutting measures to eliminate American jobs. Already they are planning the expansion of their Mexican manufacturing plants to supply the American market. It would seem that following that business plan that they are asking the wrong government for the money. In 1932 Ford was shut down, as was Chrysler and GM. The Hoover administration offered loans to spur production. but it wasn’t money they needed, it was customers. The carmakers had money, Ford was loaning millions to keep the city of Detroit afloat, but their customers, they did not have any and the Hoover administration believed it to be morally wrong to lend money to private individuals.

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