Rep. Ryan: TARP to banksters good, TARP to GM not so good
| By Cody O - Jun 22nd, 2009 at 1:09 pm EDT |
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Categories: Economic Fairness, Public Infrastructure, Jobs and Economy, Labor, One Wisconsin Now - The "tOWN Hall"
Categories: Economic Fairness, Public Infrastructure, Jobs and Economy, Labor, One Wisconsin Now - The "tOWN Hall"
So this weekend GOP Rep. Paul Ryan was on Fox News Sunday to chitchat with Chris Wallace. Among the issues discussed was Ryan’s support for TARP dollars to financial institutions but not for stimulus dollars to keep jobs in the auto industry.
Yeah that’s right. Paul Ryan, who represents both Janesville and Kenosha—home to a GM plant and a Chrysler plant, respectively—went on national television to denounce the best laid plan to restore and revitalize operations in Janesville. In May, Ryan issued a news release on how he was “shocked” by the Chrysler plant closing in Kenosha, but has issued no such follow-up to applaud the government for investing in the plant and thus restoring some of its operations.
Ryan agreed with Wallace that the $700 billion to financiers he voted for may have “prevent[ed] an economic collapse” but was less sure doing the same for the auto industry and workers—albeit on a much lesser scale— could yield the same result. Because now, you see, he worries about something he calls “crony-capitalism,” which I guess is when our government steps in to save thousands of workers from losing their jobs. But remember, it’s not “crony-capitalism” if we dump $700 billion to save the a$$e$ of banksters. It only applies to working class jobs.
Under Ryan’s failureship, Kenosha County’s unemployment sits just above 10% while Janesville’s is at nearly 13%. So at a time when Wisconsin is doing everything it can to ensure Ryan’s hometown of Janesville doesn’t lose the GM plant that has supported the city for decades, it is reckless at best for Ryan to go on national television and denounce our best hope to restore jobs to the city.
Yeah that’s right. Paul Ryan, who represents both Janesville and Kenosha—home to a GM plant and a Chrysler plant, respectively—went on national television to denounce the best laid plan to restore and revitalize operations in Janesville. In May, Ryan issued a news release on how he was “shocked” by the Chrysler plant closing in Kenosha, but has issued no such follow-up to applaud the government for investing in the plant and thus restoring some of its operations.
Ryan agreed with Wallace that the $700 billion to financiers he voted for may have “prevent[ed] an economic collapse” but was less sure doing the same for the auto industry and workers—albeit on a much lesser scale— could yield the same result. Because now, you see, he worries about something he calls “crony-capitalism,” which I guess is when our government steps in to save thousands of workers from losing their jobs. But remember, it’s not “crony-capitalism” if we dump $700 billion to save the a$$e$ of banksters. It only applies to working class jobs.
Under Ryan’s failureship, Kenosha County’s unemployment sits just above 10% while Janesville’s is at nearly 13%. So at a time when Wisconsin is doing everything it can to ensure Ryan’s hometown of Janesville doesn’t lose the GM plant that has supported the city for decades, it is reckless at best for Ryan to go on national television and denounce our best hope to restore jobs to the city.
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After all, it was the unscrupulous, selfish banking industry, yes, that led to this perilous meltdown and subsequent recession?
And didn't Congress tell us that all we had to do was bailout these firms and it would stabilize the economy?
So, what troubled assets does GM and Chrysler hold that need to be taken off their books? And, in case you haven't noticed, banks are trying to get out from under TARP control because it affects their ability to raise private equity and hurts investor confidence. But if you want the same fate for GM and Chrysler... oh, wait, that is already the situation, ergo, the bankruptcy...
And certainly don't let Ryan's vote to send $25 billion to the auto industry last fall get in the way of a snarky and ill-placed blog posting.
Nice try to dump the economic woes on someone other than those responsible...the Bush administration and the six years of economic policies he had rubber stamp for in the Republican-controlled Congress.
Care to address the actual comment I made?
I guess I missed where I dumped the blame for the current recession on someone other than George W. Bush. Now that I reread my comment, I fail to see where I placed any blame except to say that the post was weak and intellectually lazy.
GM and Chrysler do have troubled assets. GM has invested a ton in new technology in Janesville, for instance.
What makes no sense is to give the banks every dime they want and then stick it to manufacturers.