McCotter: "Only Thing Too Important to Fail is Working Families"
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Arguably were it not for government intervention and regulation there wouldnt be a need for these bailouts. It's barely arguable that there is a need now. The demand for cars has collapsed so the industry must contract.
acidtrashy 2 years ago
This isnt strictly socialism but it is interventionism and these auto companies are long overdue market rationalisations and falsely propping them up merely maintains unsustainable businesses. Yes the government MAY succeed in restructuring without bloodshed but it will take twice as long and twice the cost and no-one has yet to anser the question as to why an auto workers job is more important than mine.
acidtrashy 2 years ago
"The housing bubble could not have occurred without government." remove government, replace it with greedy investors and sheisters... Including all of the economic advisors and Dept. of Treasury Executives of every president since, and including Clinton's.
1warpig 2 years ago
Right... because all the "isms" in textbooks apply so neatly to the real world. I completely agree with you about the government screwing the pooch with the housing bubble, but don't think they did it alone. The greed of wallstreet, and investors around the world are also to blame... Credit default swaps? Securitized home loans? I mean come on. It doesn't even matter what party is in power in Washington, they all work for the same corporate paymasters..
And yeah, The Federal Reserve needs to go
1warpig 2 years ago
Well when you break it all down, the monetary system, and the concept of profit thru creating scarcity is at the center of it all.
Sustainable growth? You're kidding right? Sounds like you've been watching too much Fox News... never ending growth is not sustainable. We need to change the whole model...
1warpig 2 years ago
Well, we're seeing the true face of capitalism, and until people realize that it's not all it's cracked up to be, we'll keep going through these cycles...
Socialism will always be there to bail out Capitalism... i.e. bank bailouts... too big to fail... another word for Nationalization.
1warpig 2 years ago
Well he works for and was elected by the voters in Michigan, NOT his or anyone else's ideals.
Doing what's best for the people you represent is the point of a democracy.
1warpig 3 years ago
Congressman Mc Cotter is a Great Man, He fought against the Dubai taking over our ports, & Hes fighting for our auto companies!We need all our auto companies! I'm glad hes my Representative! Leslie Johnson
rgbrown2130 3 years ago
McCotter understands how the free market works. He's proven so by his actions and his words in the past. However, his words at this hearing are skirting the lines of new-dealism and I would wager he is trying to appeal to his voters in the state of Michigan.
It would be HIGHLY unpopular for him to work against bailing out Detroit.
lidixmang 3 years ago
wow, he sounded just like a socialist in his last statement.
There is no such thing as "To Big to Fail"
The real truth is, one or more of these companies MUST fail or they will all fail.
It does no good to prop up a company that is going to probably fail anyways. Let them go into bankruptcy and sell off the assets. Most of the profitable parts of the company will keep going. It is not like everyone is going to loose there job.
PizzaGod 3 years ago