Comments on: The economy sent me to the basement http://ac360.blogs.cnn.com/2008/12/05/the-economy-sent-me-to-the-basement/ Tue, 22 Dec 2009 04:00:12 +0000 http://wordpress.com/ hourly 1 By: Roush http://ac360.blogs.cnn.com/2008/12/05/the-economy-sent-me-to-the-basement/comment-page-1/#comment-484167 Roush Mon, 08 Dec 2008 11:21:22 +0000 http://ac360.blogs.cnn.com/?p=18301#comment-484167 Why are we the tax payers, paying for Senators to travel over seas and talk with governments. Wasting our money is what will bring a longer recesssion. They should leave the world alone and worry about America. There is a governmen department to deal with other countries, and they spend enough money as it is. This government should practice what it preaches, oversight and restructuring! Why are we the tax payers, paying for Senators to travel over seas and talk with governments. Wasting our money is what will bring a longer recesssion. They should leave the world alone and worry about America. There is a governmen department to deal with other countries, and they spend enough money as it is. This government should practice what it preaches, oversight and restructuring!

]]> By: Angela http://ac360.blogs.cnn.com/2008/12/05/the-economy-sent-me-to-the-basement/comment-page-1/#comment-484153 Angela Mon, 08 Dec 2008 04:40:46 +0000 http://ac360.blogs.cnn.com/?p=18301#comment-484153 My comment I am American My life has been in turmoil due first to INS reforms married 12 years husband deported and after paying thousands of dollars for nothing so lost his drivers rights but in Gods name I have a child who needs medical care for the rest of his life . My husband and I have always paid taxes but since this and now the economy that tops the down trodden worse no work no money even to go else where to look on the verge of losing my house and what will i do with 7 kids, cats ,dogs and have to live on the street or go and get public assistant and burden the government. We where my husbands problem but now I ll be the government . I could tell you some true story of so many families who have been divide first the by Ins and those who made the first round are coming down in this round. let not man divide what god has joined together My comment I am American My life has been in turmoil due first to INS reforms married 12 years husband deported and after paying thousands of dollars for nothing so lost his drivers rights but in Gods name I have a child who needs medical care for the rest of his life . My husband and I have always paid taxes but since this and now the economy that tops the down trodden worse no work no money even to go else where to look on the verge of losing my house and what will i do with 7 kids, cats ,dogs and have to live on the street or go and get public assistant and burden the government. We where my husbands problem but now I ll be the government . I could tell you some true story of so many families who have been divide first the by Ins and those who made the first round are coming down in this round. let not man divide what god has joined together

]]> By: Larry L. http://ac360.blogs.cnn.com/2008/12/05/the-economy-sent-me-to-the-basement/comment-page-1/#comment-484108 Larry L. Sun, 07 Dec 2008 16:19:13 +0000 http://ac360.blogs.cnn.com/?p=18301#comment-484108 Some business will thrive in the down economy,I'm a small business with 9 employees,I'm hoping to grow the company now.I print checks and manufacture business forms,in the past few years I haven't been able to grow the company because business has been making so much money,that saving money,has just has not been a consideration,the most important things have been vacations and living it up.That is why all of these companies are in trouble now,they've been mismanaged.Now , I think they will be motivated to listen to my sales pitch,and buy. Turn a lemon into lemon aid Some business will thrive in the down economy,I'm a small business with 9 employees,I'm hoping to grow the company now.I print checks and manufacture business forms,in the past few years I haven't been able to grow the company because business has been making so much money,that saving money,has just has not been a consideration,the most important things have been vacations and living it up.That is why all of these companies are in trouble now,they've been mismanaged.Now , I think they will be motivated to listen to my sales pitch,and buy.

Turn a lemon into lemon aid

]]> By: Carl C http://ac360.blogs.cnn.com/2008/12/05/the-economy-sent-me-to-the-basement/comment-page-1/#comment-484024 Carl C Sat, 06 Dec 2008 14:31:55 +0000 http://ac360.blogs.cnn.com/?p=18301#comment-484024 What has the impact of the economy had on me? Let's see; I have a 68 year old father whom I take care of that is in stage 3-b of 4 stage lung cancer (His medical insurance from medicaid don't pay it all) and the retail job that I had was cut in August of this year, at age 37 I am finding that there just isn't alot of work out there. I am hounded daily by Wells Fargo (Whom of all my creditors was the ONLY creditor unwilling to work with me) All my bills are falling behind, and things look so hopeless. I spent a very long time repairing my credit after a messy divorce in 1996, took nearly 10 years to get it to where it was before this country feel apart. to top that off, I found out that the house my father and I bought and financed through Countrywide for $52,000 is really only worth $40,000 leaving us with negative $12,000 equity. Countrywide I think should have let us know the house was not worth the asking price. Further more I paid Countrywide for a home inspection that came back clear, but there was thousands of dollars worth of termite damage that I have had to foot the bill to fix. I like many of the people I talk with feel used and abused by these company's whom our government is quote "Bailing out" they have got there money, and just like they tell us "they should have saved it!" What has the impact of the economy had on me? Let's see; I have a 68 year old father whom I take care of that is in stage 3-b of 4 stage lung cancer (His medical insurance from medicaid don't pay it all) and the retail job that I had was cut in August of this year, at age 37 I am finding that there just isn't alot of work out there. I am hounded daily by Wells Fargo (Whom of all my creditors was the ONLY creditor unwilling to work with me) All my bills are falling behind, and things look so hopeless. I spent a very long time repairing my credit after a messy divorce in 1996, took nearly 10 years to get it to where it was before this country feel apart. to top that off, I found out that the house my father and I bought and financed through Countrywide for $52,000 is really only worth $40,000 leaving us with negative $12,000 equity. Countrywide I think should have let us know the house was not worth the asking price. Further more I paid Countrywide for a home
inspection that came back clear, but there was thousands of dollars worth of termite damage that I have had to foot the bill to fix. I like many of the people I talk with feel used and abused by these company's whom our government is quote "Bailing out" they have got there money, and just like they tell us "they should have saved it!"

]]> By: Brandon Jones http://ac360.blogs.cnn.com/2008/12/05/the-economy-sent-me-to-the-basement/comment-page-1/#comment-484017 Brandon Jones Sat, 06 Dec 2008 10:43:24 +0000 http://ac360.blogs.cnn.com/?p=18301#comment-484017 Anderson, If the government keeping bailing out all the businesses that come to Washington asking for help, who is going to bailout the taxpayers? The government are writing check that it can not cash, we all know that. I was told once that people only ask for help when they have hit rock bottom. The economy I fear is nowhere near rock bottom. I easily foresee additional 500,000 to as high as 5 million jobs more lost before the economy hits rock bottom. So 2.5 million President-elect Obama said he is going to create will not touch the high numbers of unemployment we will see. The government writing checks out is not the answer. The government needs to finding the CEO that fiddled as Wall Street burned to the ground. And have them be held accountable. But as I know government too must be held accountable for failing to protect the people that they took an oath to protect and represent. Anderson,
If the government keeping bailing out all the businesses that come to Washington asking for help, who is going to bailout the taxpayers? The government are writing check that it can not cash, we all know that. I was told once that people only ask for help when they have hit rock bottom. The economy I fear is nowhere near rock bottom. I easily foresee additional 500,000 to as high as 5 million jobs more lost before the economy hits rock bottom. So 2.5 million President-elect Obama said he is going to create will not touch the high numbers of unemployment we will see. The government writing checks out is not the answer. The government needs to finding the CEO that fiddled as Wall Street burned to the ground. And have them be held accountable. But as I know government too must be held accountable for failing to protect the people that they took an oath to protect and represent.

]]> By: William Courtland http://ac360.blogs.cnn.com/2008/12/05/the-economy-sent-me-to-the-basement/comment-page-1/#comment-483965 William Courtland Sat, 06 Dec 2008 05:24:08 +0000 http://ac360.blogs.cnn.com/?p=18301#comment-483965 Government does not understand its required social-evolutionary position as what is required for true orders for civilization. Its failure allowed a corruption of union bodies by governments own lacking. Unions should pay for apprenticeships and so with the loss of the workers employment creates the loss of the ability for the (unneeded) education the next generation and the obsolete trade goes missing. A general bill or workers rights should be created to replace the law which assembly of unions abuse with their social interuptions, and places of employement should allow for the access to a different member of congress (your workplace assumed a second legal residence, but denies the right for a second vote unless a workers representative is to be elected...) Government does not understand its required social-evolutionary position as what is required for true orders for civilization.

Its failure allowed a corruption of union bodies by governments own lacking.

Unions should pay for apprenticeships and so with the loss of the workers employment creates the loss of the ability for the (unneeded) education the next generation and the obsolete trade goes missing.

A general bill or workers rights should be created to replace the law which assembly of unions abuse with their social interuptions, and places of employement should allow for the access to a different member of congress (your workplace assumed a second legal residence, but denies the right for a second vote unless a workers representative is to be elected...)

]]> By: JOHN http://ac360.blogs.cnn.com/2008/12/05/the-economy-sent-me-to-the-basement/comment-page-1/#comment-483406 JOHN Sat, 06 Dec 2008 00:59:15 +0000 http://ac360.blogs.cnn.com/?p=18301#comment-483406 constant huge trade deficit put our country on credit, more and more companies started riskier credit, until now the defaults can not be absorbed. Now you'll see a heavy decline and suffering. The ways out are: solar power, biomass, plug in cars. anything to prevent out country from buying overseas oil. keep the money here... no more pensions, our companies can compete in free trade with those costs... constant huge trade deficit put our country on credit, more and more companies started riskier credit, until now the defaults can not be absorbed. Now you'll see a heavy decline and suffering.

The ways out are: solar power, biomass, plug in cars. anything to prevent out country from buying overseas oil. keep the money here...

no more pensions, our companies can compete in free trade with those costs...

]]> By: hugh ~ california http://ac360.blogs.cnn.com/2008/12/05/the-economy-sent-me-to-the-basement/comment-page-1/#comment-483188 hugh ~ california Fri, 05 Dec 2008 22:45:15 +0000 http://ac360.blogs.cnn.com/?p=18301#comment-483188 Obama said America's best days lay ahead. When it comes to the economy I hope it comes soon, because we sure could use it right now. When it comes to wallstreet these days, no news is good news. Obama said America's best days lay ahead. When it comes to the economy I hope it comes soon, because we sure could use it right now. When it comes to wallstreet these days, no news is good news.

]]> By: geoff, Madison NJ http://ac360.blogs.cnn.com/2008/12/05/the-economy-sent-me-to-the-basement/comment-page-1/#comment-483125 geoff, Madison NJ Fri, 05 Dec 2008 19:34:38 +0000 http://ac360.blogs.cnn.com/?p=18301#comment-483125 If you want to slow industrial outsourcing , we have to address all components of labor cost not just wages. Health care costs are destroying Detroit now, as they decimated the textile industries and electronics industries earlier-Boeing is next. One fast solution for Detroit's crisis would be to put all UAW and retirees under Medicare using derivatives of HR 676 Conyers-Kucinich or HR 2034 . This immediately reduces Detroit's per unit costs by $2000 bucks or so per car. After that impact gets plugged in we can then , under calmer conditions, evaluate the right way to save the US Auto industry. If you want to slow industrial outsourcing , we have to address all components of labor cost not just wages. Health care costs are destroying Detroit now, as they decimated the textile industries and electronics industries earlier-Boeing is next. One fast solution for Detroit's crisis would be to put all UAW and retirees under Medicare using derivatives of HR 676 Conyers-Kucinich or HR 2034 . This immediately reduces Detroit's per unit costs by $2000 bucks or so per car.
After that impact gets plugged in we can then , under calmer conditions, evaluate the right way to save the US Auto industry.

]]> By: Matt http://ac360.blogs.cnn.com/2008/12/05/the-economy-sent-me-to-the-basement/comment-page-1/#comment-483100 Matt Fri, 05 Dec 2008 18:54:35 +0000 http://ac360.blogs.cnn.com/?p=18301#comment-483100 Certainly there are multiple reasons and guilty parties ... politicians, bad trade agreements and imbalances, greedy ceo's, greedy investment bankers and investors, short-sighted corporate financial leaders ... the list goes on. BUT THE CORE OF THIS PROBLEM to me is that most Americans chose in the last few decades to stop living within their means, which leads to debt. The materialism led to buying all kinds of stuff we don't need, with money we don't have, from foreign countries that would sell it to us cheap, and savings rates plummet. The national savings rate is now a negative 1-2%. We spend more than we make, as does a government without financial discipline. At a macro economic level, over time, that spells disaster. As a bright side, if you own a car, any old car, or if you have change in your pocket or money in your bank ... you are among the 8% wealthiest people in the world! Think about that for awhile, and thank God for the blessings of this country. Iowan (not far from Quad Cities) Certainly there are multiple reasons and guilty parties ... politicians, bad trade agreements and imbalances, greedy ceo's, greedy investment bankers and investors, short-sighted corporate financial leaders ... the list goes on.

BUT THE CORE OF THIS PROBLEM to me is that most Americans chose in the last few decades to stop living within their means, which leads to debt. The materialism led to buying all kinds of stuff we don't need, with money we don't have, from foreign countries that would sell it to us cheap, and savings rates plummet. The national savings rate is now a negative 1-2%. We spend more than we make, as does a government without financial discipline. At a macro economic level, over time, that spells disaster.

As a bright side, if you own a car, any old car, or if you have change in your pocket or money in your bank ... you are among the 8% wealthiest people in the world! Think about that for awhile, and thank God for the blessings of this country.

Iowan (not far from Quad Cities)

]]> By: Jason L. http://ac360.blogs.cnn.com/2008/12/05/the-economy-sent-me-to-the-basement/comment-page-1/#comment-483093 Jason L. Fri, 05 Dec 2008 18:35:30 +0000 http://ac360.blogs.cnn.com/?p=18301#comment-483093 Until the government quits meddling with the economy in order to pursue political goals, these problems will continue. The only real fix is to get our monetary system back to an objective standard so that it cannot be manipulated by Congress or Treasury officials. Any attempt by the government to "manage" the economy will necessarily lead to periodic disasters. Until the government quits meddling with the economy in order to pursue political goals, these problems will continue. The only real fix is to get our monetary system back to an objective standard so that it cannot be manipulated by Congress or Treasury officials. Any attempt by the government to "manage" the economy will necessarily lead to periodic disasters.

]]> By: steve http://ac360.blogs.cnn.com/2008/12/05/the-economy-sent-me-to-the-basement/comment-page-1/#comment-483089 steve Fri, 05 Dec 2008 18:31:44 +0000 http://ac360.blogs.cnn.com/?p=18301#comment-483089 perhaps if the fed didn't tinker so much with the economy and we actually did have free markets the recesionary blight wouldn't be this bad, but those in power believe, unwisely, that they can fix this with spending, and that's where the common sense apparently gets thrown out the window. Years of excess spending and consumption, mostly through artificially low credit, cannot be fixed with "created credit" by the monetary authority, although they would have you believe that it can. Spending got us in this mess and more spending will not fix it. The problems of interventionism cannot be solved with more interventionism, similarly, the problems of inflation (increase in supply of money) cannot be solved with more inflation. The more the powers that be try to exert influence over the markets, the more the markets push to correct, and ultimately the market will win. The big question is whether they will destroy the dollar as a consequence of their unwillingness to accept the truth. Unfortunately for us Iowans, as well as the rest of the nation, the writing appears to be on the wall. perhaps if the fed didn't tinker so much with the economy and we actually did have free markets the recesionary blight wouldn't be this bad, but those in power believe, unwisely, that they can fix this with spending, and that's where the common sense apparently gets thrown out the window.

Years of excess spending and consumption, mostly through artificially low credit, cannot be fixed with "created credit" by the monetary authority, although they would have you believe that it can. Spending got us in this mess and more spending will not fix it.

The problems of interventionism cannot be solved with more interventionism, similarly, the problems of inflation (increase in supply of money) cannot be solved with more inflation.

The more the powers that be try to exert influence over the markets, the more the markets push to correct, and ultimately the market will win. The big question is whether they will destroy the dollar as a consequence of their unwillingness to accept the truth.

Unfortunately for us Iowans, as well as the rest of the nation, the writing appears to be on the wall.

]]> By: Chad http://ac360.blogs.cnn.com/2008/12/05/the-economy-sent-me-to-the-basement/comment-page-1/#comment-483068 Chad Fri, 05 Dec 2008 17:59:25 +0000 http://ac360.blogs.cnn.com/?p=18301#comment-483068 I ideally watched the years after NAFTA, GATT and all of those schemes to transfer production to the lowest cost nation for years and waited to see the benefits which I believed would come because both Dem's and Republican's supported them. I then watched all of the businesses that supported my home town go bankrupt and leave empty shells where once mighty industrial companies stood during the 1980's. After college, I personally worked trying to save two companies in my home town supporting thousands of jobs, both of which ended up Bankrupt anyway. I then ended up unemployed with an MBA and had to move my family hundreds of miles away because my home town of Waterville Maine was completely gutted by globalization. No one came to bail us out! No political parties did a thing to help. I am now completely disgusted that the United States has become a giant welfare state supporting the Rich and Corporate America under the farce that what is good for the Rich Banks and Bankers will benefit everyone. The only ones that benefited from all of these trade agreements are now looting our pockets again for this Financial Bailout t that is also clearly not working. I hope the auto companies get some help, I wish that the Republicans and Democrats actually gave a damn about not handing away our livelihoods through these Unfair Biased and Flawed Free but not fair trade agreements that have reduced our standard of living and LOWERED our incomes. I am more disgusted that now the focus of our Government's effort is on maintaining Ridiculous real estate values rather than increasing INCOME in the US. Supporting overvalued real estate while INCOME growth in the US has been flat or non existent is another fruitless endeavor and a TOTAL WASTE OF MY TAX MONEY. CAN WE HAVE SOME CHANGE IN WASHINGTON? Please, get me a new Independent political party. I ideally watched the years after NAFTA, GATT and all of those schemes to transfer production to the lowest cost nation for years and waited to see the benefits which I believed would come because both Dem's and Republican's supported them. I then watched all of the businesses that supported my home town go bankrupt and leave empty shells where once mighty industrial companies stood during the 1980's.

After college, I personally worked trying to save two companies in my home town supporting thousands of jobs, both of which ended up Bankrupt anyway. I then ended up unemployed with an MBA and had to move my family hundreds of miles away because my home town of Waterville Maine was completely gutted by globalization. No one came to bail us out! No political parties did a thing to help. I am now completely disgusted that the United States has become a giant welfare state supporting the Rich and Corporate America under the farce that what is good for the Rich Banks and Bankers will benefit everyone.

The only ones that benefited from all of these trade agreements are now looting our pockets again for this Financial Bailout t that is also clearly not working. I hope the auto companies get some help, I wish that the Republicans and Democrats actually gave a damn about not handing away our livelihoods through these Unfair Biased and Flawed Free but not fair trade agreements that have reduced our standard of living and LOWERED our incomes.

I am more disgusted that now the focus of our Government's effort is on maintaining Ridiculous real estate values rather than increasing INCOME in the US. Supporting overvalued real estate while INCOME growth in the US has been flat or non existent is another fruitless endeavor and a TOTAL WASTE OF MY TAX MONEY. CAN WE HAVE SOME CHANGE IN WASHINGTON? Please, get me a new Independent political party.

]]> By: Kevin http://ac360.blogs.cnn.com/2008/12/05/the-economy-sent-me-to-the-basement/comment-page-1/#comment-483067 Kevin Fri, 05 Dec 2008 17:58:34 +0000 http://ac360.blogs.cnn.com/?p=18301#comment-483067 I'm pretty disgusted with the whole system right about now. Real work doesn't pay. The only people that ever get promoted and get good jobs are the friends of the people at the top. As long as thier firends are at least semi competant, they get promoted. Other people who are equally or more competant don't even get a fair shot at it. CEO salaries are ridiculous. Is anyone really worth more than $1 million per year? Honestly? No, I don't think so. Anything over $1 million/year in salary and benefits, including stock options should be taxed 100%. And don't try to tell me people won't work hard if they know they can only make $1 million per year, that's a bunch of BS. Do you thin the CEO of GM wouldn't take the job if the salary and benefits maxed out @ $1 million/ year? If every other job did too, he would still take it. I'm pretty disgusted with the whole system right about now. Real work doesn't pay. The only people that ever get promoted and get good jobs are the friends of the people at the top. As long as thier firends are at least semi competant, they get promoted. Other people who are equally or more competant don't even get a fair shot at it. CEO salaries are ridiculous. Is anyone really worth more than $1 million per year? Honestly? No, I don't think so. Anything over $1 million/year in salary and benefits, including stock options should be taxed 100%. And don't try to tell me people won't work hard if they know they can only make $1 million per year, that's a bunch of BS. Do you thin the CEO of GM wouldn't take the job if the salary and benefits maxed out @ $1 million/ year? If every other job did too, he would still take it.

]]> By: Darryl http://ac360.blogs.cnn.com/2008/12/05/the-economy-sent-me-to-the-basement/comment-page-1/#comment-483063 Darryl Fri, 05 Dec 2008 17:54:07 +0000 http://ac360.blogs.cnn.com/?p=18301#comment-483063 You want to know the problem? A huge number of Americans will drive an import car to their local retail stores and they won't be able to buy anything made in the USA. It's not rocket science: low prices for imports don't mean much when you don't have a job. The US trade deficit with China in 2007 was ca. $280 billion and the US World trade deficit was $763 billion in 2006 and 2007 was even higher. I live in SC and we have the third highest unemployment rate in the US. The huge loss of jobs in the textile industry here over the past 25 years has not been compensated by new industry and the"service economy" just doesn't porvide the same benefit as manufacturing. Americans need to wake up, we need to oust half the politicians in washington tha got us here You want to know the problem? A huge number of Americans will drive an import car to their local retail stores and they won't be able to buy anything made in the USA. It's not rocket science: low prices for imports don't mean much when you don't have a job. The US trade deficit with China in 2007 was ca. $280 billion and the US World trade deficit was $763 billion in 2006 and 2007 was even higher.
I live in SC and we have the third highest unemployment rate in the US. The huge loss of jobs in the textile industry here over the past 25 years has not been compensated by new industry and the"service economy" just doesn't porvide the same benefit as manufacturing.
Americans need to wake up, we need to oust half the politicians in washington tha got us here

]]> By: RC http://ac360.blogs.cnn.com/2008/12/05/the-economy-sent-me-to-the-basement/comment-page-1/#comment-483050 RC Fri, 05 Dec 2008 17:36:51 +0000 http://ac360.blogs.cnn.com/?p=18301#comment-483050 I remember when that recession hit. I was a teenager looking for a minimum wage job in our small town. Unfortunately or thread factory closed and many of those workers found those minimum wage jobs I was trying to get. I was lucky to have some connections and ended up as a dishwasher at a new restaurant since I knew the manager. This town has recovered and flourished as a bedroom community of a nearby city. Now it looks like times in our town will be a little rough again, but this time we don't rely solely on one major employer like we did in the early 80s. This has not changed the fact that many of the newly built stores and restaurants have closed shop, which are our source for jobs in this town. It looks like we will take the brunt of the recession like we did last time. I remember when that recession hit. I was a teenager looking for a minimum wage job in our small town. Unfortunately or thread factory closed and many of those workers found those minimum wage jobs I was trying to get. I was lucky to have some connections and ended up as a dishwasher at a new restaurant since I knew the manager.

This town has recovered and flourished as a bedroom community of a nearby city. Now it looks like times in our town will be a little rough again, but this time we don't rely solely on one major employer like we did in the early 80s. This has not changed the fact that many of the newly built stores and restaurants have closed shop, which are our source for jobs in this town. It looks like we will take the brunt of the recession like we did last time.

]]> By: Pat Savu http://ac360.blogs.cnn.com/2008/12/05/the-economy-sent-me-to-the-basement/comment-page-1/#comment-483039 Pat Savu Fri, 05 Dec 2008 17:11:16 +0000 http://ac360.blogs.cnn.com/?p=18301#comment-483039 Yes, workers and their communities have been suffering for decades. My grandmother sold her house in the 80s in Detroit for less than she paid for it. But the average American has been supporting the GNP on credit and that has kept the National economy afloat since the 80s. 70% of the GNP is consumer spending. At the same time that the American worker has been losing ground, fat cat CEOs have been making more and more money by moving jobs overseas and creating house-of-card credit schemes that allowed to consumption to continue. Not much of any of this has been "trickling down" to the average American. Americans have to wake up and vote for politcians that support agendas that create and retain jobs directly in the USA. Indirect means like that law that allowed companies with foreign subs to repatriate their earnings without taxes, were supposed to create jobs indirectly by when the company redeployed the capital with the USA. Instead, those companies just bought back their own stock to raise the stock price so that the execs could make more money on their stock options. Unfortunately the guy on the bottom (the American worker) will pay again for execs short term thinking and bad management with their jobs. Meanwhile guys like Fuld (from the bankrupt Lehman) will walk away with bonuses of $530 million over a 8 year period; they can afford to never "work" again. You can hardly call what Fuld has been doing "work". Yes, workers and their communities have been suffering for decades. My grandmother sold her house in the 80s in Detroit for less than she paid for it. But the average American has been supporting the GNP on credit and that has kept the National economy afloat since the 80s. 70% of the GNP is consumer spending.

At the same time that the American worker has been losing ground, fat cat CEOs have been making more and more money by moving jobs overseas and creating house-of-card credit schemes that allowed to consumption to continue. Not much of any of this has been "trickling down" to the average American. Americans have to wake up and vote for politcians that support agendas that create and retain jobs directly in the USA. Indirect means like that law that allowed companies with foreign subs to repatriate their earnings without taxes, were supposed to create jobs indirectly by when the company redeployed the capital with the USA. Instead, those companies just bought back their own stock to raise the stock price so that the execs could make more money on their stock options.

Unfortunately the guy on the bottom (the American worker) will pay again for execs short term thinking and bad management with their jobs. Meanwhile guys like Fuld (from the bankrupt Lehman) will walk away with bonuses of $530 million over a 8 year period; they can afford to never "work" again. You can hardly call what Fuld has been doing "work".

]]> By: Ann Holtzclaw http://ac360.blogs.cnn.com/2008/12/05/the-economy-sent-me-to-the-basement/comment-page-1/#comment-483035 Ann Holtzclaw Fri, 05 Dec 2008 17:03:22 +0000 http://ac360.blogs.cnn.com/?p=18301#comment-483035 Who gave the first major tax credits for people who bought SUV's? The republicans! Don't blame the Big Three for not planning ahead. They were building cars the American public was demanding thanks to Congress giving tax credits for gas guzzlers. Where was all of the radar scrutiny and demand for accountability when the republicans were handing Bush a blank check to the tune of 10 BILLION a month in Iraq? Three months of money in Iraq will help the auto industry and we'll have cars to show for it.!! What does the American taxpayers have to show for 6 YEARS in Iraq? And last but not least ALL of the Iraq money has been borrowed from foreign countries. Who gave the first major tax credits for people who bought SUV's? The republicans! Don't blame the Big Three for not planning ahead. They were building cars the American public was demanding thanks to Congress giving tax credits for gas guzzlers.
Where was all of the radar scrutiny and demand for accountability when the republicans were handing Bush a blank check to the tune of 10 BILLION a month in Iraq? Three months of money in Iraq will help the auto industry and we'll have cars to show for it.!!
What does the American taxpayers have to show for 6 YEARS in Iraq?
And last but not least ALL of the Iraq money has been borrowed from foreign countries.

]]> By: Scott http://ac360.blogs.cnn.com/2008/12/05/the-economy-sent-me-to-the-basement/comment-page-1/#comment-483032 Scott Fri, 05 Dec 2008 16:57:22 +0000 http://ac360.blogs.cnn.com/?p=18301#comment-483032 Thank you for the reminder of the human and family costs of this downturn. I still cannot fathom how we expect to outsource so much production and manufacturing, then depend on the consumer economy to purchase these items at an ever increasing pace. We have lost our most prominent manufacturing to "slave wage" economies where there are few worker or environmental protections. Suddenly, we see that America is the only country that buys our products, and the big 3 automakers still don't understand what the buyers want. Thank you for the reminder of the human and family costs of this downturn. I still cannot fathom how we expect to outsource so much production and manufacturing, then depend on the consumer economy to purchase these items at an ever increasing pace. We have lost our most prominent manufacturing to "slave wage" economies where there are few worker or environmental protections. Suddenly, we see that America is the only country that buys our products, and the big 3 automakers still don't understand what the buyers want.

]]> By: earle,woodstock,vt http://ac360.blogs.cnn.com/2008/12/05/the-economy-sent-me-to-the-basement/comment-page-1/#comment-483012 earle,woodstock,vt Fri, 05 Dec 2008 16:06:39 +0000 http://ac360.blogs.cnn.com/?p=18301#comment-483012 We have been giving the store away for thirty plus years now, with both political party's to blame. Now, the country wants answers as to how we got here? We manufacture for foriegn countries, and at the same time move simultaneously the plants off shore. The business's as a whole we once had,have diappeared (physically) thru globalization (which we all embraced as a wonderful business model) with nothing but a empty shell! We,yes all of us, are a huge part of the problem, for it's always the "other guys ox that's getting gored", but sadly it's are turn we've all been gored,..... sad. We have been giving the store away for thirty plus years now, with both political party's to blame. Now, the country wants answers as to how we got here? We manufacture for foriegn countries, and at the same time move simultaneously the plants off shore. The business's as a whole we once had,have diappeared (physically) thru globalization (which we all embraced as a wonderful business model) with nothing but a empty shell! We,yes all of us, are a huge part of the problem, for it's always the "other guys ox that's getting gored", but sadly it's are turn we've all been gored,..... sad.

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