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GOP Senator Warns of 'Riots' if Automakers Are Bailed Out

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  • GOP Senator Warns of 'Riots' if Automakers Are Bailed Out

    http://www.businessandmedia.org/arti...211131911.aspx

    GOP Senator Warns of 'Riots' if Automakers Are Bailed Out
    Sen. Jim DeMint says unfair union influence and the bailout culture will anger many Americans.

    By Jeff Poor
    Business & Media Institute
    12/12/2008 11:23:19 AM

    Time and again we’ve heard about the lost jobs and economic impact of failing to bail out the beleaguered American auto manufacturers. But little mention has been made of the consequences of going through with the bailout, and how such an action would be viewed by other Americans.



    In an interview following a Dec. 10 press conference where he and four other senators aired their opposition to the proposed bailout deal struck by congressional leaders and the White House (and approved by the U.S. House of Representatives 237-170 that evening), Sen. Jim DeMint, R-S.C., warned that the perception that some industries are being bailed out and some aren’t could lead to violence.



    “We’re going to have riots. There are already people rioting because they’re losing their jobs when everybody else is being bailed out. The fairness of it becomes more and more evident as we go along. The auto companies may be hurting,” he said, but “there are very few companies that aren’t hurting and they’re going to hurt. We don’t have enough money to bail everyone out.”



    DeMint blamed the unions for pushing this issue as far as it has gotten. The senator said the notion that reorganization under bankruptcy would not work was generated by the unions for fear of losing their power.



    “The primary driver behind this is the unions, because bankruptcy allows the auto companies to basically restructure all their contracts in a way that a bankruptcy judge says will make them sustainable,” DeMint said. “And if they do that, then essentially the unions lose all their leverage. It’s the unions that have brought them to the brink. So definitely, I think the reason they want a political solution and a car czar is because a car czar can protect the unions through this whole process at the expense of the taxpayer.”



    The result of the bailout culture that now exists on Capitol Hill will be incredibly high rates of inflation down the road as the economy picks back up and prices reflect the amount of new money circulating through the economy.



    “There is no question this will result in inflation,” DeMint said. “The amount of money we’ve borrowed, the amount of money we’ve printed has put us in a more dangerous situation than we’ve ever been in as a country. We may not see the inflation as long as the economy is slow. But, I’ve talked to some economic experts and once the economy starts picking up with so much money in the money supply and so much debt, we’re likely to see very high interest rates and very high inflation rates.”



    DeMint went as far as to say that General Motors (NYSE:GM), one of the big three auto manufacturers lobbying for bailout money, was better off than the nation that’s debating whether to rescue it..



    “If you look at where we’re going, we’re not on a sustainable course as a country,” DeMint said. “Frankly, GM is in a better financial situation than we are as a country. The only difference is we can print money. But as other countries around the world lose confidence in the value of a dollar – that’s going to come home very shortly.”
    WHAT IF THE AMERICA YOU KNEW, WAS ABOUT TO CHANGE?

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  • #2
    If they bail them out, I hope a riot does start. Where is the bail out for the furniture markets and textiles?
    ~Lyon~

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    • #3
      To say its a mess would be an understatement. I like what one guy said; if you want to bail out the auto industry, give us all $30 thousand and let us go buy a new car. Works for me.
      The strongest reason for the people to retain their right to keep and bear arms is as a last resort to protect themselves against tyranny in government." -- Thomas Jefferson

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      • #4
        there ya go, i like that idea!!!

        What is insane is how little power we have, they take our tac dollars and literally do ANYTHING they want with it, and give it to ANYONE.

        They should hold a popular vote on things like this!!!
        WHAT IF THE AMERICA YOU KNEW, WAS ABOUT TO CHANGE?

        The best thing you can do to support the site is pass it on to your friends and fav sites like other forums, facebook, twitter etc. Let people know about us! :)

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        • #5
          Yes, I agree with the popular vote. I swear Diesel, the further we get into this stuff, I don't know whether to crap or die.
          The strongest reason for the people to retain their right to keep and bear arms is as a last resort to protect themselves against tyranny in government." -- Thomas Jefferson

          Comment


          • #6
            The difficult part about it beebop is we are TRULY helpless, we gave the power to the governement and they ran with it. We are left the in the dark with no voice, no power.

            Nothing short of a revolution would change things in this country.

            As much as we like to prepare and dream about change, the likelyhood of it ever happening is slim, all we can do is be prepared incase the shtf ever happens. People have become complacent, and accept anything we are told, and anything .gov does.

            .Gov has so much power that we as citizens are afraid to stand up, that is the problem.

            I have thought about it alot, and I think it would take a group of celebrities with a voice to get anything rolling or changing.

            sigh
            WHAT IF THE AMERICA YOU KNEW, WAS ABOUT TO CHANGE?

            The best thing you can do to support the site is pass it on to your friends and fav sites like other forums, facebook, twitter etc. Let people know about us! :)

            Comment


            • #7
              Originally posted by Diesel View Post
              The difficult part about it beebop is we are TRULY helpless, we gave the power to the governement and they ran with it. We are left the in the dark with no voice, no power.

              Nothing short of a revolution would change things in this country.

              As much as we like to prepare and dream about change, the likelyhood of it ever happening is slim, all we can do is be prepared incase the shtf ever happens. People have become complacent, and accept anything we are told, and anything .gov does.

              .Gov has so much power that we as citizens are afraid to stand up, that is the problem.

              I have thought about it alot, and I think it would take a group of celebrities with a voice to get anything rolling or changing.

              sigh
              Celebrities making change, now that's depressing. You're right, all is lost. There will be change but it will be for the worse. I believer that a year from today we will not recognize this Country. I hope that I am wrong.
              The strongest reason for the people to retain their right to keep and bear arms is as a last resort to protect themselves against tyranny in government." -- Thomas Jefferson

              Comment

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