detroit

i don't know the whole story, and i'm certain that i don't know all of the information. still, i can't help thinking that there are class issues circling in the ongoing debates on federal relief and bailout programs. it seemed there was a fierce urgency of now to complete the bank bailouts. many people claimed immediate bailouts were necessary to prevent a complete collapse of the worldwide economic system. and the stock market clearly thought that first word of the bailout was positive.

for a long time, i've maintained that free market advocates haven't understood that we already live in a clearly regulated economy. our regulation even predates government stakes in major banks and insurers. we have long lived in a modified free market and modified socialist economy. in many ways, i've felt like our economy mirrors our two party system. we have two stringent poles that advocate for static ideas, even against what real research and real data tells us. (although, i don't know if more economic systems would help our economy in the same way more political parties might help our democracy.)

still, i feel like there is a strong element of class discrimination in the heightened politics of the auto bailout versus the smash mouth agenda of the bank bailouts. while i certainly believe that each bailout should have required tough questions and clear financial plans from congress, why is it that only detroit received an extreme toungue lashing? why, further, does it seem that poor people and lending to poor people served as the right's talking point to explain the mortgage crisis, when in reality, the leadership of banks and need for extreme profits led to greedy and overly risky mortgage driven securities and sub-prime mortgages? why were bankers sitting on one side of the table while auto executives sit on the other?

yes, of course, detroit made serious mistakes in the operation and management of their product lines, including missed opportunities in hybrid and flex-fuel vehicles. and, of course, detroit unions overbargained and failed to realize burdensome corporate debt is also not good for retirement and health care plans. and yes, of course, our government needs to ensure that our money is protected and that there are clear rules for transparency and accountability. yes, we need to reign in executive compensation and make sure that government funds actually work in the way they are intended to help. yes, yes, yes.

but why only for the auto makers? why were the wheels greased for wall street and stopped for woodward avenue? however, why is there such umbrage only at blue collar auto workers? why do white collar workers need to keep their bonuses while blue collar workers need to receive pink slips?

let's regulate. i'm for it. let's help struggling industries. i'm for it. let's have oversight. i'm for it. but, really, why such different perspectives? i think it's class.