Which Industry Did a Better Job of Sinking the U.S. Economy: Banking and Finance, or Auto Manufacturing?
Other candidates to consider for doing the best job of sinking our economy: our elected representatives on senate and congressional finance committees, and appointed officials at the Treasury, Securities and Exchange Commission, and Federal Reserve.
Senate Finance Committee Chair Christopher Dodd is calling for GM and other top auto manufacturing executives to resign as part of a government agreement to provide billions in loans to the struggling industry. His call was echoed by Congressman Barney Frank.
Why haven’t high-paid Wall Street executives been called upon in large numbers to resign or forgo their salaries in exchange for hundreds of billions in taxpayer funds? This question echoes the one posed yesterday by David Lazarus in his Los Angeles Times business column.
Why, further, have congressional leaders and appointed officials who were overseeing our financial system for the past several years stepped down themselves in admission of their own abject failure?
Why is the auto industry, which employs so many Americans outside the financial sector, being forced to beg for funds that Congress and appointed officials have so generously doled out to others?
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