Global Bailouts as Jon Stewart supports US Auto Bailout

var gaJsHost = (("https:" == document.location.protocol) ? "https://ssl." : "http://www.");
document.write(unescape("%3Cscript src='" + gaJsHost + "' type='text/javascript'%3E%3C/script%3E"));

try {
var pageTracker = _gat._getTracker("UA-857684-6");
} catch(err) {}

Guess what ? Governments in countries all over the world are jumping onto the "we must bailout" bandwagon. There are European, Chinese,Indian and Latin American bailouts in progress of different industries. Global government bailout actions include adjusting interest rates, lowering gas prices,direct funding  and so  on.  A strange and new facet of globalization.

We have the choice of crying over the "bailout" requests by many sectors of the US economy but Jon Stewart had a point last night that made me smile. He said that Congress was much harder on the automakers for 34B$ (up from 25 B$) compared to the 700B$ for the banking and finance sector. The auto industry at least has a product to deliver, that we may complain about, but the banking and finance folks got into trouble with products that turned out to be  fictitious!  Moreover, the banking and finance issues are  difficult and preposterous for even finance folks to understand or explain. Just because we understand the auto business more than the finance business, does'nt mean that we have to be harder on them. Jon Stewart recommends that we give the auto industry their bailout !

Leave a Reply