Ah, klynn, you’ve put some excellent perspective around this issue of the big three (or, two and a half, according to some) in human terms which we all may grasp.

So little yet remains of what was once the industrial center of the world.

How we should imagine that we may blithely divest ourselves not only of the remaining ‘capacity’ but also of the consumate skills such capacity represents, is beyond me.

‘Wealth’ production requires that resources have something made of them, and this nation fails to understand this truth at its dire peril.

Beyond that, the most valuable ‘resource’ possessed of humankind is the free and competent minds of people themselves.

The shortsighted, indeed rapacious, economic ’sensibilities’ of the past four (or more) decades, has left us dependent upon the largess (and patience) of others while the Ari$tocracy has rewarded themselves obscenely and beyond measure.

The ‘wisdoms’ were not wise.

It remains to be seen if wisdom has returned.

Thank you, klynn.

I want to write, “Thank you,” and “You’re Welcome,” but neither seem to capture my total response and appreciation for your comment…Your comment is cogent, articulate and empathetic.

I have been driven to write my first few Oxdowns due to dear family and friends who will lose their jobs due to the 2.5 tanking. Additionally, I have three kids and I am fearful for their future in our country. So, perhaps I am selfish on some level for speaking out, or “writing out” as the case may be. On the other hand, having worked at the UN, perhaps putting a “face” on the threat on our national security is driving me.

But the fact that a NYT’s econ editor can belittle this by referencing cash washing was, in my opinion, not snark but stupidity.

Her readers do the concerns on the issue justice. And perhaps that sums this up…This bailout issue is tied to justice, liberty and justice.

“cash washing” should read car washing.

Excellent diary, Klynn. DUGG and recommended.

I think the estimate of workers put out of work is underestimated. My oldest son has had his own small 2-man automotive repair shop since 1983. I did his accounting for him for many years. I have been just mentally visualizing the many people in the chain from his shop level up to the top and I believe there will be more than 1 to 3 million people to lose their jobs.

All these people will no longer be paying the income taxes to pay for the $700 Billion bailout, but will be on the rolls for unemployment compensation. I think the total lost in taxes plus the total to be paid out in unemployment comp will very soon exceed that $25 Billion the Big 3 new seek.

I think it should be granted but with very strict regulations included and criminal liability if those regs are violated. I also think the top management of the 3 should be booted out and replaced (perhaps) with the best supervisors of those who actually produce the cars/trucks, etc..

Another very important factor not to be overlooked is: Who produces the vehicles for our military?

I agree, the job loss is underestimated. The more I learn about all the manufactures in the supply chain, the more I am overwhelmed at the picture of what can happen. Perhaps if we were in a different time in history, I would be just a little, very little, less concerned.

This is an economic war for the most part.

An example of supply chain sectors I was unaware of here in Ohio that will be affected, are high end engineering/manufacturing industries like performance materials engineering companies who receives most of their income from the auto industry and a majority from the Big 2.5, not foreign manufacturers based here. Performance materials engineering is huge in Ohio and the Midwest. The other sectors performance materials supplies include construction, military and maritime sectors. Like those sectors will be strong after the loss of the big 2.5…It will not be enough.

The overall losses on the tanking of the 2.5 will be: jobs which will not pick back up in a safe time frame, retraining budgets blown with little impact on umemployment because the numbers are so large, American owned assets and security information lost to foreign owners even governments, hit to our military manufacturing base, brain drain and the foreclosure rate will increase among white collar workers in addition to blue collar. There will be no economic stimulus, so retail jobs will drop significantly. As you pointed out, the spiral of so many on public assistance will further drain state and federal budgets when we are trying to pay off the largest debt in our nation’s history. It’s “disaster dominoes” that our elected leaders are playing with our money, our citizens and our national treasury of brain trust,worker base and assets.

As for Paulson, he should be “outta here”. He probably knows who is holding the Credit Default Swaps on GM. My guess is, the level of conflict of interest in the financial industry, without needed transparency, and with Paulson himself (as pointed out many times here at the Lake and at EW’s)leading, again, without transparency, is beyond the pale.

Additionally, I have heard no discussion about what lawmakers plan to do to protect all the retirees retirement income and healthcare. To put our elderly in this position after a lifetime of dedication to their nation is criminal.

This is our money, our economy and our citizenry. People who think the bailout is wrong have not developed a complete sense of the impact and loss to our nation. Those who paint a more optimistic picture are engaging in malpractice.

Finally, I agree the auto bailout should have strict regulation and the financial industry bailout should as well.

Sorry, I’m preaching to the choir…

Thank you, klynn. All that you say needs to be shouted from the rooftops.

I was born in 1934, the last of 5 children. I experienced that Great Depression. The book and movie of Steinbeck’s Grapes of Wrath are not exaggerations. No generation after mine has experienced such mass hunger and want. Words cannot express how strongly I feel that a repeat of those conditions must be avoided.

As for Paulson, I think his hands have been dirty since the 1970’s. He was an aide to John Erlichman, Nixon’s Chief of Staff who was convicted and did prison time for perjury and obstruction of justice. Paulson got out in time and went to Goldman Sachs. At GS Paulson amassed a $700 million fortune. I read one report that he had lost over $300 million in this meltdown. I would like to find out exactly when he lost his money and whether that is what sent him to the Senate all wild-eyed and panicked with his 2 1/2 page hold-up note.

Also, I watched him yesterday in the House hearing. He just repeats the same old sentences over and over, remaining frantically obstinate that none of the $700 billion bail-out money be used for mortgages or the auto industry. It’s almost like he considers the remaining $410 billion as his own. Is he coming unhinged?

Link to contact your senators and congresscritter to tell them to get this loan done this week -
http://www.capitolconnect.com/…..fault.aspx

My Mom and Dad were born in 1932. In addition to my three kids, and my parents, I just do not want anyone from my parents generation to relive any part of the Depression. My parent’s generation and my grandparents just worked and sacrificed too much for the “health” of this nation to watch a hand-full of greedy people throw it all away without regard to our national security. Thank you so much for your comments.

I am surprised that AARP, as the nations largest lobby, has not stepped up just to address the national impact on seniors. They need to, now.

We let this happen, there will be no reason to have our sons and daughters, sisters and brothers, friends and family, laying their lives on the line in military service to the United States Of America.

Some people out there really hate out forefathers.

A must see is Attaturk’s today’s diary over at FDL entitled “Feel The Love”. He has a video of Bush at the G20 meeting when all members were lining up for a photo op. He is brutally shunned by all the other members. None shook his hand, though they all shook each other’s and hugged.

As the world’s hardships worsen Bush and Paulson may become the modern Phillip Nolans – truly men without a country. The only company Bush may have will be the reflections of deeds done that come to all in our later years. He doesn’t yet know what is ahead of him.

When I interned at the UN, everyone I met had pride in the fact that the United States stood up for many humanitarian issues. Democratic capitalism on the foundation of liberty was the model everyone wanted to talk about.

I never thought I would ever see a president do this to this country. Funny, I wrote a great deal about Bush’s corporate management history back before the 2000 election and repeated those mantras in 2004. His history was all failure based and wrought with “tanking” episodes. His parents and friends always bailed him out. I wrote that I did not want that management concept running our nation because it would result in running our nation into the ground. So, I am not surprised.

I really hate being in the position of saying to those who I know voted for Bush, “I was right, you were wrong.”