Or did Obama just deliver the final kick in that direction?
– Ilene
Did Obama Throw Michigan Under the Bus?
Courtesy of StockJockey at 1440 Wall Street
Life ain’t fair, particularly if you live in Michigan. The state rallied around the President and helped elect him, and he paid them back by picking UNC over MSU in the NCAA Basketball Finals. Obama’s other known pick, car czar Steven Rattner, is working quickly to strut his stuff, throwing GM’s CEO Rick Wagoner out on his ass despite the fact Wagoner probably did a better job running GM than Rattner did at Quadrangle Group, the private equity shop the carpetbagger founded and abruptly ditched to take culminate his dream and return to Washington.
Of course, banksters still have their jobs….something former banking regulator William Black noted on Bill Moyers PBS show last week. Yes, bankers are chummy with the gang in charge:
There are two reasons. One, they’re much closer to the bankers. These are people from the banking industry. And they have a lot more sympathy. In fact, they’re outright hostile to autoworkers, as you can see. They want to bash all of their contracts. But when they get to banking, they say, contracts, sacred.’ But the other element of your question is we don’t want to change the bankers, because if we do, if we put honest people in, who didn’t cause the problem, their first job would be to find the scope of the problem. And that would destroy the cover up. Bill Moyers Journal [Watch here.]
None of that will help Michigan, but the good people of the state are trying to move forward. Michigan Congressman Thadeus McCotter is waiting for Wall Street CEO’s to resign, but I hope he is not holding his breath.
And I will keep my eye on Obama’s approval rating in the Great Lake State. But as Aaron Task says, there seems to be a double standard. And a GM bankruptcy filing will seem rather anti-climatic after all we have been through.
But one thing is guaranteed – Michigan’s unemployment rate is sure to lead the country for quite some time. And procrastination in Detroit is finally catching up with them as the shit hits the fan after years of mismanagement and little, in no, cooperation between the various stakeholders.
________________________________________
_________________________________________
______________________________________
Interesting read below
Detroit Real Estate Datapoint
Reuters
