Thursday, December 11, 2008

21st Century Hooverville

Senate Republican opposition to $25 billion in federal loans to GM,
Ford and Chrysler without huge wage cuts of UAW workers - while having
previously made no effort to trim executive bonuses at Wall Street
firms that are getting $700 billion - will likely be the defining
moment of what tipped this deep recession into a true global economic
calamity - a la "Smoot-Hawley" during the great depression.

So congrats Sen. Corker (r-tn) - well done.

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