Quote:
Originally Posted by gimpy117
its not the union contracts dragging MY state down. its the fact everyone either took a pay cut or has no job here.
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In states like Michigan, many union contracts were negotiated before the economy fell, full of the typical union high wages, benefits and pork. Now they don't have the money for those contracts, so if they declare bankruptcy they're allowed to renegotiate. Obvious the unions will want federal dollars to make up the difference.
It amazes me how corporate america is getting filthy rich. A good recession is the best time to rob the middle class and with the help of politicains...
Like the housing crisis. Banks are getting rich. A home could be foreclosed on with a current market value of say 100K. However, with the government bailout the taxpayers pay them the full value of whats owed. If the house loan is 200K, that's what they get, they suffer no loss. This is why they're not doing loan mods or working with people, they're getting the full amount for the loan from the taxpayer, no loss. Not only that they get to charge the government for interest, late fee's, legal fee's, ect....and no regulation was placed on them to change. What's mindblowing is banks like Chase were not only billing the government all these fee's, they also billed the person thrown out of their home using all kinds of scare tactics.
What's laughable is all the hearings, congress blasts the banks on TV, then do nothing about it, it's just a put on act for the people. I'm sure after the hearings they sit in back rooms smoking cigars cutting more deals laughing at the rest of us...