Monday, November 24, 2008

ECONOMY

Word of assignment of Tim Geithner former President of the New York Federal Reserve for Treasury Secretary and Lawrence Summers, a former Treasury Secretary under President Clinton as Director of National Economic Counsel showed signs of approval by investors as the stock market rose 447 points following the release of Obama’s choices to help lead in the improvement of our economy.

Obama has directed his economic team to assemble a plan that will save or create 2.5 million jobs by 2011. The team will focus on areas such as rebuilding roads, bridges, modernizing schools as well as alternative energy.

Another issue of concern is the automobile industry. We have Ford, GM and Chrysler on the verge of bankruptcy and looking for a bail-out. Why would the government bail out CEO big wigs that fly private jets to meetings? The CEO’s of the big 3 paid over $200,000 to fly ½ hour to meet in Washington, DC to discuss a plan to save the industry. When asked why private jets were use Rick Wagoner, General Motors Chairman and CEO answered “we have a very busy schedule. 2 jets have been grounded since.

These automobile companies have been over compensated for too long. CEO’s have been spending on areas that should be cut. Bankruptcy seems the best solution. NO MORE BAIL-OUTS using taxpayers money. It’s time to bail-out the taxpayer!

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