Bail Out Rant

" Russia -- been kinda doubt I what is what truth is he going to get paid thirty million a year next year not. I even if the Fairness Doctrine comes back I believe he has a binding contract I don't know what is problem which personally. You know. But anyway we're gonna talk I want to talk about the does the a bail out of the auto makers I've changed my mind I enough for four days since we discussed this before. I have just come to the conclusion I I've come to a conclusion I'm tired of all these bailouts I've just I've I have lost. As I've lost. In the stomach form and you know what you know what it was into the car and I'm I'm disgusted with the car manufacturers -- the more thought about it the fact is that. I IE if you. Police may admit probably YouTube we won't -- Detroit cars anymore but we're going to be asked to bail them out. -- they're asking not just for money to come up with a better line of up product that is going to get you would be back into the Detroit show -- There ask him for 45 billion to pay their retirees. And you know what do you think a lot of business and the feds -- may are going to get stuck pay inform any way they have this special no -- agency -- set up. To want to take care of pensions for four bankrupt defunct corporation's. So we don't want one way or another we're gonna pay for the UAW retirees. But what really real we irritated me to no extent was when I woke up this morning. And I -- and I read that American Express is to become a bank holding company. Now like I have a -- of an American I have to American Express cards. Its its a very. And I get some I get. The airline miles out of them -- I do very well with my American Express card but also pay eight. To have that card and gets about 7500. Bucks a year the -- that card. In now. The Federal Reserve last night granted a request by American Express to become a bank holding company giving it access to low cost financing from the Fed. Listen to this this is what that this is what cannot should not rush CEO of American Express said. Given the continued volatility in the financial markets we want to be best positioned to take advantage. Take advantage. Bubbly various programs the federal government has introduced or may introduced to support US financial institutions."

" In other words they're looking for our hair out. Then why are they saying you know we want to make sure -- eligible for the same welfare is everybody else it's."

" Mister show at all said in a statement that the decision to become a bank holding company would not fundamentally alter the company's core focus on the credit card payments industry nor would -- require any significant divestitures of its operations."

" In other words they're just going to get some free money for you wouldn't be. Free money from you what man who probably have credit cards from Amex that we pay money for. Bad if we if we don't pay off our entire balance. What do you have to -- some interest to American Express how we're going to have to give my handout on top of everything else. So I you know I've had with these handouts. To bleed bleed the auto industry -- the banking industry I've changed my mind on all this stuff. 18774694322. This was in the -- the -- how do you feel we're going to discuss spoke mainly -- the auto industry if you if you feel that Detroit deserves a bailout. And again it's not it's not the entire auto industry that's going down the tubes it's only Detroit. It's the old fashioned. Unionized. Twentieth century big story Chrysler. General Motors and Ford GM today is trading on the three dollars this year for the first time since 1943. This from the -- The Wall Street Journal yesterday in the Washington mind there are two kinds of private companies. There are successful if greedy corporations which can always afford to pay more taxes and tolerate more regulation. And then there of the corporate sup -- cuts. Who need a hand out as the Detroit auto makers are proven you can approving you can go from being the first to the second in the blink of an election. For decades congress is never had a second thought as -- imposed tighter emission standards on GM Ford and Chrysler denouncing them for making evil issue -- You know that the companies are bleeding cash in May be headed for bankruptcy suddenly the shrinking Big Three oh latest candidates for a taxpayer bailout. 125. Billion dollar loan facility has already been signed in the -- senator Debbie statement now. Of Michigan wants another 25 billion this time would no strings attached. We hope messrs. bush and Paulson just say no Baum asked him yesterday there was sign off on it. The harp. Troubled asset relief program was intended to save the financial system from collapse not to be honey pot for any industry running short of cash. Like American Express for instance some rule ma. Our financial panic has hit the -- hard but its problems go back for decades and are far deeper than reduced access."

" Credit among car buyers if Democrats want to change the rules next year for park what the door on their own political bind. In years accused. A bailout might avoid any near term bankruptcy filing but it won't address Detroit's fundamental problems of making cars that Americans won't buy it labor contracts that are too rich and inflexible to make them competitive. Detroit's costs are far too high for their market share well GM has spent billions of dollars on labor buyouts in recent years. They are still forced by federal mileage standards to turn out small cars to make little or no profit. At point it's organized by the United Auto Workers and rest assured that the politicians don't want to do -- Diem thing about those labor contracts -- mileage standards in their letter. Ms. Pelosi and mr. Reid that speaker and senate majority leader. Recommend that quote tax Payer -- protections such as limits on executive compensations and equity stakes. The would dilute shareholders' but they never mentioned the UAW contracts -- have done so much to put Detroit on the road a whirlwind. In fact the main point of any taxpayer -- rescue seems to be to postpone a day of reckoning on those contracts that includes even the notorious UAW jobs bank that continues to pay workers not to work. -- that a few years back. They got somebody gets a newspaper photographers in him after the stories appeared to Detroit papers. They had some TV cameras and they pay guys to show -- not the what do you think that they're white forty bucks an hour. They get they gold they just go to this place in neighboring box with a -- newspapers. And they don't thorny thing it's called a jobs bank it's it's just they. It it's just paying UAW workers to do nothing. Honda Toyota and the rest employ about a 113. Thousand he's the foreign companies a 113 thousand American auto workers who make nearly four million cars a year in states like Alabama and Tennessee. Unlike Michigan the states didn't vote for mr. Obama. Highly skilled American workers can still profitably -- churn out cars with out being organized by the UAW. Sort bailout for Chrysler would in essence be assisting rich. -- cerberus. Investors they don't Chrysler now at the expense of middle class nonunion auto workers is this the new progressive -- that we keep reading so much about. But carmakers say bankruptcy is unthinkable not option in bankruptcy would certainly be an expensive not least for Washington itself. Which would be responsible for 600000. Or so retiree pensions through the pension benefit guarantee -- That's that if new federal agents Yellowstone about. If our politicians can't avoid throwing taxpayer cash in Detroit than they should at least do so one way that really protects taxpayers that means he ending -- receiver the power to replace current management. Zero out current shareholders. And especially to rewrite labor and other contracts. Anything else less is merely a pay off did Detroit politicians and their union --"

" So I you know again just in time analyst allied Donald Trump can't get a bailout for -- building in Chicago venture through -- bill American Express I don't understand what about all would there there are a lot of workers in Massachusetts we're -- you lose their jobs they just found out yesterday they work for DHL. You know they're shut down they all the the HL law. Facilities around here except for the one in South Boston in -- god only knows how long -- still be opened so you know while what is DHL get a bail out. The what about all that what about all the dog track workers who were basically got there -- got -- you know way he a 2010 layoff notice when the the -- cheered the state bullet to shut down the dog tracks with with by voting for question three. Do they get that does that does George Carney. And and Charlie shark is the guys that -- the racetracks that they get paid to they get a bail water -- its -- were all just a party the party. Discarding get a bailout who doesn't get a bailout around here. 18774694322. You know what city I'm going to declare myself a bank holding company. -- got. I've -- does that mean we come to work not donating it paid a lot of us how ways bank. I are here irony decided I was gonna be honest how we saving and loan -- I think it's different to carbon -- I think it's the I think it's different it's honest how we savings and -- I think government have to change should change the name to become -- a regular bank. Much as the Nasional. Scuba I don't because I want to get I want to get this free money if American Express can get a white kid and I get -- why can't -- always bank Gannett. 18774694. Why can't Philly your name here become a bank holding company and get some money from the."

" Show me the money show me the bailout. 18774694322. We're giving away at T shirts. But say 133. If you don't know what it means that find out 133. -- in your next with Howie Carr go ahead Dan."

" Wow you're on a roll."

" I suggest guy I'm what I eat I thought my head was -- or explode when I read that to the Amex was going to become a bank holding company so we can get some federal welfare today."

" Well that's what broke -- go get the bid but bailing out these are companies that might be the old Soviet Union -- that make these raptors. And no one thought that tractors and -- Put it mildly got an attractive would -- a -- com don't work and they paid workers and make these practice that no one bought it so -- dark."

" And -- this wasn't there a joke we we we pretend to work -- they pretend to pay us."

" Yeah exactly. Very scary I don't know this between fail and outgoing ought to -- paying for -- I'm a little nervous."

" BI I don't -- in the show us some somebody today said. Some big. CEO. Said that the east he didn't he thought that this was more like 1929. That you know this this seemed to said the feel of something that we're just getting started. -- there were a lot of problems comin' down the road by a priest I hope he's wrong about that but. I just I don't see -- and the more I think about it that the you know I mean I don't want these people to be unemployed. But on the other hand the more I thought about the job bank. And you always the UAW feather bedding that's gone on it and you -- what happened and what happened in seventy in in 79 with the Chrysler bailout I know they turned it around we Iacocca. But you know what happened is they've laid off half the company the only people that bailed out -- the shareholders. You know. Yeah in this case the shareholders are going to get bailed out it's going to be the unions."

" The other union they got a piece -- all these contracts that are bad it's Kilby doubly odd trade industry and our rug in our country so."

" Right exactly a dead hold -- did you're getting a T shirt. 1877469432218774694322. Or eventually most unionized study industries. We reach too far and and they. And and it it knew its like the dinosaurs you know. The dinosaurs were the kings in -- but they got too big and bulky and we unwieldy and then leave the mammals came along they gave up birth to thereof that to their. Offspring. Lives they didn't have to worry about -- ages -- to -- they ate the dinosaurs eggs and kill them off that the com I."