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Northwest Voices

Seattle Times letters to the editor

June 2, 2009 at 4:00 PM

GM’s bankruptcy

Obama flushed bailout money down the drain

I seem to be the only one with concerns about how the present administration is handling our money. I have seen nothing in The Seattle Times questioning the Obama administration about the $60 billion flushed down the drain by GM and Chrysler [“GM: How an American giant rolled off course,” page one, June 1].

Many respected economists warned that bailing out the two automakers would do no good and that it would be best to let them go into bankruptcy, reorganize and come out on their own. President Obama declared the companies were too large and too important to the country to allow them to fail. Perhaps someone should tell him that they both did fail and are now are doing what the administration should have allowed them to do in the first place.

It would be nice if the media would report on this administration as they did with the previous one. It has been estimated that with the national debt as it is now, each family in the U.S. owes more than half a million dollars, yet Congress and the president continue to spend recklessly.

It’s time for all media to get backbones and start reporting accurately on what our new administration is doing to our country.

— Ed Anderson, Kirkland

Where’s the justice in billion-dollar bailouts?

I just wish someone could explain why a personal bankruptcy for a few thousand dollars is generally considered such a horrible crime against humanity, this country’s economic well-being and worthy of social and financial ostracism, but a corporate bankruptcy for a few million or billion dollars is not, and is generally brushed aside as merely “the cost of doing business.”

It is apparent — to me, anyway — that corporate failings, misdeeds, etc. have crippled this country’s economy far worse than any personal shortcomings ever could, yet the CEOs, CFOs and chairmen of the boards of these bankrupt entities continue to live country-club, Lear-jet lifestyles funded by million-dollar golden parachutes and lavish retirement programs.

Meanwhile, we God-fearing taxpayers continue to make our house payments on time every month to our lender — the reckless, out-of-business, bailed-out WaMu (err, JPMorgan/Chase) — and unfailingly send our car payments to now-bankrupt General Motors. At the same time, we had our home equity line of credit slashed by 50 percent and credit cards canceled –for nonuse, I might add — both of which affect our credit scores and our ability to refinance our mortgages.

So I ask hypothetically: If corporations like WaMu and GM can have billions of dollars washed off the books with the stroke of a pen, then why doesn’t my piddling $20,000 GM car note and measly $100,000 WaMu mortgage get included in the whitewash?

Where’s the justice?

— Kieran Sullivan, Seattle

Comments | More in Automobile industry

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