12/13/2008

I needed some repairs done on my car earlier this week and because of the type of repair, it (unfortunately) had to be done at a dealership.  The part I needed had to be ordered and I was told that the part was under warranty, but labor was not and the charge for the labor would be $150.  The representative called me when the part arrived and told me that it would only take 20 minutes, so I could come by that afternoon and they would have me "in and out".  After 2 hours in the lobby, I was handed a bill for $295, and left questioning why would I want to bailout this industry?  That got me thinking of the types of companies Congress has bailed out and the reputations they have.   We have rescued the mortgage giants (Fannie and Freddie), insurance companies (AIG) and discussions are still in the works for the automotive industry.  Imagine if you bought a tube of lipstick at Wal-Mart that was labeled $4.77 and were charged $7.40 at the counter.  You would not buy the lipstick.  Imagine that Macy's said they opened at 10:00 and you waited out front until 11:40 for them to open.   You wouldn't shop there.  Imagine you order a steak that is $24.95 on the menu, but your check shows $34.95 because of charcoal, Worcestershire and preparation fees.  You see, this type of activity does not work when companies operate in true capitalistic situations.  However, how many people have situations exactly mine at the car dealership?  How many people have learned about hidden fees at the bank after it is too late?  How many people have had moving vans loaded with all of their possessions when they are told their program was changed to a 2 year ARM at the same rate as the 30 year fixed rate that was discussed and quoted?  How many people have learned the nuances of their insurance once they are sick or have had a robbery or an accident? When companies and industries, such as banking, insurance, and automotive repair not only know that you have few options, but that if you exercise these options they will be saved by their rich Uncle Sam, there is no consequence, but for you and me.  I finally moved into the majority today.  I have stood by President Bush and although I disagreed with some of what he has done, I wouldn't have told a pollster that I didn't approve of him – until today.  61% of the American public are against a Detroit bailout.  48% of the American people were against the first bailout, yet our "representatives" voted for it regardless of our opinions.  They must think that their subjects do not know what is best for them.  Thankfully, the House of Representatives voted against the Detroit bailout.  George Bush had less than 40 days to keep favorability with me and he just couldn't stand it.  He is trying to bail out Detroit with TARP funds.   Thanks, Mr. President.  What a great way to go out.