Stay bent over, America — and remember, resisting only makes it hurt more:
Organized labor wants Congress to add to any bailout plan more protections for workers’ pensions battered by the market meltdown.
James Hoffa, president of the International Brotherhood of Teamsters, whose second-biggest pension plan covers more than 200,000 retirees and has racked up billions of dollars in losses this year, sent a letter to Congress on Tuesday. He asked that pension plans be allotted more time to make up funding shortfalls caused by huge investment losses and the recent market turmoil.
And guess what? They’re going to get it. Here’s a PDF of the tentative bailout plan.
And have you wondered how the government chose $700 billion as the starting point for the bailout? It was an incredibly detailed and arduous process:
Ã¢â‚¬Å“ItÃ¢â‚¬â„¢s not based on any particular data point,Ã¢â‚¬Â a Treasury spokeswoman told Forbes.com Tuesday. Ã¢â‚¬Å“We just wanted to choose a really large number.Ã¢â‚¬Â
Maybe I’m a little out of line, but this could well be the **biggest scam in the history of the world.
(**Depending on how much money Al Gore’s global warming hoax ends up bilking the planet out of)
Now if you’ll excuse me, I have to go buy one of these t-shirts before they’re sold out:
Update: Looks like the bailout might not pass the House. Watch for exploding Democrat (and some Republican) heads pretty soon.
I can’t help but wonder how Democrats manage to maintain the facade of being the “party of the working man” when they were the first in line to shovel good money after bad toward huge corporations and the rich executives who run (or ran) them. Sure, the reason is obvious, but it’s amazing that they can still get away with the “hero of the working class” label.
If McCain loses in November, remember his embrace of the bailout plan as one of the main reasons why.