There are class considerations, as well as long-standing traditional rivalries here between the Union and the Confederight-to-work states.

The industrial sector that will receive a bail out (after a fashion) is the Chinese manufacture-for-export sector. As the Chinese de-value their currency against USD in the coming year, watch for the non-response out of Washington. Quid quo pro for the increase in Chinese-purchased debt needed to fund the Washington/Wall St. rescue plan.

By 2005, Financials accounted for roughly 40% of corporate profits; manufacturing for roughly 5%. The purchase of politicians tracked these lines. Both parties had become captives of the financial industry, doing their bidding, doing away with regulation, and bailing them out whenever excesses created mini-collapses (all those bailouts that occurred over the years prior to the BIG Bailout of today) The Treasury and the Federal Reserve are staffed by members of the financial establishment; they believe in the supreme importance of finance. The Executive and the Congress are both captives of the financial sector. Except for the Congressmen from Michigan, none of the politicians are indebted to the automobile companies. All of this is manifest in the relative treatment of Citigroup and General Motors.

Now that financial profits have collapsed and a President has been elected who is not in their pocket, there may be a shift in political priorities — but not a guarantee. Obama’s advisers are heavily drawn from the financial sector, educated by universities whose professors have bought into (or been bought by) the paradigm that holds finance to be the king of all endeavors, who genuinely believe that ensuring the survival of the big financial firms is necessary for the good of all. But, there is an opening now, and hopefully some alternative voices will get through. Obama’s continued emphasis on Main Street suggests that some have.

Believe it or not, there was a U.S. President who saw this coming…

“One of the great American industrialists of our day—a man who has rendered yeoman service to his country in this crisis—recently emphasized the grave dangers of “rightist reaction” in this Nation. All clear-thinking businessmen share his concern. Indeed, if such reaction should develop—if history were to repeat itself and we were to return to the so-called “normalcy” of the 1920’s—then it is certain that even though we shall have conquered our enemies on the battlefields abroad, we shall have yielded to the spirit of Fascism here at home.”
– FDR, 1944 State of the Union Address

This year’s blatant hijacking of the U.S. Treasury stands as a watershed event in that an opportunity to assert the principles put forward by this nation’s founders in opposition to tyranny has been squandered. Just how far removed we are from being anything remotely resembling the nation we were formed to be is dramatically revealed by the contrast you make, Barry, pitting the treatment given financiers versus industry in this grave moment of bankruptcy whose political manifestation is most disgusting of all…

Dividends: Institution is prohibited from paying common stock dividends, in excess
of $.01 per share per quarter, for 3 years without UST/FDIC/FRB consent.
A factor taken into account for consideration of the USG’s consent is the
ability to complete a common stock offering of appropriate size.

You truly know nothing about engineering:

“U.S. motor vehicle parts suppliers comprise the nation’s leading manufacturing sector, contributing to 4.5 million jobs nationwide and providing more jobs than any other sector in seven states, according to findings of a landmark study of the industry by the Center for Automotive Research (CAR) for the Motor & Equipment Manufacturers Association (MEMA). ”

And as for manufacture worldwide…you should study up before you let fly, because plants are shutting down across the globe

“the banksters suck, but the car guys suck even more….”

I think that pretty well sums it up.

SBrennan – thank you for that shocking history of actions against workers. Very sad.

I really hope we can find a way to get rid of the obscene influence that the financial industry has on governing. But yes, that means finding a way to get rid of GREED.