Thursday, December 11, 2008

South Carolina Senator Predicts Riots from Auto Bailout

"We’re going to have riots. There are already people rioting because they’re losing their jobs when somebody else is being bailed out."-Jim DeMint 12/10/08 at a press conference

Assume Senator Jim DeMint (R-SC) is serious about his prediction that widespread job loss will cause riots. Maybe, he should take action to keep people employed. At a minimum, he should be quiet. A leader would work behind the scenes with police and National Guard to minimize any threat.

But giving billions to companies to fire tens of thousands of workers? Mr. DeMint's Senate did just that.

CitiBank-got $45 billion in TARP money, plus $306 billion in loan guarantees-53,000 layoffs
Bank of America/Merrill Lynch-received $25 billion-plan to fire 35,000 employees

Try planning a bailout that saves jobs, Mr. DeMint. America's reverse economic development is funded by a U.S. sovereign multi-generational IOU fund.

Companies that got unions this past century, generally deserved them. If a riot breaks out in front of Senator DeMint's office, I won't be surprised.

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