If You're Wall Street, You're Fine; If You're Detroit, You're Screwed

The recent bailout of Citigroup while the automakers are left hanging is a testament to the warped priorities of financial experts both left and right wing. As Robert Reich points out, Citigroup has little real effect on the economy, while the collapse of General Motors and other Big Three automakers could trigger a massive economic collapse. The other major difference is that while a Citigroup collapse would mainly harm Wall Street, the loss of the major automakers would harm the country in general, and the working class in particular.

This is not to say that there should be a no strings attached bailout of the major automakers. At the very least, they should be required to put a real effort into integrating green technology into their cars, and to look into mass production of electric cars. However, it is only common sense that mass employment enterprises should be bailed out before we bail out Wall Street firms. Needed economic stimulus should come before corporate socialism. As Paul Craig Roberts recently pointed out, "A country that doesn't make anything doesn't need a financial sector as there is nothing to finance."

Pundit for Public Transport

Robert Reich has produced a very interesting commentary on his blog about the need for greater investment in public transportation. In the light of rising fuel costs, riding buses, trains, and subways is making increasing sense to a large number of people. However, Reich warns that we may need to increase public funding to meet this demand.

Maybe, maybe not. Certain things I’ve observed in Philadelphia indicate that public transport may not have the funding issues Reich warns of. Recently while riding on the 5 bus along Frankford Ave. on a weekday afternoon, I found the bus to be filled almost to capacity, a highly unusual circumstance. News reports have also indicated an increase in SEPTA ridership, so much so that SEPTA is considering expanding service, with or without an increase in state funding.

That said, I am in no way opposed to government funding for public transport. When I was in Great Britain, I found the London Underground to be an excellent means of transport. It was very efficient, and offered access to most areas of the city I wanted to visit. I think London offers a model most American cities, including Philadelphia, could learn from.