
Great Depression Online
Long Beach, CA
November 18, 2008
Inside This Issue You Will Discover…
*** Panhandling the Feds to Make Payroll
*** The Anatomy of a Mulish Ogre
*** The Wrath of Jimmy
*** And More
Panhandling the Feds to Make Payroll
The pursuit of ignominy is nondiscriminatory. For
it’s with equal opportunity that each individual is granted the
occasion to act a buffoon. Most rare is the man who heeds the
calling, ascends to the highest ranks of public office, and
preserves his dignity. More often, he takes his cue, steps
center stage, and behaves like an utter jackass.
If you’re not familiar with
In short, it was political suicide. The public went
berserk and a special recall election was organized.
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~~~~~~~~~~~~~~~~~~~~~~~~~
The new Governator strutted around like a peacock on the
walk, boasting how he was going to reign in spending in
Suddenly, the Governator was reading from a new script.
It called for ballot initiatives, bond measures, and big public
spending projects. Now, scarcely five years later, the state’s
broke again. And the Governator’s panhandling the Feds to make
payroll while the teacher’s union swills sumptuously from the gravy
train.
The Anatomy of a Mulish Ogre
James Riddle (Jimmy) Hoffa grew up a two bit hood rat,
slumming the back alleyways of
He also suffered from several grave disorders…namely he was
a mulish ogre. Jimmy greeted a punch to the face like a kiss
from a goddess. Also completing his character trifecta was an
early strain of a debilitating mental syndrome that has since become
a national epidemic…the entitlement syndrome.
So it was with the disposition of a loaded gun that Jimmy
showed up for work at the Kroger Grocery and Baking Company
warehouse one night in the spring of 1931. There, as the gods
would have it, a severe resentment with his boss set his life’s
purpose in motion with the relentless fury of a runaway steamroller.
Jimmy was too much a brute to not see that which was not
directly before his very eyes…
…that his job was not a right.
…that if he didn’t like it he could go work elsewhere.
…that if he didn’t want to work for someone he could start
his own business.
In fact, the world was a much freer place back then.
Barriers to entry were minimal…no business license, no city permit,
no state sales permit, no county fictitious business name filing.
All Jimmy had to do was save up a couple days pay, buy a basket of
strawberries, and go door to door…earning a little profit for his
enterprise. He could’ve been in business for himself by weeks
end.
Instead, the mulish ogre steamrolled forward, bullied his
coworkers, and called for a work stoppage just as a truck loaded
with perishable
Soon after his career with Kroger ended. For the
money as a union shill was too good to pass up. Jimmy bullied
his way to a fulltime job with the International Brotherhood of
Teamsters, ultimately becoming its president. There, through
fear and intimidation, Jimmy organized worker strikes and
boycotts…and leveraged mob connections to racketeer employers and
bend them to meet his will.
Jimmy was finally busted for attempting to bribe a grand
juror and was sentenced to 15 years in prison. But Tricky Dick
Nixon later commuted his sentence and Jimmy was again stirring up
worker strife by late 1971. By 1975 he had double crossed one
too many, and disappeared from the face of the earth.
The Wrath of Jimmy
Though Jimmy never got his greedy paws around the
collar of the automobile industry, he didn’t have to.
For the United Auto Workers (UAW) already had their scuffed
up work boot firmly stomped down across its neck.
And they were successful at executing the worker strike tactics that
Jimmy had devised to extract ever larger helpings of the proceeds
from
The UAW’s been so successful at leeching the
blood from its host that it’s now ailing on its deathbed.
It’s no secret the combination of labor extortion and poor
product quality has brought the
This week the fate of the
UAW President Ron Gettelfinger specified his
union’s position over the weekend, “…workers will not make any more
concessions,” reported AP.
Nonetheless, The Big Three are soliciting the Federal
Government to keep the lights on…
“The companies [The Big Three] are seeking $25 billion from
the financial industry bailout for emergency loans.” And “GM
has warned it might not survive through year’s end without a
government lifeline.”
On Sunday, Senators Richard Shelby of
“‘Companies fail everyday and others take their place. I
think this is a road we should not go down,’ said Shelby, the senior
Republican on the Senate Banking, Housing and Urban Affairs
Committee. ‘They don't innovate. They’re a dinosaur in a sense.”’
“‘Just giving them $25 billion doesn't change anything. It
just puts off for six months or so the day of reckoning’” added Kyl,
the Senate’s second-ranking Republican.
On the contrary, “House Speaker Nancy Pelosi, D-Calif.,
said over the weekend the House would aid the ailing industry,
though she did not put a price on her plan.”
And Democratic Rep. Barney Frank of
If no bailout’s agreed to before the end of Bush’s lame
duck Presidency, President-elect Barack Obama will be put to the
task. With no hesitation, the labor unions that helped Obama
win the White House will be looking for some payback.
Could a Greek play write have come up with a more amusing
comedy…or tragedy?
From his exclusive corner carved out in the depths of hell,
it’s no doubt, Jimmy looks up at the spectacle with a grin and a
titter…appreciating the wrath he bestowed upon the world.
Sincerely,
M.N. Gordon
Great Depression Online
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Report, Top 10 Stocks for 2009 and Beyond. Inside you’ll get
the full story on all ten high-potential investing ideas for the
upcoming year…including an international fund that’s perfectly
positioned to capitalize on one of the world’s most promising
markets…another that invests exclusively in the most undervalued
major foreign market on the planet…and a unique security that has
delivered average annual returns in the double digits over the past
five years. Learn more here:
Top 10 Stocks for 2009 and Beyond.
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