Wall Street Lobbies Successfully for Bailout Money, While Manufacturers Wither

By on June 28, 2009

Writing for the Pittsburgh Post-Gazette in a piece titled, “Time for Hard Work and Making Things,” Len Boselovic cites an op-ed piece penned earlier this year by Mark C. Tomlinson, executive director of the Society of Manufacturing Engineers, which examines why financial firms were so successful at securing bailout money over more seemingly deserving manufacturing institutions.

David Bastl, consulting engineer, speculates that the make-up of the politicos in Washington D.C. could be involved and is quoted, “We live in a country run by a political class that consists mostly of attorneys and lifelong politicians with little work experience outside the political realm. To such people, manufacturing is a strange, dark land, far from their normal haunts.”

Even Jeremy Grantham has a say in referring to the “financial mafia” which was successful in swaying Congress to their cause. Grantham is cited from his quarterly letter: Spending those billions instead “on really useful, high return infrastructure and energy conservation and oil and coal replacement projects would seem like a real bargain for society.”



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