Bailouts for individuals now on the way

I understand working for a Fortune 100 company and feeling like you have no power. Many people have been – and will be – asked to leave their job with a pink slip. It’s not fun, I’ve been there. But since insurance companies, auto manufactures, cities, states and other groups are asking for federal bailout cash, you had to know that specific individuals would be soon in line for a bailout.

It’s a snowball rolling down the hill folks; and it’s out of control.

From the AP and today’s Hartford Courant.

The governors of Connecticut, New York and New Jersey are asking the federal government for a $48 million emergency grant to help thousands of financial industry workers who are losing their jobs.

Connecticut Gov. M. Jodi Rell said Wednesday that she, New York Gov. David Paterson and New Jersey Gov. John Corzine have sent a letter to U.S. Labor Secretary Elaine Chao urging her to approve the grant.

The governors say preliminary estimates show that 82,000 financial services jobs in the New York City metropolitan area will be lost by the end of next year because of the worldwide economic downturn.

The governors say the emergency grant would allow the states to give each laid-off worker $12,500 to help them find jobs and relocate, and provide them with other services.

This is not a loan, this is grant money. Welfare.

This simply let’s the snowball grow bigger. Why limit the $12,500 to the 82,000 white collar financial services jobs? How about the health insurance company that just laid off 5,000, the auto dealership that laid off two mechanics, or the counter help that were laid off when a few of the Quiznos shops closed in Hartford County?

Where does it end now?

2 replies
  1. Troy
    Troy says:

    I got one of these postcards in the mail claiming that they were trying to contact me about giving me a grant. I don't know for what, so I tossed it.

Trackbacks & Pingbacks

  1. […] with my list from Monday, and my post over at Radio Vice Online discussing welfare for 80,000-plus financial service employees who may loose their jobs, […]

Comments are closed.