Everyday I see stories about the outrage people have that bank executives are being paid at all and that they still have corporate outings in a time of financial crisis in their sector. There is the large argument on who is to blame and what responsibility each of us carry for this mess. But, that is not my issue today.
I want to focus on the strange inequity in the country and how the average American deems something to be just and fair. That inequity rears its head in the form of NASCAR. If I am correct, GM took $13.4 billion of tax payer money just recently to stay afloat. Chrysler took $4 billion in bridge loans also. At the same time they are going to be spending an estimated $25 million a year to have race cars go around in a circle. Aside from the outlay of taxpayer money to fund these events, this does nothing to help the environment and reduce gas consumption. I do not see how GM and Chrysler having corporate tents and sponsorship at these events is a good use of our tax dollars.
It seems as if this is something that the average American should be outraged about. But, you don't hear any outcry about it. Instead the average American is all up in arms that the oncoming CEOs of failed banks may get a salary as they try to lead these institutions back into solvency. I understand the anger over somebody who drove the banks into the ground getting a bonus, but, most of them are gone. Most of the people that the American public want to punish are the people who have come in to try to fix things.
On top of that, NASCAR itself is getting direct bailout money in addition to the money from the bailed out auto industry. They are getting $128 million to revamp some of their racetracks around the country as part of the stimulus plan.
Guess this is how a democracy works....
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There was a time in this great land of ours, long before gas lines... Back when "Watergate" was just a hotel known primarily by Washington insiders... Back when when hi-test gas was $.25/gallon (I remember those days, vaguely, and yes, I fart dust)... When the mantra in Detroit was "Win on Sunday, Sell on Monday."
ReplyDeleteAutoracing was a means of advertising, of demonstrating the superiority of one make over another, weekend after weekend through the course of a year.
Arguably, the "Win on Sunday, Sell on Monday" relationship has been lost, as NASCAR moved from tub based racers to silhouette racers that are virtually identical to each other, regardless of the supposed "make." It's just a show now, with loyalty to personable drivers replacing loyalty to a brand.
I happen to think NASCAR is the most gawd-awful waste of time on the planet -- its only saving grace is that it's not golf -- but it is still advertising. The manufacturers wouldn't do it if they didn't see a potential positive impact on the bottom line.
If NASCAR is a huge waste of taxpayer money, do you also advocate eliminating all advertising by GM & Chrysler? Might bolster the bottom lines in the short term, but how is that good in the long term?
I just may advocate eliminating all advertising by any company that needs government money to get bailed out. If we don't we may quickly end up with more quasi-government entities. We need to hold all of these companies on a short leash until they can become solvent again. Or they just need to go and fail. There is no way that propping them up through the government is going to be cheaper than having the failures.
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