Bailout is Henry Paulson's gift to Wall Street cronies

If there was any doubt that the estimated $700-billion bailout was to be a gift to Treasury Secretary Henry M. Paulson's cronies on Wall Street, the evidence is now clear.

Paulson's rebuke of Congress through his stubborn declaration that he will now "conserve" funds -- after distributing more than $300 billion to the financial sector and refusing to assist homeowners in danger of losing their homes -- makes it clear that those most affected by the deteriorating economy should expect only to pay the bill and not derive any direct benefit from this massive transfer of wealth.

Anthony Balderrama

Eagle Rock

AUTOS

Wait for relief will end Jan. 20

Regarding "What aided Obama now can hurt him," Nov. 17:

President-elect Barack Obama has spoken. In my words, not his, if we're giving $700 billion to Wall Street traders, it's a no-brainer that $25 billion to save the auto industry is a good investment.

The auto industry is the core of the U.S.' industrial system. Whether the banks like it or not, until Jan. 20, Obama can only offer advice. Even if President Bush would like to hand it off now, he can't.

It's not a bad thing to let the markets reach their natural bottom. It's the business cycle.

John Owen

Los Angeles

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Let oil companies bail out the automakers ("Bumpy road for Detroit aid plan," Nov. 18).

Although the current credit crisis has left the U.S. automakers on the verge of bankruptcy, the seeds of their demise were sown over the last two decades.

Aligned with the oil companies, they have spent billions to circumvent regulation, manipulate consumers, destroy California's zero-emission mandate and hamstring the federal government to prolong a profitable but unsustainable business model.

If we must use taxpayer money to bail out the industry, please insist on stipulations for electric car development, far higher fleet miles-per-gallon averages without flex-fuel backdoors, a freeze on executive bonuses, executive pay cuts and a way to invest our money so we have a fighting chance to get it back.

Noah Stone

Los Angeles

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Regarding David Lazarus' column "Bail out Big Three? Sure, with conditions," Nov. 16:

I don't agree that the taxpayer should bail out Detroit. However, if a bailout comes to pass, it must include conditions such as mandating a drastic cutback on model and nameplate proliferation as well as executive compensation.