[E]ven if born-again “free-market” Republicans in this lame-duck Congress block its passage this week, I have no doubt that the Obama Administration will work with Democrats in the new session of Congress to enact an even more favorable bill early next year. And, presumably, the big 3 automakers can hold on until then….
[First banking, now the auto industry…., The iPINIONS Journal, November 18, 2008]
Even though it’s a foregone conclusion that taxpayers will be forced to bailout the auto industry for the same reason we bailed-out the banking industry, namely because its “too big to fail”, the US Congress will convene a second round of dog-and-pony hearings today to extract as much groveling out of Detroit’s big-three CEOs as politically possible. Of course, these corporate big dogs will be all too happy to oblige.
But nothing demonstrates the disingenuous nature of these hearings quite like the CEOs of Ford, Chrysler and GM driving nine hours from Detroit to Washington, DC yesterday – in a convoy of three fuel-efficient hybrid cars – to show how much belt tightening and sacrifice they’re prepared to endure to prove their industry worthy of this bailout.
Moreover, the cynicism of these hearings is such that I’d be surprise if a single congressman has the cajones to express indignation at their patently contrived road trip. After all, this stands in puerile contrast to the way these same CEOs arrived in DC for round one of their bailout mission: in a formation of three gas-guzzling, CO2-polluting private jets.
Not to mention that the only reason these three stooges are returning today is that THEY had the cajones to show up two weeks ago with no comprehensive business plans to show Congress how they intended to spend the $25 billion they were begging for (i.e., not on their outrageous compensation packages and fleet of private jets).
This is why, after ridiculing their hubris, Congress sent them back to Detroit with their tails between their legs to draft the requisite plans.
To be fair, however, these car guys probably thought they could get away with this impudent plea because of the precedent the Bush administration set just weeks prior by giving the CEOs of the banking industry a $700 billion bailout without demanding comprehensive business plans from them.
Meanwhile, perhaps to reinforce the fact that they really have no shame, reports are that the CEOs of the auto industry are now begging for a $34 billion bailout.
Unfortunately, the joke’s on us; because they’ll get all of it, and more….
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First banking, now the auto industry
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