By MIKE JONES Associate Editor on Dec 4, 2008, at 2:03 PM Updated on 12/04 at 2:03 PM
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Whether or not you agree that the Big 3 automakers ought to be bailed out, and it seems pretty clear that the majority of Americans don't think they should, you have to hand it to the CEOs of Ford, Chrysler and GM for a valiant effort, albeit their second try.
Congress bailed out Wall Street to the tune of $700 billion. It bailed out American International Group with $85 billion in taxpayer money. The automakers asking for a mere $34 billion seems reasonable.
And there is this: All that money was handed over to Wall Street bankers and others with hardly any concessions from the troublemakers. At least the automakers are saying some of the right things. They told a congressional hearing Thursday that they are willing to cut jobs, drop some brands (namely Pontiac and Saturn by GM), cut CEO pay (they have offered to work for $1 a year), reduce benefits to workers and retirees, sell some corporate jets and concentrate on more fuel-efficient vehicles. The unions say they, too, are willing to make changes and concessions.
Wall Street took the money and already the Government Accountability Office is reporting that there is not enough oversight of how the money is being spent. That, and greed, is what got us into this mess in the first place.
Maybe the auto companies should be forced to make it on their own or go into bankruptcy. But remember this. It's not only Detroit that is going to take the hit. Local auto dealers will close. In many communities, car dealers are leaders in civic involvement. In smaller cities, they can be one of the larger employers. If the bigshots in Detroit fail, it will be felt in Oklahoma.
And who would want to buy a car from a bankrupt company?
If Congress listens to voters, it will deny the bailout. There are other avenues. The treasury department could divert funds without congressional approval. That might be the best and only chance for the Big 3.
Whatever happens, it's not going to be pretty.
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