EDIT: The auto industry flew to Washington, D.C. in their 50 million dollar private jets with their hands out asking US taxpayers for money.
I was watching K. Olbermann and John Talbot Author of "Obamanomics" was on talking about this subject. He brought up some excellent points:
- The American auto industry has been the worst industry for decades.
- We as taxpayers are being asked to fork over cash before any restructuring and we are expected to give that cash to the worst management.
- This is an industry that opposed airbags, seat belts, MPG standards, and the clean air act.
- When the American auto manufacturers introduced hybrids they decided to start with BIG ASS SUVs like the escalade and the Denali bringing their MPG up to an impressive 20 MPG
- These idiots are still selling $20,000 pickups for $35,000 and $30,000 SUVs for $55,000
The game is over.
I was watching Friday's Real time With Bill Maher and Ashton Kutcher made a great point (although he fell flat when he was talking about the Mars missions).
He said the oil industry should bail out these American auto manufacturers. And he makes real sense. The auto manufactures have had a symbiotic relationship with the Oil industry since there was an auto industry. Its these crooks that have been making record profits that need to bailout these failed companies not us.
Lastly there needs to be some kind of fat trimming. No more multi-million dollar bonuses for fat cats, no more resort trips around the world.
I was against any form of bailout without restructuring and organization. Nancy Pelosi finally said "Show us your plan before we show you the money" I wish she had said that to the banks before we decided to hand over one trillion dollars.
Dennis Kucinich had a great line that said -and I am paraphrasing here - "none of us doubt whether you are working hard or not. What we want to know is who you are working for" to Neel Kashkari.
Watch it here