Car Makers Plead for Bailout – Congress skeptical

It’s kind of weird and cynical if not even perverse that Goldman without any losses so far got 25 bil. from the TARP and the whole car industry has to explain every cent they won’t to spend from 35 bil aid with a monthly reporting. Not that the management of the car industry is a victim of the credit crunch, this was coming long time. Goldman has no benefit to the US economy and the only reason they got it was because the Treasury secretary is the ex CEO of Goldman – this has dropped to the level of insanity – even in third world countries they deal with more logic these days.
Even worse some of the banks use taxpayers money to buy other banks or pay insane amounts of bonus payments although they destroyed trillions of dollars – this bush administration is a world class money destruction machine for money reasons but the unbelievable thing is that no one dare to stop them as the sink the titanic.
Excerpt
Car Makers Plead for Bailout But Congress Is Skeptical

The chief executives of the major US auto companies pledged to refocus on higher fuel efficiency and lower production costs as they asked Congress again Thursday for billions of dollars in emergency cash.

Ron Gettelfinger, Alan Mullaly, Robert Nardelli, and Rick Wagoner
AP
Ron Gettelfinger, Alan Mullaly, Robert Nardelli, and Rick Wagoner

Reeling from a steep slump in auto sales and a global credit crunch, the CEOs of Detroit’s once mighty Big Three came hat in hand to Washington with no clear prospect that they will get the $34 billion in assistance they seek.

As the Senate Banking Committee began its second hearing in as many weeks with the CEOs, there was wide agreement among lawmakers and the Bush administration that the automakers need help, but deep division about how to go about it.

“Inaction is no solution,” said Banking Committee Chairman Christopher Dodd in opening remarks at the hearing, convened amid skepticism among lawmakers about Detroit’s past failures to ween itself from gasoline guzzlers and make cars consumers want to buy.

General Motors cnbc_comboQuoteMove(‘popup_gm_ID0ENH15839609’);[GM 4.45 -0.45 (-9.18%) ] cnbc_quoteComponent_init_getData(“gm”,”WSODQ_COMPONENT_GM_ID0ENH15839609″,”WSODQ”,”true”,”ID0ENH15839609″,”off”,”false”,”inLineQuote”); and Chrysler are saying they face possible failure absent quick government help, with millions of good-paying American jobs at stake.

“I don’t trust the car companies’ leadership,” said New York Democratic Sen. Charles Schumer. But, he added, “We can’t let the industry fail.”

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~ by behindthematrix on December 4, 2008.

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