Thursday, December 4, 2008

Automakers reduced to driving own cars

Automakers try to sell Congress on rescue Thursday
U.S. automakers are returning to Congress for high-stakes hearings they hope will persuade skeptical lawmakers to save their troubled industry with $34 billion in emergency aid, but a top Senate Democrat wants to hand their problem to the Federal Reserve.
Chrysler said it needed $7 billion by year's end to keep operating. GM asked for an immediate $4 billion as the first installment of a $12 billion loan, plus a $6 billion line of credit to use if economic conditions deteriorate. Both said in plans submitted to Congress that they could drag the entire industry down if they fail. Ford requested a $9 billion "standby line of credit" in case one of its Detroit competitors fails.
The auto executives were roundly criticized for taking corporate jets to the hearings last month and this time made the 520-mile trip to Washington aboard hybrid cars. Underscoring the different approach, Wagoner and GM officials ate lunch Wednesday at Quiznos at a Pennsylvania rest stop along the way.
Congress, do you see the level at which these men are willing to debase themselves to get at your precious precious money? Driving their own companies' cars. Eating peasant food at truck stops. Asking for nine billion more then they did the last time. Pretending their base salary is all they get paid. What else must they do? Gimme, gimme, gimme, money, money, money.

It's nice to know they value cheap political stunts too. Though how hard was it to see that there would be blowback from jetting in to town on a million dollar plane to plead poverty? I guess you used the same kind of foresight that put you in such dire straits, huh? I'm sure this "Look, I'm in a hybrid this time. We evidently make them and I sat in one. Quizno's! Money now!" strategy will work, especially since you've all failed so hard since the last groveling session that you need even more money now.

Unfortunately Pelosi and Reid are dumping it onto the Fed, Treasury Department, and Bush. Pretending like they have some sort of stake or interest in making sure the auto industry doesn't go tits up. That means you're going to fail. They don't give a shit. Maybe if you pedal a bike to Washington, eat a gas station sandwich, and ask for $60 billion, they'll care. C'est la vie.

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