December 1, 2008 - PPM - Big 3 Bailout Update

This week’s PET PEEVE MONDAY (PPM) was a bit delayed as I was following the Carmakers’ plea for a US bailout.

This was the subject of my PET PEEVE from two weeks ago. I submitted the Peeve to the local paper and it was published on November 22.

The Big Three went to Congress in November and asked for $25 BILLION. Congress sent them packing, back to the Detroit with their hubcaps in their hands.

They had come to Washington via individual private jets and without a plan. At least they could have done is “jet polled.”

But, oh, how the times have changed.

Now, not even thirty days later they return to Washington (via car) and are asking for $34 BILLION. WTF?

Here’s my (updated) PEEVE.

It took a scolding from Washington for these MAJOR companies to come up with a recovery PLAN? Nice leadership.

Now, Congressional members are going to “review” the plan to see if it is worthy.

These members of Congress, by in large, have never held a job in the private sector. They wouldn’t know what a profit is, because the business they have been in charge of is running the largest deficit in the world.

Remember, only Congress (not the President) has the right to collect taxes and spend money (Article I, Section 8).

The CEO’s plans include $1 annual salaries for themselves and the selling of their corporate planes. Wow, that’s like tossing deck chairs off of the Titanic in order to remain afloat.

If they come back in January will the number be $43 BILLION?

Chapter 11 is there for a purpose. Many airlines have used it and emerged from bankruptcy protection stronger, leaner, and more competitive.

The car companies claim that no one will buy their products if they file Chapter 11. Well no one is purchasing them now anyway. Their argument is a sham and simple fear mongering (see airline argument above).

Here’s a thought. Make a good, quality product, offer it at a fair price, and we’ll talk. Until then, put your hands in your pockets and get them out of mine, the taxpayer