The Big Three automakers want $34 billion so they can keep making bad cars and losing even more money.
Congress is skeptical the Big Three know how to salvage their car companies.
What I find most distressing is how tough Congress is questioning the carmakers while the banks were bailed out for $700 billion without a single whisper or catcall.
When basic fairness is missing in the handout-bailout process, hackles are raised, backs arch and we wonder why favorites are being played.
Unemployment is now at 6.7%. 533,000 Americans lost their jobs last month. In the previous two months job losses were over 200,00 for September and October.
Yesterday, AT&T laid-off 12,000 workers.
If we allow the Big Three to die on the Rust Belt, we will be destroying the economy of the Midwest and over a million employees in auto dealerships across the nation will be jobless.
Do we really want to tempt Reagan’s economic disaster in 1984 when 1.9 million jobs were lost as unemployment hovered around 11%?
Do we want a nationalized car manufacturing service? Should we re-brand the Big Three as “Homeland Autos” and sell the cars at cost after breaking the unions and inhaling the existing pension programs?
Does the United States really want to outsource all car manufacturing to Japan and rising manufacturing titans China and Russia?
What will it take to turn around the American economy?