Really Pissed Off!

It appears that we have come to the edge of the precipice, as the “Big Three” face bankruptcy! Former GM CEO Charles Wilson has been quoted as saying “What’s good for General Motors is good for the country.” Actually, what Wilson said was ….”What’s good for the country is good for General Motors, and vice versa.” Although misquoted for the past 55 years, unfortunately there is nothing further from the truth in this disastrous Economy! It also can be said for the other “Big Two”! If neither Congress nor President Bush will move to give them a bridge loan, this so called Recession will become a full blown Depression!

I can’t believe that I’m actually writing that we should give Detroit money for bad behavior, but if we don’t, we may be looking ay up to three million jobs will be lost. These figures were released by The Center For Automotive Research in a full document, but there some question as to the validity of that number. There may be some room to argue, but we shouldn’t quibble over a few hundred thousand! If “the Big Three” are allowed to go into bankruptcy and the present number of Americans unemployed, as of October, is 10.1 million, or 6.5 percent, you do the math! We don’t get November’s figures until December 5th, and you can be certain that they will be up from October. With those figures, the fallout from the failure to bailout out Detroit would place our unemployment rate at nearly 10% and climbing. That would be comparable to the unemployment rate of 1930. With no relief seen in this global economic crisis, the unemployment rate will continue to grow expedientially, as we may tumble in a long period of Depression! With that possibility on the table, does it make any sense to bail out “The Big Three”?

The overall reaction to the bailout appears to be NO! The arrogance and the ineptitude of “The Big Three” have come back to haunt them. After two days of pleading their case, the CEO’s failed to convince Congress to give them the 25 billion dollar loan. The Democrats told Detroit to come back after Thanksgiving if they could provide a detailed plan on how the 25 billion dollars was going to be spent. As Speaker Pelosi told them, “Until they show us a plan, we cannot show them the money.” It appears that ‘The Big Three” either come up with a plan, which they haven’t been able to develop over the past 20 years, or just plan to take their respective corporate jets home for the Christmas Holidays. The only plan that will get Detroit any money is to fire themselves and start to restructure the American Auto Industry. Time and time again, Detroit has seen the writing on the wall and has yet to answer the foreign auto companies. Unfortunately, Detroit is on the brink of jumping ahead of them with alternative energy vehicles as GM prepares to introduce the the Chevy Volt and Ford’s new hybrid, the The Ford Fusion Detroit does have that trump card to play, but it may be too late. Both models are well ahead of anything that the foreign market has to offer. Unfortunately, the clock on the wall is about to strike midnight, and “The Big Three” will be flying home in their corporate jets which will turn into pumpkins! It may be poetic justice for GM, Ford and Chrysler but they’ll take over 3 million jobs with them and will shake the foundation of a shattered Economy!

Michael Moore hits the nail on the head!