Domestic automakers over the weekend were putting the finishing touches on turnaround plans that they will present to Congress in hopes of securing $25 billion in emergency loans to help them survive the current economic crisis.
But unlike during their first visit to Washington, top executives from General Motors Corp., Ford Motor Co. and Chrysler on Tuesday will each hand in separate blueprints for what they are looking to do with the money.
After that, the CEOs will meet with Congress for two sessions on Thursday and Friday before a vote is likely held next week that will determine whether the automakers’ pitches hit their marks.
Doesn’t this all sound great? Here is the problem with yet another bailout. Currently the Congress Men are grandstanding so that they look good to their voters. DC is going to be under Democratic control and the Democrat’s support Unions. If the 25 Billion is not given to the Auto Makers then they will file for Chapter 11 BK protection and this will allow them to break the current Union Labor Contracts.
This is dangerous as because many people could loose their high paying jobs and even people with retirement pensions could be at risk. This is just too big of a risk for Congress not to give the money. So as always let’s get on with the show. My program shows that scene two will happen today. I bet that we might even get a teaser clip after the markets close as to what is coming up next. Such as how the Big Three plan to save money in the future.
Episode Three: Part One – Congress showboats some more as we watch televised hearings about why the money should or should not be given.
Episode Four: The Conclusion of Congressional Showboating
Episode Five: Congress votes on making the 25 Billion dollar loan. This should air next week.
This is a serious issue that needs to be addressed seriously. I am pointing out the facts that most people miss because they are to close to the situation to see things clearly. It is like the when the person you are dating is cheating on you and you are the last to know. We have all been there.