Wed, 19 Nov 2008

Senators rip auto industry

Ya know, Dodd's right: the Big Three have been poorly managed dinosaurs, and are deserving of the harshest punishment the market can apply.

But the same could be said of Bear-Stearns. And AIG. And many major banks. Why is it OK to pass them unlimited cash to keep going on about their miscreant ways, but not OK to do the same for Detroit?

Given the numbers of voters people likely to be affected, you'd think the automakers would have had a leg up, but apparently not so.Was it the level of campaign contributions? Again, the UAW has been a mainstay of the Democrats for years, and they control the Congress, so that doesn't appear too likely.

Is it because the automakers, for all their faults, actually make something other than hot air and paper? Are we, as a society, becoming oblivious to the obvious: somebody, somewhere, has to make, grow or otherwise produce the products we buy, sell, trade and sue each other over?

The mere fact that the question must be asked is a sad commentary on our condition.

Skeptical senators grilled auto executives at a hearing today, calling them short sighted and unimaginative, as they seek a $25 billion taxpayer-funded bailout to ward off looming bankruptcy, CNNMoney reports. "Their board rooms in my view have been devoid of vision," said Sen. Chris Dodd.

(link) [CNN.com]

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