Friday, November 21, 2008

The Not So Big Three

Over at the Guardian, I ask the question, "Is there anyone who had a worse week than the CEOs of the big three automakers?" Even in a week full of bad economic news, these guys had a rough time of it:
Robert Nardelli of Chrysler, Rick Wagoner of GM and Alan Mulally of Ford came to Washington to make their case for a taxpayer bail-out, and left town empty-handed and with fewer friends than when they arrived on their private jets.
Instead of wondering whether the automakers are too big to fail, members of Congress decided they are too dumb to know how to beg for money. House speaker Nancy Pelosi and Senate majority leader Harry Reid, who had really wanted to help the automakers, sent them packing, saying they should go back to the drawing board and come back with a plan that isn't built on bleeding more red ink and hoping for the best.
Keep in mind that Congress really wants to help the automakers. But these guys made it harder for themselves. They've been given until December 2 to submit plans that won't leave members of Congress shaking their heads.
By the way, ABC News is reporting that GM is downsizing its fleet of corporate jets.

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