Who needs to make cars?
Chrysler said it needed $7 billion by year's end just to keep running. And GM asked for an immediate $4 billion as the first installment of a $12 billion loan, plus a $6 billion line of credit it might need if economic conditions worsen. The two painted the direst portraits to date — including the prospects of shuttered factories and massive job losses — of what could happen if Congress doesn't quickly step in.
What are they going to do with the money? Who knows? It's not important. What's important is that we must give them the money NOW or else something bad will happen. If we give them the money now then next year they'll make some changes in the way they spend money.
GM, which along with Ford and Chrysler was criticized for using corporate jets to get to Washington last month, said in a statement it will halt travel on such aircraft starting Jan. 1 and is pursuing the sale of four planes.
Ford plans to sell five jets and would pay Chief Executive Alan Mulally a $1 annual salary if the loan is used. GM’s Wagoner and Chrysler CEO Robert Nardelli also would be paid $1 a year under their companies’ requests.
Of course such changes will come later. They can't make those kind of changes now because they're busy trying to con the US Congress into giving them money this year, so they can collect those end of year bonuses before their pay gets cut.
We're probably going to give these clowns money. There's no hope for us. We're doomed.