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Auto Bailout next?
By William S. James
The U.S. automakers are seeking their share of the $700 billion bailout package by the Federal government. General Motors has been blowing through $2 billion a month, and predict they could be out of money by mid-2009. In order to save their company, GM wants billions of Federal dollars, and Democratic leaders on Capitol Hill are urging the government to bail them out in some form. While nobody wants to see thousands of autoworkers out of a job, eventually, the Federal government will need to draw the bailout line in the sand at some point. As a whole, the U.S. auto industry is in bad shape, with Ford and Chrysler not any better off than GM, and it should be no surprise. In their usual, short-sighted, Hummer mentality, the U.S. Automakers have had most of their factories producing large, gas guzzling SUV’s and trucks, at a time when American car owners have had their confidence shaken by seeing gas prices reach an all-time high, above $4.00 per gallon just a few months ago. Gas has recovered to more manageable levels at around $2.50 a gallon, but with high food prices, and the continuing meltdown in the housing and job markets, it seems as though some Americans might finally have seen the light and learned to regard our dependence on foreign oil as a security issue. Some Americans might even get it, that the consumer is the first line of defense against the United States’ addiction to foreign oil, and as the customer, should demand even more fuel efficient and affordable alternative-fuel vehicles. If the U.S. Government is going to write any more checks to the auto industry, it better be with a clear understanding that the money must be used for change, and not just as a pay-off to keep the same people who keep making the wrong decisions in business. Aid to the auto industry must be tied to retooling for changes in U.S. Energy policy, and must be part of the big picture, or it will be billions of dollars more, flushed down the toilet. William S. James, Willing to drive a small car
This intel first appeared on: http://www.fz2878.com
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