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Carmakers Likely To Get What They Want

By Reggie Abaca, Published: December 4th, 2008 1:24 PM CST

The question is not will they get the cash.  The question has become: how much will they get?

After all the whining and attacking of executives for flying into Capital Hill on corporate jets, those same executives are driving into Washington in fuel efficient cars to ask for more money than was originally proposed.  Perhaps they learned from the Treasury Secretary: if you ask for it in a financial crisis, you will get it.

The United States Congress continues to show their unbelievable weakness when it comes to dealing with a financial crisis.  This should have been obvious in watching the presidential election.  Neither candidate had a handle on what to do about the economy.  We cannot expect anything more from Congress, who has not even pressured the U.S. Securities and Exchange Commission to reinstate much needed regulations.

Executives from GM (GM), Ford (F) and Chrysler originally went to Congress without a plan.  Now, they've organized and are asking for 34 billion dollars on top of 11 billion dollars for fuel efficient subsidies.  And it's almost as if the government is excited about this.  President-elect Obama is considering putting up a "car czar" position where the government ends up with leverage and control over the carmakers.  Maybe they can run it like the DMV.

When it's all said and done, during a panic you can count on rationality going out the window.  America is like a victim of a shooting and the doctors, instead of taking the bullet out are just flailing around trying to stop the bleeding.

Related: GM, F

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