This morning, I was thinking about the loan the auto makers are asking for... In a time where money is getting thrown around in the hundreds of billions, why not lend these guys a hand? I don't have a problem with assisting them in their time of need, but I do have a problem with their serious attitude problem. The Big 3 were asked to come to Washington with a proposal, but ended up there, on private jets, and talking about everything but a business plan. As they say in business, if you don't have a solid plan, you are likely to fail.
So my proposal is this: Congress should tell them they will pick one of them for a generous loan (maybe $18 bil)-- but only one. If they want to win that loan, they will need to present not just a good business plan-- but the best business plan. The plan that would win would include cuts on executive compensation, getting rid of all private jets, a more diverse supply chain, a commitment to electric cars, "truck" MPG standards that meet the standards for cars, and a pledge not to fight EPA standards in states trying to curb air pollution.
The reason is -- I'm tired of Congress begging the Big 3 to change. As a Congressman from Mass. pointed out at the hearing, twenty years of begging, and the Big 3 are still up to the same antics and he is wary and I am too. Promise the world. Advertise and change people's perceptions that you are doing something, but effectively do nothing but side with Big Oil. Fords profitable international division has a lot of good MPG cars and flex-fuel cars. But they will not bring those models here. Why? Complaining that it's so hard to get good MPG... when they have the technology to catch up with Toyota, Honda, Opel, and others.
I know it isn't great to choose winners and losers-- I know that people will lose their jobs if nothing is done for 2 of the 3. But honestly, I'm sick of it. If a company is going to be arrogant and not only not deliver, but fight those trying to deliver it, I think we should find someone who will deliver. Someone who will play along. I think it may be an opportune time to support Tesla as well. They're not siding with big oil, and they're not financing campaigns against clean air standards. Give Tesla a giant loan to rev up production, and offer workers from the 2 losing companies jobs with them. It won't cover every job-- but it's time for real change.