Thursday, December 4, 2008
At least for me.
When I first heard about the automakers wanting more cash, my reaction was like most people - no way.
Now, I must admit that I have softened considerably on my position.
Why? Because as usual it's all the lil' people who will get screwed on this.
The leadership of the Big 3 is a mess. They have completely mismanaged their businesses and that plays a huge part in their current situation.
But are they really any worse than their Wall Street counterparts?
I gotta give a pretty loud no to that one.
Much was made of them showing up in corporate jets. Well, do we really doubt that the CEO's of the banks would have done the same if they had been flying in from Detroit? Is there any doubt that the Wall Street folks showed up in limos and have been eating at the finest restaurants in town for the last few weeks?
So why are the Big 3 getting so much more venom than the Wall Street folks? I gotta go with the White Collar vs. Blue Collar line of thinking and that's the main reason I'm softening my stance on this.
At the end of the day, no matter how stupid these guys were we all know they are not the people who will pay the ultimate price if they are not bailed out. It's all the workers they have across the nation that will. The last thing we need is more out of work people.
I agree that their should be tough stances on how the money is given. Specifically, there should be assurances that the Big 3 won't lay off any workers if they are given the bailout. Sorry, but if you're gonna take taxpayer cash you gotta make sure those people still have their jobs. If that condition is met, I won't have a problem with giving these guys loans.
The hearings have just begun, so it will be interesting to see how this plays out. Still, if the people standing to lose were a bunch of investment bankers instead of blue collar workers, I'm pretty sure the check would have already been written.
And that's just a shame.