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Monday, March 30, 2009

But you can bet your life that when AIG comes back for more, Geithner himself will wield the shovel
Posted by Jill | 5:26 AM
I'm no fan of American automobile manufacturers. I've never forgiven Chrysler for shitcanning the Dodge Dart -- a car that can literally run forever, or as long as the body holds up. General Motors thumbed its nose at us during the oil shocks of the 1970's by giving us the Chevrolet Vega -- an ugly piece of crap that no one would buy, therefore allowing them to say that Americans don't want small cars. In recent months, it's the guys and gals on the assembly line who have taken the brunt of the criticism for daring to accept a generous benefits package that includes things most workers can no longer take for granted, like health insurance and an actual pension. Instead of demanding these things for themselves, it's been easier for Americans to spit on the guy who's just bolting the thing together and has zero input into decisions like "Let's just make SUVs."

But there is a serious double standard at play here when Barack Obama decides that the automobile industry in this country can just FOAD, while AIG and the banks get billions and billions of dollars more every time they ask -- with absolutely zero accountability and no demands for change in management:
n surprising findings to be outlined at the White House on Monday, President Obama has concluded that neither GM nor Chrysler as they now exist deserve more bailouts. But the White House is sparing them for a month or two, and is promising American consumers that the government will stand behind warranties if the automakers fail.

Most remarkably, the administration demanded that GM CEO Rick Wagoner resign so the company could remake itself “with a clean sheet of paper.” And he did, effective immediately. The administration also said GM has been given a “goal of replacing a majority of the board over the coming months.”

The administration found that both carmakers had failed to prove their “viability” as required under the terms of the massive government loans they’ve already received, and determined that neither should receive another bailout.


While we're on the subject of reminding politicians for whom they work, perhaps it's time to remind the President that in light of this decision, he can expect some e-mail when his Treasury Secretary decides to open our checkbook again for AIG.

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