Category Archives: Depression
The Big Three are back on the Hill today, their hats in their hands and their jets out of sight. They got a plan, or so they say. From WaPo:
In its second attempt to persuade Congress to grant the U.S. auto industry $25 billion in emergency loans, Chrysler plans to make the case that automakers can cut their costs and point to the future by forging an alliance to share fuel-efficient vehicle technologies.
Ford will tell lawmakers that it intends to retool plants for smaller, more fuel-efficient cars as a part of its goal of becoming the fuel-efficiency leader in every vehicle category. General Motors will address its $43.3 billion debt burden and an upcoming multibillion-dollar payment to a union-run trust that will cover employee health-care costs.
Meanwhile, the Congress Critters are fighting amongst themselves over who is going to judge these plans. According to WaPo, Nan and Harry have said the following about which groups and/or departments will eyeball the automaker’s plans to get their collective shit together:
In their own letter to automakers last week, Reid and Pelosi said they “intend to give pertinent agencies within the executive branch, the Government Accountability Office, the Board of Governors of the Federal Reserve, as well as outside experts, the opportunity to comment on [the automakers’] work.”
It’s all so jacked up and it will not be getting any better any time soon. Meanwhile, Chase, who now owns Washington Mutual, announced they are shit-canning over 9,000 WaMu employees in the very near future.
Just in time for Christmas gents? How sweet of you.