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Thursday, December 04, 2008

Auto-Bailout Pleas

The big-three American automakers will be back in front of congress today to deliver their plea (plan) for a bridge loan to keep their businesses afloat until the next quarter. The three have put up a lot of window-dressing to try and sway public opinion, but it is unclear as to whether or not $1 dollar salaries and selling private jets are likely to sway the United States Congress. Regardless, the automakers are going to deliver their proposal this afternoon.
In addition to offering up that proposal, the big three have upped the ante to 34 billion dollars from the "meager" 25 billion they requested about a month ago. Whether this congress accepts the proposal and opens up the checkbook, undoubtedly the automakers will return to the table after Jan. 2oth when the new president and congress are sworn in. Besides, third times a charm.
It will be interesting to see how well they are received when they arrive on capitol hill. This time instead of flying in on private jets they will be arriving via motorcade of hybrid vehicles. Honestly, I think everyone is tired of all this window-dressing. We've been through all this and just want a game plan for viability.