Even worse some of the banks use taxpayers money to buy other banks or pay insane amounts of bonus payments although they destroyed trillions of dollars - this bush administration is a world class money destruction machine for money reasons but the unbelievable thing is that no one dare to stop them as the sink the titanic.
Excerpt
Car Makers Plead for Bailout But Congress Is Skeptical
The chief executives of the major US auto companies pledged to refocus on higher fuel efficiency and lower production costs as they asked Congress again Thursday for billions of dollars in emergency cash.
AP Ron Gettelfinger, Alan Mullaly, Robert Nardelli, and Rick Wagoner |
Reeling from a steep slump in auto sales and a global credit crunch, the CEOs of Detroit's once mighty Big Three came hat in hand to Washington with no clear prospect that they will get the $34 billion in assistance they seek.
As the Senate Banking Committee began its second hearing in as many weeks with the CEOs, there was wide agreement among lawmakers and the Bush administration that the automakers need help, but deep division about how to go about it.
"Inaction is no solution," said Banking Committee Chairman Christopher Dodd in opening remarks at the hearing, convened amid skepticism among lawmakers about Detroit's past failures to ween itself from gasoline guzzlers and make cars consumers want to buy.
General Motors [GM 4.45 -0.45 (-9.18%) ] and Chrysler are saying they face possible failure absent quick government help, with millions of good-paying American jobs at stake.
"I don't trust the car companies' leadership," said New York Democratic Sen. Charles Schumer. But, he added, "We can't let the industry fail."
No comments:
Post a Comment