Thoughts on the auto bailout

The economy is in the tank. No doubt about it. I mean, some economists are debating whether or not we might be headed for a Depression. Jeebus.

It's a little frustrating to see the major financial players lining up at the taxpayer trough with hat in hand. After lobbying for changes in personal bankruptcy law that now enable foreclosure on primary residences, these corporate moguls have a lot of nerve to come to us to save them.

It was particularly annoying to see the CEOs of Ford, GM, and Chrysler all appear before Congress this week. Of course, these idiots had to fly to DC separately in their private jets...didn't they think for one minute what kind of message that sent? And, of course, this circus also gave blowhard conservatives the opportunity to shout about "legacy" costs. What they really mean by "legacy" are the promises that the auto makers made to their employees - things like retirement benefits; health insurance, pensions, etc.

These were negotiated items, collectively bargained for in good faith by the UAW. The companies made promises, workers made career decisions based on those promises, and the companies still made money. Everybody was happy.

Now, though, it seems like the auto makers want the message out there that the UAW must concede to reducing these costs. That may have to happen. The frustrating part, though, is the PR shit storm that the UAW has on it's hands. The UAW didn't do strategic planning for the car companies, executive management did. For years, the car companies resisted making efficient cars, fought air bags, denied global warming, and continued to pump out gas guzzling trucks and SUVs. Now they want to blame "legacy" costs. Bastards.

Congress is doing the right thing asking for a business plan from these idiots before we provide loans that are four or five times the value of the businesses. Congress should also exercise a liberal hand in demanding structural changes in the management of these companies.

Why is this frustrating to me? Well, first of all, it's my tax dollar, too. Second, my brother-in-law called me last night complaining about how much the UAW workers make and that all unions should be busted. I hung up on him. But this is what this situation has led to, and the politics of blame everybody but the real culprits has consequences. There will be a point when there's no place left to hide for these guys, but they simply amaze me with their blame creativity.