Here it is: the pdf that launches a $25b+ (and the rest) bailout. GM’s FastLane Blog gets out the big guns: a Center for Automotive Research (CAR, geddit?) report that says that millions Americans will be condemned to soup kitchens if the Big 2.8 go belly-up. As always, I invite TTAC’s Best and Brightest to analyze the data– and its reliability– on the community’s (not to mention taxpayers or humanity in general) behalf. It must be some serious shit, because the FastLane folk are downplaying it BIG STYLE (so sue me: I’m an oxymoron): “You see a lot of discussion in the news – and even in the comments of this and other blogs – about the state of the domestic auto industry and what the current economy means for the industry’s future. Some of you have even expressed the belief that this is something GM and the US industry brought on ourselves, and that the domestic industry should be allowed to fail. ‘So what if Detroit goes down,’ the thinking seems to go. ‘It doesn’t affect me.’ However, the reality may very well be that it does affect you.” May? Cowboy-up guys! Anyway, the study reckons that… hang on. Here’s CAR’s background on itself: “To fulfill its mission, CAR maintains strong relationships with industry, government agencies, universities, research institutes, labor organizations, and other major participants in the international automotive community, The Affiliates Program to strengthen those industry ties and build support of ongoing service activities.” Oh, and about CAR’s director David Cole, son of former GM Prez Ed Cole.
“He is also a director of the Original Equipment Suppliers Association, as well as a director of seven automotive supplier companies. In addition, Dr. Cole is a member of the Executive Committee of the Michigan Economic Development Corporation (MEDC) and was recently appointed by Michigan’s Governor to the Strategic Economic Investment and Commercialization Board and the Michigan Renewable Fuels Commission. He was named a co-chair of Detroit Renaissance’s ‘Road to Renaissance’ Project in the fall of 2006. At the University of Michigan he is a member of the Energy Research Council and Mechanical Engineering External Advisory Board. He is also a member of the Denso Foundation Board. Dr. Cole was formerly a director of the Automotive Hall of Fame and a member of the Board of Trustees of Hope College.”
So no conflict of interest there. Bottom line: if the D2.8 go belly-up, it’ll cost $554.5b to $368.8b in lost income, lost tax receipts and increase in “transfer payments.” Where’s my checkbook?