Bailout Watch 219 – Live-Blogging Bailout Hearings. Not.
Published: November 18th, 2008
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Sorry guys, too much domestic kerfuffle to carry this on (Sponge Bob! I don’t want to watch TV upstairs! Where’s my dinner?) Suffice it to say, TTAC will report on the hearings in various posts as we go along. My take so far: Dodd is an extremely convincing politician, in an avuncular sort of way. And judging from the panel’s opening remarks, this is a done deal. The tough questions are notable for their absence. Still, it’s early. Surely, someone’s going to rake these CEO and UAW guys over the coals, who all seem to be blaming something else. Were we too liberal with credit? Nooooooo. Of course not. And the euphemism for the bailout is a “bridging loan.”
More by Robert Farago
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As usual, I agree with Buickman... As for a lack of hard-hitting questions, yes it started out all strawberries & cream and everone was singing Cumbuya, but Dr. Morici, Senators Tester, Martinez and Corker are indeed asking some ball-busters...
Does anybody think this makes any difference to the outcome? Does anybody think these execs aren't just putting in required time with the dour face look? If they can't answer a question, could it be they weren't concentrating and have no memory of what the question was? Like a soap opera, the conclusion is already written. I think this is only for show, to appease taxpayers so they will be taken in by this act and be less upset with the big giveaway about to happen.
To chime in with Buickman, each year fewer and fewer Americans will be around to remember a time when nearly every American male was either in uniform or working towards the War effort. Mention rationing and the amount of sacrifice that went into the war effort, most folks don't have a clue. That said, America is still a much more prosperous society today and the American car market has atomized to the point that no single car maker can offer it all. GM must change to survive. That will probably take both a Chapter 11 reorganization and loans from the US Treasury - but it's worth the fight. Chrysler could be salvageable, but it will be at best a small niche player. Can they make it as a maker of pickup trucks, minivans and a couple of rear drive cars? Ford has the best shot going forward. I truly believe that we may someday need our native car makers to switch gears again to be the arsenals of democracy, especially if we find ourselves in a war that is on a scale of 60 years ago. The alternative is to put our manufacturing needs in the hands of the Europeans and Pacific Rim countries.
Thats allright, it wasnt nearly as entertaining as Knight Rider anyway.