The automakers are financially strapped, due in part to the ridiculously high gas rates that had Americans traveling less as well as purchasing fewer vehicles. Amid the Wall-Street bailout, the three automakers, GM, Ford, and Chrysler, have also asked for relief from the government. However, it has not been so easy for the Big 3, as they have been turned away and asked to come back in front of congress once they have a better business plan and plan overall as to how this money will help the industry.
The congress is looking for long term goals and not just a band aid for the ailing auto industry, but the executives from each has to bring a plan that is convincing of that direction. I agree.
The executives at each of the failing automakers have been lining their pockets with outrageous salaries and bonuses that allowed each of them to fly their own private jets to the congressional hearing. Private jets. Private jets, when thousands are being forced to take buyouts and early retirement to save the sinking company. Private jets, when people with thirty years on the job are leaving these jobs with no pension or health care.
The Big 3 has to come up with an eco-friendly plan that will open up new areas of employment and keep them competitive in the global market. The auto industry is the backbone of the American manufacturing industry and must come up with innovative ideas keep that position.
With a majority of its origin being Detroit, Michigan, it is even that much more important for the Big 3 to survive. Not only must it survive, but it must thrive, in order to bring Michigan out of its financial suffering that was reminiscent of a recession long before the nation decided to call it a recession. With an unemployment rate and home foreclosure rate that rank highest in the country, Michigan’s last hope is the resurgence of the auto industry. Catch ya’ on the FLIPSIDE.
1 comment:
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