Now that GM, Ford, and Chrysler have run their companies into the ground by producing large gas guzzlers, they want to be bailed out with billions of dollars of taxpayers dollars.
This absurdity is making Americans angry as they are losing jobs, homes and financial security while the Big 3 Auto CEO’s are flying around in their corporate jets. One executive even has the jet come to his home in Seattle to go to work in Detroit? What taxpayer would not love that kind of luxury?
The CEO of GM is making 15 million dollars this year, while he enjoys his salary, the company is going broke. GM has been a failure since 1998 and lost 182 billion of taxpayers capital wasting 1.5 billion most likely on overly compensated executives and bad judgment on cars designed for fuel efficiency.
GM STILL PRODUCING GAS GUZZLERS FOR 2009:
Even with gas prices at $ 4.00 or $ 5.00 a gallon in the US for most of 2008, what did GM do to save people money on gas? What did they design for better fuel economy, and efficiency -let alone global warming?
Here is what GM did for 2009:
Just this year for the newest models GM continues to produce Hummers which gets less than 20 mpg, and have a 300 hp V8 engine. Then GM came up with a 2009 Cadillac Escalade SUV which gets about 14 mpg and still has a 6.0 liter V8 engine. GM is still producing engines the size of which date back to the 70’s, meaning they have not learned their lessons.
It is obvious that GM just doesn’t get it and will lose another 25 billion if Congress approves the bailout. Now auto parts makers are asking for a bailout and government money claiming the loss of 600,000 jobs if they go out of business.
Propping up these failed companies is throwing good money after bad, and increasing unemployment, retraining and keeping health care intact would be far less expensive than the bailouts.
If congress does bail out these miserably inept CEO’s of the major auto makers it must come up with strict requirements:
All three CEO’s must resign, and forfeit their salaries to less than $200,00 per year, no bonus, no perks, no more jets, and government must hire CEO’s with successful track records at far less salaries, or other bonuses.
Liquidate all inventory, by selling off vehicles even at a loss to recoup losses and shut down ¾ of the dealers.
Re- tool current auto plants to produce high fuel efficient standards of at least 100 mpg on each vehicle.
Sell pick up trucks to people that have a commercial enterprise or business such as a Plumber, electrician, window installer, etc., not to ordinary drivers.
No further production of cars that run totally on gas, they must be electric or battery operated vehicles
Reduce highly paid executives to streamline employee costs based on how much money they saved their company.
Reduce car designers and hire those who are qualified to design high fuel efficient vehicles only.
If Congress decides to bail them out yet again there must be strict rules enforced and they must be a monitor of the funds from a person of the caliber of Warren Buffet, or a highly successful entrepreneur.
TAGS: GM, Ford, Chrysler, automakers bailout, congress, government bailouts, part makers, CEO’s of auto companies, Detroit, Barack Obama.