Reid to lower expectations on auto bailout

G.M. CEO Wagoner makes 15 million dollars a year and spent $20,000.00 of GM's money on his plane ride to Washington to testify. These guys need to act like their companies are brand new, just starting out under the same name. No fleet of corporate jets, no million dollar salaries, toned down labor packages, reformed retirements, or they won't be able to stay in the game. If these companies can't get back to a bare bones reformation, which is probably one of the hardest things for any busines to do, then they will fail, with or without the money. Once a business becomes succesful, getting big is easy. But in hard times, getting small is next to impossible.

Not a bad idea but what’s next after this? What industries will ask for bailouts after those we've heard about so far? Are you ready to escape the craziness and secure your own financial future??? www.LikeSoup.com

I wish someone would tell Barney Frank to shut up. He's the same one who said that Freddie and Fannie were solid and that the oversight commitee were making a big deal out of nothing when they asked for the two institutions to be overhauled and regulated. Let free market do its thing. Let these companies "work" for there employees and slim down and shape up.

think we best be getting on with the promise of making America energy independent.Iran just asked OPEC to reduce production by yet another 1.5 million barrels per day.This past year and the record gas prices played a huge part in our economic meltdown and seriously damaged our society.We keep planning to spend BILLIONS on bailouts and stimulus plans.Bail us out of our dependence on foreign oil. Make electric plug in car technology more affordable. It cost the equivalent of 60 cents a gallon to drive an electric plug in car. The electric could be generated from wind or solar. Get with it! Utilize free sources such as wind and solar. Stop throwing away money on things that don't work. Invest in America and it's energy independence. Create cheap clean energy, create millions of badly needed green collar jobs. Put America back to work. It is a win-win situation. We have to become more poractive citizens, educate ourselves and demand our elected officials move this country forward into the era of energy independence. Jeff Wilson's new book The Manhattan Project of 2009 Energy Independence NOW outlines a plan for America to wean itself off oil. We need a plan and we need it now! www.themanhattanprojectof2009.com

amazing how freely politicians spend our tax dollars with no accountability. Auto/Unions deal with it..you produced cars that were expensive and cars consumers did not want. Now you want us to work our tails off to bail you out? Are you folks nuts?

If the executives themselves say they doubt their companies can emerge from Chapter 11, then how the heck can simply sending them a check help out? The Big Three - Toyota, Honda and Nissan, have been cleaning Detroit's clock for years now. If we lose any of The Three Detroit Drawfs, there will be no huge fallout. Americans will simply accelerate their move to buying from The Big Three. The same number of cars will be built nation-wide. The same number of cars will be sold nation-wide. There may be some fallout on the service front and auto-parts store front due to the superior workmanship supplied by The Big Three's non-union workers. But that is actually good for the consumer. If Congress was really serious, Congress would allow The Detroit Drawfs to use the $25 billion Congress marked for "green" purposes that has already been appropriated. I don't think Democrats in Congress are serious in any case. After all, profits are simply an result of "evil corporate greed", are they not?

If the Big Three go bankrupt, make no mistake, it's really going to hurt the economy for several years. However, pouring more money down an industry that's has such profound problems with labor, product development, cost control, and distribution (i.e. these awful car dealerships they use) is only going to prolong and increase economic hardship even farther down the road from that. Eventually, with or without a bailout, the automobile industry needs a rebuild from the foundation on up. That is very unlikely to happen if we accept the lead of people like Barnie Frank on this problem who function as enablers to a junkie. Regarding negative comments condemning the Big 3 executives for using business jets, I'm a contrarian on that. I've flown high level executives, and am familiar with their schedules. Business aviation really is a force multiplier for a major business, allowing the head of a company to close multi-million dollar deals, settle labor disputes, and inspect their facilities by covering the globe very quickly and settling things face to face. Most large companies have corporate jets not as a luxury but because they more than pay for themselves. Maybe the Big 3 could have gotten rid of their corporate jet fleet and use a company such as NetJets or Avantair, but, in order to compete, they would still need something better than our crappy, slow airlines to be in as many places at once that they are required to be in. If you've air traveled frequently and recently, you know what I'm talking about. You can be sure that even Toyota or Nissan use some sort of business aviation to seal the deal and oversee plant management and construction.

The American auto industry needs cultural, economic, technological and process restructuring from the bottom up. The Japanese started theirs right after World War II. But the same goes for the banking, mortgage and lending industry. Where do the committees stand on that? To now, there has been NO oversight on the $350 billion that has gone out. Where are those demands for restructuring? Is it that the Democrats don't want deal with the auto industry right now, the auto industry won't release control or is it in conflict with their environmental control of the energy? For the auto industry, they need to be aware of the doppelgangers, Frank and Dodd. Either you give them control or your fate is sealed.

If not," Reid told Senate colleagues, "it will still be up to the White House and the Treasury Department to take the steps that I believe are necessary and warranted." What an interesting innovative concept. When all else fails, BLAME BUSH. That should be good for about a years mileage. After that, blame the Republicans in Congress. After that, conservatives. After that, the military. After that don't worry about it because it won't matter. Yep, lets kick it up to the White House, so we won't break any campaign promises, let the President do that.