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Pelosi to Big Three: Show Us a Plan, We'll Show You the Money


creative commons - flickr.com: http://www.flickr.com/photos/barackobamadotcom/2983227148/

creative commons - flickr.com: http://www.flickr.com/photos/barackobamadotcom/2983227148/

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If you hadn't heard already, the Big Three's pleas to Congress fell on deaf ears today. Pelosi, Reid, and seven other Democratic Congressional leaders upstaged a meeting between the Big Three and a bipartisan group of senators to discuss a compromise surrounding the already-approved $25 billion in federal aid. The Democrats' message, as voiced by Nancy Pelosi: "Until they show us a plan, we can't show them the money."

Specifically, Pelosi and other Democratic leaders want to see viability plans from the Big Three that ensure good stewardship of taxpayer money and clear, concise plans toward corporate health and intelligent restructuring. The bipartisan group of senators and the Big Three had hoped to redirect the $25 billion in low-interest loans toward simply bridging their current cash crises and remaining solvent for the time being.

In blocking immediate emergency federal loans to the Big Three, Democrats have forced the domestics to show just how they would use the aid. Hearings on their plans are scheduled for December 2, and a vote by Congress is scheduled on or around December 8 when Congress returns to consider aid to the struggling Big Three.--Colin Mathews
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Comments (6)
  1. I know I keep harping on about lack of management skills at the big 3 but their pathetic displays before Congress just reinforced that. They could not justify why they should get the money, nor could they explain even what they would dow ith it. It was like well we want the money and we want you to give it to us. Real manageemnt would have gone to them with a plan, this is what we want to do, this is how we will do it and this is how we will re-energise the US car industry and take on the world.
    They looked stuned to be asked to justify why they should be given the money and how they would use it. They honestly expected to fly in there (on their private jets) and come home with suitcases of money.
    Congress needs to act like a bank (well one before the turn of the Milinium would have acted) if it is going to act like a bank and loan money. Set conditions, scrutinise their finances and make sure it is value for money. If they can not convince they have a plan don't lend them the money.
    They know they will get the money that were just being lazy in thinking they didn't need to justify things, then again they have gotten away with it for so long without a plan why would they need one now?
     
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  2. Obviously the Big Three don't want to specify how it's to be spent, since that would logically require them to implement the plan and all they really want is a big slush fund to pay off that 2009 health care fund invoice. Expect them to counter with "we don't want to publicize to our competitors blah blah blah". If Nancy really does require them to stipulate, Detroit would be forced to break out how they would reorg labor, R&D and cap ex., etc. No more united front with UAW Ron. I forecast enormous contributions to Nancy's favorite reelection fund in the near future.
     
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  3. I LOVE this idea! And to take it a step further, have the automakers put their plan in writing and each goal assigned a date. The "loan" can then be doled out incrementally and if goals aren't met by the dates specified they don't get that payment. It is a business after all. I've never had a job where I can run the company into the ground and still come out getting bonuses and free health care.
     
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  4. Congress and the President needs to tell the big three to pull up their trousers and take care of their own business. We consumers have "bailed out" the big 3 everytime we shell out fifty thousand dollars for a pickup (like I did), that shouldn't have cost one penney over thirty thousand dollars. The unions either have to concede or face what the air traffic controllers faced under Ronald Reagan.
     
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  5. Anyone else notice the Obama 08 sign in the background. Do House Democrats keep them as shrines to pray to, hoping Barrack will magically appear and fix all their problems for them? :)
     
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  6. I agree with every single line of every one of the five posts here. Plus they saved me lots of time to repeat what they say.
     
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