With the recent Federal rate cut, I am left wondering if this rate cut will be enough to jump start the economy or give the consumer confidence to buy a home or let alone a car. The reason this question should be at the forefront of everyone's mind is that Chrysler and Ford announced today that they are laying off employees for 30 days or more.
I am not sure that lawmakers realize the catastrophic effect that the car industry's folding will have. There are several industries that will be effected by the folding of the car industry. For instance, the steel industry supplies the steel to build the cars, Lear provides seats and other parts, and other companies that provide parts to the auto industry. More importantly, the failure of the auto industry is enough to single handedly cause the demise of the Midwest.
I realize that this is an important issue and making the wrong move could make matters worse, but doing nothing is not the answer. I certain feel that there needs to be regulation on the industry to include caps on CEO bonsus and pay. It is not fair for one person to benefit off of the blood, sweat, and tears of many. Therefore, I challenge the CEOs to take responsible for the demise of the industry and offer a solution to their own problem that would even the playing field economic between the employees and CEO pay and benefits. Not only will the CEOs have to give, but the unions will have to, as well. I do not have all the answers, but something has to be done.
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