There's no parachute in this bailout!
What are the chances of GM and Chrysler repaying their bailout loan? I say about as good as buying a good GM (Government Made) car.
Our congress had oversight of Fannie Mae and Freddie Mac. They loosened up the requirements of getting a loan and permitted even sanctioned subprime loans. Do you think they can do any better running GM and Chrysler? I'm an optimist, but that's a stretch. When the automakers come back with their plan, congress will reject it because cutting jobs and benefits and salaries won't get votes, and politicians don't care about profits they care about votes. Only governments can operate in the red, because they own the printing presses. When congress has control of the automaker's boardroom, you can rest assured the auto makers will not be permitted to cut costs, thereby forcing bankruptcy or a government takeover. What do you think...US Motors or US Auto? Maybe Cry Sir Motors.
Do you find Chris Dodd and Barney Frank a little disingenuous when they are chastising the automaker's CEOs. They practically single handedly orchestrated the financial collapse of Fannie Mae and Freddie Mac and now they have the audacity to remain in office...and even question the CEOs about the propriety of flying on a corporate jet! Come on Chris and Barney. Resign and let someone with some common sense oversee Fannie Mae and Freddie Mac and all the government bailouts.
Chris Dodd, to suggest the CEO of GM step down and get new leadership! Can you say disingenuous? How about hypocrite?