US automakers Plead for Aid

by talentedchimp | November 8, 2008 at 04:03 am

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Executives of Detroit’s Big Three automakers traveled to Washington on Thursday to press their case for more financial aid from the federal government because of the bleak prospects for their industry.
And those prospects are likely to dim further on Friday, when General Motors and Ford are expected to report deeper job and production cuts, along with huge third-quarter losses. Analysts expect each to report losses of more than $2 billion, excluding special charges or write-downs

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The loan request is in addition to $25 billion in low-interest loans to be available from the Energy Department to assist automakers in developing more fuel-efficient vehicles.

The level of hypocrisy here is beyond comprehension. The major auto manufacturers have been sitting on highly fuel efficient hybrids and electric cars for years. It's only intense lobbying and cronyism by the oil industry that has kept these technologies away from the public. After fleecing the consumer for years with old tehcnology and making billions of dollars

The US government should refuse to bail these behemoth's out and maybe they will do what they should have done in the first place, which is serve American (and world) consumers with the best that technology has to offer instead of pork-barrelling.

Check out Who Killed The Electric Car for more information.

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