The Big Three Bailout

Written by: Dave Santucci on Dec 3, 2008 4:19 PM EST

The Detroit Big Three are back in Washington, this time ditching the private jets, for hybrid cars. The have also incresed their bailout to $34 billon. On The Politico today:

In a series of grim reports, General Motors Corp. and privately-held Chrysler LLC told lawmakers they will be in serious peril by the end of this month and certainly the first quarter of 2009. Given GM’s size, its failure could pull down Ford Motor Co. despite its better cash position. 

Last time, Congress told them to come back with better plans. They have come up with plans, but they have also increased the amount to $34 billion. This time they are promising more efficient cars and slimming down their lines. The problem is they might cut jobs.

A brighter landscape is promised together with a commitment to move toward the production of energy efficient, hybrid electrical cars. But the immediate future is bleak for the 3 million workers impacted, and Michigan Sen. Carl Levin (D-Mich.) said both the White House and President-elect Barack Obama must “weigh in heavily” to address the crisis. 

Do the big three deserve a bailout? What do you think?

Dave Santucci
Operations Manager

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