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December 11, 2008
Exclusive: Bailout the Autos – With Conditions
In an attempt to fix a struggling economy, Congress and the White House seem poised to offer a multi-billion dollar bailout for the failing auto industry, with few meaningful conditions. This is a big mistake.
Before the auto industry accepts a penny of tax payer money, Congress and the White House must demand that the big three CEOs immediately resign. The auto industry has failed because of these three men – in particular, Rick Wagoner of GM.
These men are not innovators or leaders and they have led the industry into total disarray. Instead of creating quality automobiles that are fuel-efficient and attractive (a common excuse as to why we don’t generally purchase hybrids is that they are ugly as sin), the industry has created gas-guzzlers that require us to fill our tanks every few days. While this might be good for the few of us who are in the oil industry, this can be catastrophic to the average person’s wallet.
Next, Congress and the White House must not only just demand the industry become viable, but actually back up this condition, in writing, as to how they will punish the industry if they don’t meet the condition. Simply giving the industry billions of our tax dollars for them to come back and say “well, give us time, look at the facts, we’re becoming more viable, we sold two more cars this month than last month!” is unacceptable. These people sell cars for a living – don’t you think they’ll be able to talk their way out of having to meet this condition?
If the auto industry takes our money, not only must they have to restructure their entire organization and business plan, but they must do it in as transparent a way as possible. If I’m paying for this, I want to know what they’re doing, and how they’re doing it – within reason – to assure that they’re making actual changes. The new CEOs should have to meet with Congress every few months to explain what they are doing and why, so we can keep them accountable.
Finally, when the industry is revitalized and back on track, the Big Three must lend the country their top automobile engineers to help develop better and safer vehicles for our military. Consider it an exchange program – we exchange billions and in the end, you had better be able to help our country in time of war. I’m usually against forced patriotism, but for a few billion in tax dollars, I’m open to compromise.
FamilySecurityMatters.org Contributing Editor Jason Rantz is President of Rantz Productions, LLC and the executive producer of the nationally syndicated, legendary radio program the Phil Hendrie Show.
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