With the Green religion transforming the nation’s capitol building into a house of environmental worship, Detroit automakers will return this week to beg again for taxpayer alms.
Want $25 billion to turn around your bank? Forget toxic subprime holdings, Fannie/Freddie substandard loan practices, or over-leveraged balance sheets. Just repent of your sins and ye shall be made whole!
So it is with Detroit automakers begging at the Washington gate. Every economist, auto analyst, and bankruptcy lawyer I have spoken with in the last month agrees that Detroit’s problems are threefold: excessive labor costs, too many dealerships, too many brands. Not one — not one — has mentioned environmental sin or excessive executive pay.
But atoning for these sins is what Democrats demand from Detroit’s reformed business model.
“They need to tell Congress and the world that they are visionary leaders of a rebranded green auto industry,” Michigan governor Jennifer Granholm told the Detroit News. Mind you, this is one of President-elect Obama’s top advisors on automotive and economic issues. And she’s from Detroit’s backyard to boot!
“They need to convey that they intend to lead our nation to energy independence,” Granholm continued.
This is sheer madness. For his part, Obama also seems to be consulting with ascetic monks, not economists, when it comes to business issues.
“When the automaker (executives) are getting paid far more than their counterparts at Toyota, or at Honda, and yet they’re losing money a lot faster than Japanese automakers are, that tells me that they’re not seeing what’s going on out there,” said Obama last week — providing little to suggest that he sees what’s gone wrong with the U.S. auto industry.
Taxpayers beware: Your political representatives want to loan your money to manufacturing businesses on the condition that they produce only green cars and smaller green pay stubs in order to make them more competitive with the best Germany, Korea, and Japan have to offer.
You’re being taken for a ride.