According to the Washington Post, the big three auto companies not only want $34 billion now (an increase of $9 billion in just two weeks), but they may need an additional $125 billion next year.
The Post:
An independent economist, Mark Zandi of Moody's Economy.com, told the committee that the auto executives had presented "a reasonable plan" to restructure their businesses and deserve at least $34 billion in government loans. But he warned that the amount "may not be enough" and said the companies likely would be back for more cash in late 2009.
To avoid bankruptcy within the next two years, Zandi said, the companies ultimately would need $75 billion to $125 billion.
Are they kidding? I hope so since I doubt that the combined companies are even worth anything close to that amount. I don’t think these guys know what they’re doing. How can they request $25 billion two weeks ago and now say it’s more like $34 billion. Isn’t being off by $9 billion a pretty big number? And who says they won’t be like AIG — asking for billions and billions more.
The auto industry isn’t worth it. I’m against giving them any money. Enough is enough.
Who is going to be asking for a bailout next? The airline industry, the railroad industry, the electronics industry, the communications industry, the entertainment industry, large Fortune 500 companies? Where does it end?
Big 3: you got yourselves into this mess, now bail yourselves out!
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