You have to love the 'audacity of hope' among the Congress and the big-three auto companies. Despite massive resistance nationally, and among many Congressional Republicans and the White House, they are pushing not one, but two competing plans to bail out the auto industry. Wagoner's testimony not-withstanding, the auto industry certainly doesn't deserve the bailout. They've already been bailed out on several occasions, and have continued to waste resources and time. The only ad that was on t.v. for Chevy over the past two weeks was for, you guessed it, a big-ole truck. The industry still doesn't seem to understand that it has dug its own grave and is now heading for the earth's molten core.
Don't get me wrong. It is very clear that bankruptcies among the major auto firms (as GM now claims it is heading for despite claiming adequate cash reserves and predicting a recovery just two months ago) will have a tremendous impact on the economy. But the big-three have become like that annoying uncle who's a hapless (and bad) gambling addict. They just keep coming back for a little more, swearing that this time they'll straighten up and fly right. And if you believe that one, there's a really cool bridge waiting for you in Brooklyn. Mitt Romney is right: bankruptcy is the only thing that will straighten out the industry. Whatever survives will emerge stronger, leaner and ready for competition. That's a much better scenario than the addicted uncle spending the nights on your couch, and it's a whole lot better than bailing him out again and again. Then again, Barney Frank and Harry Reid seems to find the uncle endearing. Maybe they can shop for a new couch on their own - mine's full up and I hate shopping.
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