[rwhite692]

Listening to a lot of the testimony on Capitol Hill this AM, it is just amazing how completely ignorant most of our elected officials are as to the size and scope of the American automobile industry and all the associated industries.

They just don't understand it.

The overwhelming position seems to be "It's simple, let them fail and restructure under Chapter 11".

What they don't realize is that if they go into Bankruptcy, their sales won't recover...no one is going to buy "durable goods" products from companies that are in Chapter 11. Suppliers will cease to extend credit terms to them, and will demand payment on delivery, and the cash burn rate alone would be enough to kill them.

Not to mention how everyone conveniently forgets how the industry gave it's support to the war effort during WWII...and how much technology these three have contributed across ALL forms of industry...

It's all "what have you done for me lately"...What a piss-poor state of affairs...

The big three unfortunately also have not done a good job these last couple of days with their PR strategy of selling the whole idea of getting these loans, to the legislators or the public...Listening to them testify this AM, They are not being very humble in the way that they are asking for this help...Their testimony has had this kind of "we are entitled to this, we are too big to fail, you just have to do this" kind of vibe...and they are coming across as unprepared for the testimony. Painful to listen to...

Unfortunately what worked for AIG, etc a month or so ago, has now completely fallen out of favor emotionally with the legislators and the public so a different strategy is needed...