The heads of the big three automakers were ill prepared to answer questions posed by House Financial Services Committee over the past two days. The three automakers along with the president of the UAW sat arm in arm explaining why they needed the $25 billion bailout but they would not give specifics as to the use of the money. Considering their fate could be bankruptcy you would have thought they would have dazzled members of Capital Hill with pie charts and a plan for the future. Instead of being aggressive and providing plans for the future they sat there like sitting ducks taking one attack after another from members of the committee. As my mother in law succinctly put it “there just not used to begging for money”.

In my previous Blog I supported the big three and I still do but they need to wake up and smell the coffee. Unless they can present a compelling reason as to why they should receive the initial $25 billion they are doomed to bankruptcy. The automakers and Congress are fully aware that the $25 billion is a “down payment” on what will most likely be a $100 billion dollar bailout at the end of the day. If Congress adjourns without approving any aid and Bush refuses to act then all bets are off until January 20th, 2009 when Barrack Obama takes office. The real question is can the automakers survive until then?

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