Comments on: Automotive Industry – Full Committee Hearings http://www.ritholtz.com/blog/2008/11/automotive-industry-full-committee-hearings/ Macro Perspective on the Capital Markets, Economy, Geopolitics, Technology, and Digital Media Sat, 21 Nov 2009 12:43:00 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: deanscamaro http://www.ritholtz.com/blog/2008/11/automotive-industry-full-committee-hearings/comment-page-1/#comment-127494 deanscamaro Thu, 20 Nov 2008 12:40:32 +0000 http://www.ritholtz.com/blog/?p=10143#comment-127494 Gee, doesn't this sound just like Ben and Hank show all over again; The sky is falling! The sky is falling! If you don't give us the money right now, the world as we know it will come to an end. The $700B was approved and nothing changed because no one was sure what to do and what would really work; but we just needed to throw money at it fast. The insitent badgering of the GM ceo on how much was needed until the end of March got nothing more than: Gee, I don't know, we just need money. Why should we bailout companies with an obvious bunch of "mis-managers" such as these and the bad baggage they are dragging along with them. Gee, doesn’t this sound just like Ben and Hank show all over again; The sky is falling! The sky is falling! If you don’t give us the money right now, the world as we know it will come to an end.

The $700B was approved and nothing changed because no one was sure what to do and what would really work; but we just needed to throw money at it fast. The insitent badgering of the GM ceo on how much was needed until the end of March got nothing more than: Gee, I don’t know, we just need money.

Why should we bailout companies with an obvious bunch of “mis-managers” such as these and the bad baggage they are dragging along with them.

]]> By: awilensky http://www.ritholtz.com/blog/2008/11/automotive-industry-full-committee-hearings/comment-page-1/#comment-127483 awilensky Thu, 20 Nov 2008 11:39:33 +0000 http://www.ritholtz.com/blog/?p=10143#comment-127483 For those who do not have the time to review the transcripts, I can save you the time. The gist of the big 3 exec's testimony is as follows: "It's not our fault. If you let us fail, the American economy will fail, too. We gave the consumer what they asked for. We have a plan - we don't know what that is exactly, but we have one. If you give us the money, we couldn't tell you what we would do differently." So there, more from the great thinkers and strategists of the crumbling American once great industrial base. For those who do not have the time to review the transcripts, I can save you the time. The gist of the big 3 exec’s testimony is as follows:

“It’s not our fault. If you let us fail, the American economy will fail, too. We gave the consumer what they asked for. We have a plan – we don’t know what that is exactly, but we have one. If you give us the money, we couldn’t tell you what we would do differently.”

So there, more from the great thinkers and strategists of the crumbling American once great industrial base.

]]>