Now, Nancy Pelosi wants to get $25 or more billion to the big three auto companies, after already loaning them $25 billion. I say make a deal that's the best deal we-the-people can get, not a sweetheart deal for the auto companies. They've blown their leverage. They've shown that their management was phenomenally incompetent.
Sure, Speaker Pelosi, let's rescue the big three. But remember that the stoc is the lowest it's been in 60 years. Do NOT allow the management that has almost killed the industry continue to run it.
Buy the big three-- outright. Extract legitimate interest rates that a responsible business would charge for companies at high risk.
Bush and Paulson have already shown that it's okay for the government to take over major companies. This approach-- getting equity or total ownership AND interest has precedent already set. Tying tax breaks to supporting the investment in the companies AND in reducing our dependence upon oil should be an idea that receives bi-partisan support.
The thing we don't want to see is congress handing a gift to the failed leaders of the auto industry. That would be a terrible failure of congressional leadership.
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