Bob Herbert: ‘Drop Dead’ Is Not an Option

[babylonsister]

http://www.nytimes.com/2008/11/15/opinion/15herbert.html?_r=2&ref=opinion&oref=slogin&oref=slogin

‘Drop Dead’ Is Not an Option

By BOB HERBERT
Published: November 15, 2008

snip//

If G.M., which is on life support, or Ford or Chrysler were to go bankrupt, the reverberations would kill the jobs of entire armies of American workers. It would undermine the standard of living of hundreds of thousands of families and shutter the entrances of untold numbers of small and intermediate businesses.

Senator Shelby might want to do some homework before embarrassing himself again with the absurd comment that the crisis facing the Big Three is not a national problem.

Gov. Jennifer Granholm of Michigan, a state that is already writhing in pain from the auto industry’s troubles, would tell Mr. Shelby that the industry “supports 1 in every 10 jobs in the country.”

It’s easy to demonize the American auto industry. It has behaved with the foresight of a crack addict for years. But even when people set their own houses on fire, we still dial 9-1-1, hoping to save lives, salvage what we can and protect the rest of the neighborhood.

This whole matter needs some intensive thought. At the moment, Washington has tremendous leverage over the failing auto industry. The government should craft a rescue plan that is both tough and very, very smart. That means dragging the industry (kicking and screaming, no doubt) into the 21st century by insisting on ironclad commitments to design and develop vehicles that make sense economically and that serve the nation’s long-term energy security requirements.

What I would like to see is creative thinking on both ends of the bargain. Let the smartest minds design a bailout that sparks a creative revolution in the industry. Think of it as project synergy.

Time’s wasting.

[Owl]

1. K&R

[BlueManDude]

2. Assistance for the Big 3 should be item #1 on January 20.

[Old Codger]

3. Someone will

If we don't they will most likely get the money someplace else, and then proceed to move the industry to that someplace else would be my guess. The someplace else that comes to mind right off would be China. Millions of jobs more shipped out and total chaos in place here as millions lose jobs . Someone stated it best that I have seen, "We will either support their recovery or support their funeral" either way it is going to cost us billions. A repayable loan seems to be the prudent path.

[drm604]

4. It's infuriating but there doesn't seem to be much choice.

We have to bail them out but there have to be major strings attached.

Damn, I wish the Obama administration was already in place. We can't afford two more months of the current knuckleheads.

[road2000]

5. Neil Young has some creative thoughts...

<http://www.huffingtonpost.com/neil-young/how-to-save-a-major-autom_b_143749.html/>