I hope you got to see some of the Congressional testimony by the chief executives of the Big Three automakers yesterday. It reminded me of the title of a comedy album made by Firesign Theater about 35 years ago, "I Think We're All Bozos on this Bus," from which my title is a quote. Another memorable line, Fudd's First Law of Opposition: "If you push something hard enough, it will fall over."
About that testimony: Dana Milbank has a write-up of the pathetic blatherings on both sides of the table here.
These guys came to Congress to ask for $25 billion to get them through the next few months. How did they come up with that figure? Nobody could say.
When Rep. Paul Kanjorski (D-Pa.) tried to find out when GM would run out of cash, Wagoner hemmed and hawed until the lawmaker protested that "I don't quite understand what the hell you just told me." When Rep. Ed Perlmutter (D-Colo.) asked about GM's outlook for the quarter, Wagoner informed him that "we don't provide financial guidance in earnings."
If we're going to risk our money on this venture, we need to put these Bozos off the bus.
Addendum: Although we can laugh at these guys, the message is very grim. The economy is swirling down the toilet, and for these guys it's all a game. We're in more trouble than we thought.
1 comment:
These guys just don't get it. They came begging for $25 billion of the taxpayers money, arriving in Washington in their private jets. I was undecided about whether the bailout was good idea or not but now it seems clear to me that with these guys in charge it would just be $25 billion more down the same rathole. If the big three are going to go under, let's let them do it now instead of $25 billion later.
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