I still don’t think that the Big Three should be entitled to receive public funds; however, I am glad to hear that Congress is actually bothering to request a plan before it considers handing money over to the ailing auto industry. I imagine that Ford, GM and Chrysler will write something up to ultimately get their money because Congress really wants to fork over the loot (but they need to check a box so they look like watchdogs of our money). The Big Three probably won’t adhere to what they write up, but they will write something up, I’m sure. And, they’ll get their money one way or another.
Why am I sure? Well, because GMAC Financial Services went and filed to have its status changed to that of a bank. This, of course, will qualify GM, or at least a branch of GM, for funds from the bailout package (read about it here). An automotive bailout is inevitable, it seems.
Pretty soon, I imagine that $25 billion will be spent and all this hubbub will fade away as a distant memory. We’ll forget how much this money could have helped small businesses that are the engines that actually run our economy and generate bold innovations. We’ll also forget how much this money could have helped our children and their children by not actually being spent at all.