The Senate Banking, Housing and Urban Affairs Committee held a hearing on their rescue plans yesterday. The CEOs are cooling their jets before the House Financial Services Committee today.
While the automakers submitted separate business plans, they got a jump start from the Engine of Democracy coalition, which is mobilizing grassroots support for the, er, "federal bridge loans." The coalition says it is “self-funded and receives no funds from Chrysler, Ford or General Motors.”
My friend William Reed isn't reticent about touting the support African Americans receive from the Big Three. Bill recently wrote:
As of September 2008, the motor vehicle and parts industries directly employed 732,800 workers and were one of the largest economic generators for African Americans. The argument Payton puts forth is that the Big Three and their reciprocity toward African Americans should be measured by blacks as to how these companies help in our communities compared to where the $750 billion Wall Street operatives got from the government goes.
Under their spanking new restructuring plans, the Big Three want taxpayers to make as much as a $38 billion down payment. In return, the CEOs promise to cut tens of thousands of jobs, shut factories and close dealerships.
With a CNN-Opinion Research poll showing 61 percent of Americans oppose a federal bailout, lawmakers remain skeptical about taking a ride on Detroit's “freeway of love.”