Big Three Rev Up Their Beg

The CEOs of the Big Three automakers are in DC this week begging for a $25 $38 billion bailout “bridge loan.”

Unlike the last go-round when they were hanged together, the automakers are hanging separately (here, here and here).

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:

Among African Americans the Big Three’s multiplier effect among is critical. Black workers, contractors and consumers have a stake in how Congress reacts to Detroit’s plight. “Just do it” is what Randi Payton, publisher of African Americans on Wheels, suggests. He says they are “some of the most socially responsible corporations in the world” and because of how they impact African Americans emphasizes their “big stake” in how Congress acts on the issue. Payton says, “Social responsibility has long been a hallmark of the industry. The Big Three have consistently supported social and community initiatives, as well as small businesses. Next to the Federal government America’s automotive industry leads in embracing diversity and employment of minorities.”

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.

The automakers failed their first test drive and were told to “hit the road Jack.”

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.”