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The US auto industry needs to be rescued to prevent catastrophic ramifications to our economy if it were allowed to collapse. Millions of jobs, businesses and contracts across America are at stake.
Some ways to make the rescue package for the auto industry work as well as to protect America and American taxpayers interest:
1) All 3 of these bozo CEOs have got to go and their management to be shaked-up and they need to present Congress and taxpayers w/ a sound business plan for immediately marketable high tech alternative fuel vehicles or technology currently in RND to make those type of vehicles for sale to qualify for rescue package. Those Concept stuff Do Not Apply!
2) A good portion of the loan is to be set aside to protect jobs and health benefits of auto workers in America. These high tech vehicles need to be made, right here in the good ole US Of A.
3) No blank check is to be issued. Only a High interest loan benchmarked against profitability. If they fail to reach the profitability benchmark, their interest rate will continue to rise.
4) The regulations, repayment and interest of these loans are subject to congressional oversight and to be managed by a new subcommission of the Treasury. Taxpayers and govt then get their $ back via tax rebates annually until the entire loan is paid off.
5) Provisions attached to prevent executive pay raise, bonuses and other useless perks w/ this rescue package.
6) Provisions to provide automakers help to bring down cost to manufacture alternative fuel vehicles. i.e Cost of Chevy VOLT, which can run 40 miles on electricity ought to be brought down to around $20k - 25K so that it can be economically affordable for Americans, provide jobs and reduce foreign oil consumption.
7)Tax increase on oil companies to help pay for the rescue package.
In essence, there is nothing Socialistic about this rescue package. This is all just a big business proposal that pays itself and an unprecedented opportunity for taxpayers to invest in America and provide incentive for auto industry to get off their rear-ends and think outside the box, If they want their companies to survive.
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