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Cast in their previous Hill appearance as "The Three Stooges," Wagoner, Nardelli and Mulally were intent on putting the most chin-up, positive spin on things, all sporting plans that now cannibalize their businesses in a "Change Era" direction. That notwithstanding, however, the visual theme from the media was all about shame. An ABC reporter, even tracing the land-bound route of the executives from Detroit to Washington in his own vehicle (stopping in Lordstown, which is dominated by a GM factory, as if a station on the cross) actually labeled the journey: "Highway to Contrition."
Because politics = entertainment (and we've been in something of a lull in that regard), Hollywood must be served. Above, for example, we can see what a telephoto lens and an quick, innocent wiping of the eyes can do to GM CEO Richard Wagoner, labeled in the AFP caption as one of the "contrite bosses" of the Big Three. (And then, the inset image -- which you can click to expand -- is Getty's contrition shot of Chrysler CEO Richard Nardelli arriving in D.C. as if about to drop to one knee.)
I should emphasize, it's not that these men aren't feeling contrite in returning to Washington with their hats in their hands.
It is fascinating, however, to witness these men literally getting hell beat out of them by the media and Congress while the Wall Street honchos -- the crew who Henry Paulson has fed billions to over the past few weeks without next-to-no accounting, accountability or demand for modifying their business practices -- remain out-of-sight and out-of-mind.
For more visual politics, visit BAGnewsNotes.com (and BAGnewsNotes @Twitter).
(images 1-2: Chip Somodevilla/Getty-AFP. image 3: Win McNamee/Getty-AFP)
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How does it feel to be a scapegoat? Humiliating, no doubt. The problem is much bigger than the Big 3.
What a great article. Within the last year or so the USA,s top interviewers worried about detroit (ie before the major market downturn but on indications things were wrong with detroit and marketplaces and companies ) invited the designers of the detroit companies to indicate how the car of the near future would look and its impact on the evolving growing oil and enviro crisis -- One designer pulled out a very large model --satisfied the top usa interviewer keenly eyed the opposition designer for what had to surely be something startingly different because simply the new car presented looked ok but that was all. The opposition designer did not disappoint--no -- he looked to oppositions drawings and model and brought out one exactly the same The interviewer was taken back-- The designers-- the worlds best groundbreakers they said of themselves -- just laughed a little and slightly cognised with each other like 2 schoolboys and dumbfounded the interviewer ended the internationally shown interview.
The designers/management -parliamentarians-thepublic are fixed in their managed ways until-crisis-
So what happens to the stock market if shares of these companies fail . The mortgage backed securities are mirrored by the the securities of the assets of these companies so will there be a triumvirate collapse. And on a simpler note what happens to the 200 employees in the service industry who are employed for every one manufacturing job. Do they fly to HongKong to work in factories and service industries there. Dont laugh
The questioning of the auto exec had an odd theme: Will the taxpayers turn a profit on an investment in the auto companies? It would be nice if we did. Perhaps, this is what government should do: Invest in the stock market to take a profit and be able to stop collecting taxes. Ancient governments often did something like this. Ptolemaic Egypt turned a profit on its beer monopoly and had other business type monopolies to raise money.
The United States has generally used a free enterprise model with the government concerned with regulation so as to serve the public and offer an even playing field for business. We did some businesses: Highways and traffic control, prisons, the Post Office. The government has been relatively small and, at different times, some successful businessmen are considered to have had more power than our President.
In a way, I wish they would have stood up and told them to drop dead. Gone home, laid everyone off for at least 60 days and shut their doors. Let the ignorant idiots on the Hill get what they asked for.
Let the Dems keep it up. After Clinton and NAFTA, the unions knew better than to dismantle their election apparatus. I hope they cut them all off at the knees.
Well put, Michael. There is a dangerous and alarming double standard here. It almost appears that the media itself is intent upon wiping out the middle class. Why aren't they hounding Wall Street for stories?
Congress decided to shame the ones who actually could FEEL shame. The Wall Street types literally are shameless and it is pointless to try.
That being said, it was unfair and classist to give a pass to those who work in businesses where the typical worker showers *before* work and skewer those who work in businesses where the average worker showers *after* work.
Three issues:
(1) getting rid of the deadwood at the top and on down. Can we do this withut being accused of 'socialism'? Maybe so, since the gov't. is already buying into banks.
(2) the effect on thousands of small businesses that supply the automakers will be catastrophic, and the unemployed numbers will leap.
(3) a nation with no industrial base is inevitably a second class nation.
Enough hysteria -- this is much more serious than congress and comments here suggest.
First off, Washington knew they would probably help out the Auto industry, but they must get it on with the theatrics and drama, and the political machine. I am sorry, but our Senators and House Reps are making me quite ill. They know exactly what is going on and will do anything to prolong this "movie" to make the big 3 grovel for money. As they know, the big 3 Auto Makers have brought more money into this country than any other business. Lets put our political leaders in the hot seat and have the "real" American people grill them on all their past deeds and deals! Their perks are just as controversial as GM's or Wall Street. I am a Democrat, but Barney, Nancy and Dodd need to bow out and let younger and newer people with ideas lead our country with Barack Obama.
The last couple of weeks have really pissed me off with the Congress. I mean they allowed Paulson to pretty much tell them to go to hell so long as he got $700 million dollars to do with as he pleased. Detroit's asking for $34 billion and the Congress has to puff up their collective chests and make Detroit beg for this paltry sum. I know that we can't bail out everyone, but Wall St's sitting back and laughing at how Main St (Detroit) is being grilled. Wall St's still having their resort parties and now their expensive holiday parties, but Main St.'s just trying to stay solvent. Why can't we use some of the money that's already alloted to the banking bailout? There's still $300 billion left and $34 billion should be siphoned off for Detroit.
I bet all the top Wall Street executives took corp jets to DC to plead their cases. We didn't see any requests for detailed plans on how the remaining financial companies plan to change or cut their labor or other costs. I didn't see the financial companies have to boot out executives or shamed into taking '$1 year' salaries. There is a double standard here.
I think the auto companies need help just as the banks , aig, etc needed help. Certainly it is not the auto companies that put this country in this mess. I also don't understand why congress acts like they have done a good job when many of their decisions are the cause of our problems. Plus the financial instutions are the ones that started this mess and continue to by not giving out auto loans, etc.
Certainly the auto workers themselves should not suffer because of the decisions of the people in charge. Also the people that work for the press should also worry about their jobs because if enough people lose their jobs I am sure the cabel bill will be one of the first to go. No CNN, Fox, etc. for many that are not working. Domonio effect. At least the exec. drove cars to the hearings. They seem to be trying. And still I don't hear any one talking about the 110 Billion extra pork that was added to the bailout package. That is alot of money and would be better served for the auto companies or just regular people. Linda
Big difference. The autos didn't commit fraud and steal the taxpayers blind.
Possibly effective piece for the class warfare buffs in the audience. Of course, reality is ignored, but reality is so tedious.
These auto chiefs should be scalped and sent to the happy hunting ground.These jokers are losing billions and the should only be in charge of taking out the garbage.
They are employees, like anyone else. Blame the boss who doesn't fire them.
Everybody relax - according to the NYT, Congress just approved giving bridge loans to the B3 out of the 25 bil they're supposed to use for energy efficient cars (of course, they'll pay it back very quickly). I don't want to see anyone lose his/her job but somehow the idea of giving money to Chrysler - which is owned by Cerberus Cap which according to the WSJ asset stripped Mervyn's, made $250 mil and left Mervyn's employees with nothing - turns my stomach.
Why can't the oil company's lend the auto companies the $34 billion they need? They made more than that this year... And they made it by selling the gas needed to keep the gas guzzlers the big three made on the road. Seems logical to me!
Because they aren't stupid enough to loan money to a doomed business. It takes government to do something that stupid.
What is happening with the Auto industry is simple to explain. The Republicans don't give a damn because for them this is perfect. Kill yet another Union . Wall Street has no unions so no need to punish them anymore than necessary. While I resent the fact that Wall Street is getting away with murder, I am not all that much more sympathetic to the Auto Industry but what's good for one should be good for the other. Like I said it's easy to see why things are the way they are though. Republicans are pretty transparent. They hate the average American. They resent any attempt to stand together against the abuse of the Corporations. As far as they are concerned we are all nothing but serfs who consume at their pleasure. They are the Aristocrats and deserve the very best and will throw us a bone when and if it suits them.
Liberte, Equalite, Fraternite
So now the government has to bail out every company in America, using your logic. Lovely.
No, only the ones that help the rich stay rich.
Detroit is supposed to jump through hoops, ostensibly because they made bad choices. How about the really bad choices that Wall Street has made! I really cannot believe that Paulson has handed the money over to the same guys who caused the crisis, and that the Republicans in Congress are hammering the car makers.
At least Detroit makes something. Someone tell me what Wall Street makes, or AIG. They make ponzi schemes, and hide the money. I won't be shopping for those things, but I will always need a car.
I think that the Republicans are trying to destroy a business model: one that includes fair pay and health care via the unions. Wall Street doesn't need to provide fair pay, infact ,they don't have to pay, period. Wall Street gets you to pay them, and you don't belong to a union. You end up broke, without a voice. I don't think the really wealthy people care if we have a depression, because they have deep pockets of our money.
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