The following is a video courtesy of C-SPAN, from today’s House Financial Services Committee:
Now, I’ve never been a huge fan of Representative Brad Sherman (D-CA24), but he’s absolutely right here. If the automakers’ executives are going to fly to D.C. on a PRIVATE jet, they shouldn’t be lecturing Congress that they need more money.
Heck, I’ve been working on getting a big-name former Congressman (whose name I don’t want to give out) to come speak on my campus, and his booking agent told me, “I don’t know if Southwest Flies near you but they have great prices these days.” If a big name Congressman can fly Southwest, then Rick Wagoner (GM), Alan Mulally (Ford), and Robert Nardelli (Chrysler) can.
Until these CEOs learn to fly Southwest or Airtran or something, they don’t deserve anything close to a bailout. Additionally, the Union heads (and even workers) need to learn to take a pay cut. I’ve said before that UAW workers are so overpaid, it’s just ridiculous.
Don’t bail out the auto industry, and especially don’t do it by giving into arrogance like this.