November 11, 2008

the auto bailout

This I read in the New York Times - “Emergency assistance to the automobile industry would be conditioned on executive compensation restrictions, a prohibition on golden parachutes, rigorous independent oversight, and other taxpayer protections to ensure that any companies that benefit from this assistance — and not the taxpayers — bear the full burden of repaying any costs that are incurred,” Ms. Pelosi said.

“It is essential for the domestic automobile manufacturing industry to re-emerge as a global, competitive leader in fuel efficiency and in new, path-breaking energy-efficient technologies that protect our environment. For the automobile industry to be truly viable, it must continue to move in this direction.”

If our tax money is going to bailout millions of hard working men and women (the good part) and the super rich(the not so good part) then the government should go all the way in stepping in and make it a law that from now on, all production and engineering be done with hybrid/green technology or atleast move towards it in fast-forward motion. No matter how much I dislike this economic bailout, this is a chance for the government to do a good deed. That's all assuming that part of the 700 billion bailout package goes towards the auto industry. We'll see I guess.

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