I'm home sick today and just watched the Reid-Pelosi press conference about the proposed auto industry bailout. I have to say that I was impressed by the way it was handled by the Senate Majority Leader the Speaker of the House (to my great surprise).
The gist of their response was that:
- the auto CEOs looked like fools for flying in on their private jets begging for money
- the American people are pissed off about all the tax money being spent on bailouts
- any bailout would depend on the auto makers coming up with a convincing plan to restore long-term viability to the industry
I can't disagree with any of that!
Pelosi was quick to reject calls that the companies be allowed to go into bankruptcy, but she can't wave a wand to prevent it. She and Reid were right to put the onus on the CEOs to come back with a solid plan in a few weeks.
I was quite surprised by the rationality of it all. Let's see what happens.