When it comes to auto industry bailout, I thought it was laughable when the CEOs claimed they would work for $1 a year during these tough times. It's laughable because I would work for $1 a year if I was going to be slipped a multi-million dollar bonus at the end of the year.
One idea that I haven't heard is that any of these companies, auto or banking, who get money as a "bailout" or a "rescue" ought to be required to operate as a non-profit organization until every dime is paid back to the taxpayers. And the administrators should have a salary cap of no more than $250,000 dollars. Believe me, as the vast majority of America can tell you, it's quite possible to live very comfortably on much less than $250,000.
Back to the auto industry, any money they are given is going to be frittered away. That's a given. These people do not know how to manage their companies. They spend millions of dollars trying to convince us we need Hummers and over-sized turbo-diesel 10-cylinder pickup trucks. We don't. And most of us don't want them. We want what Honda is offering. Sure, free market has its place, but when a company is operating on federal dollars, it kind of negates the free market argument. Any "rescue" of the auto makers should come with strict guidelines. A minimum of 10% electric vehicle production NOW is feasible. They can lie about it not being practical all they want but companies such as Phoenix Motor Cars proves they are wrong. In addition to that 10% electric, there should a minimum 50% hybrid/alternative energy vehicle requirement and CAFE standards of no less than 40MPG. These are not "out there" crazy ideas. They are doable in the very short term as long as the incentive is there. These companies have proven over and over again that they are not going to do these things unless they are forced to do them.
