Watching the car maker CEOs testify yesterday was interesting. They behaved like skilled salesmen, presenting arguments about why we should buy what they were selling, which wasn't cars but a pig in a poke. The point about their having traveled from Detroit in private jets pretty much captured the moment and sealed the deal.
There was no discussion about how the $25 billion they wanted would be split among the three companies but let's assume it would be split equally, so each would get $8.3 billion. How long would that last each of them? Just a guess but it sounded like they could burn through $8.3 billion in about a month and a half. Then what?
Fortunately, it appears the deal is dead. They will not get that $25 billion. But they still could get the $25 billion that has already been authorized -- for development of new, energy-efficient cars. And after January 20th it's nearly certain they'll get more.
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