There’s a delicious irony of seeing private luxury jets flying into DC, and people coming off of them with tin cups in their hands, saying that they’re going to be trimming down and streamlining their businesses. It’s almost like seeing a guy show up at the soup kitchen in high hat and tuxedo. Kind of makes you a little bit suspicious as to whether or not…we’ve seen the future. There’s a message there. Couldn’t you all have downgraded to first class or jet-pooled to get here? It would have at least sent the message that you do get it.

Ouch. That’s what Gary L. Ackerman (D) out of New York said to the three auto maker CEOs on Tuesday when they appeared before Congress to plead their case on needing bailout money. I had posted it in the comments in the entry from a couple of days ago, but thought it was so good, it was worth repeating. It just shows that these guys are without a clue.

Michelle left a great comment and so I decided to bring the auto thing front and center rather than have it tucked in the comments. Smaller businesses are struggling to survive. If the big boys can’t get capital lending, what do you think is happening to all of us? In my business, every day we are having to reinvent ourselves, find more efficient ways to perform our trade, and negotiate costs on every level. When I see something even smelling like it is going to go south, I have to react much quicker than I did in the past, because of the current economic situation. We have 300 people not involved in the decision-making, that are counting on us to make the right choices to ensure longevity through the recession. There’s no net out there, we either figure out how to make it work and make the hard decisions, or close up shop.

I guess that has gotten me all riled up the past couple of months as far as what is going on across the country, and this always gets to be my place to vent. Whether it’s someone telling me that they are about to lose their home, their job, or my company having to make the decision to work on a job for 0% or less profit to keep the guys in the field working, it just angers me to see this high level of government bullshit taking place. The owners of my company leave most of the money in the company to ensure its longevity rather than sucking it all out with extravagant purchases. When the recession hit, many of us senior managers voluntarily offered up part of our salary to the company to help trim down costs. I hear that the only Detroit CEO that was willing to meet the Iococca challenge of $1 per year, was Chrysler’s Nardelli. The other two were silent. Not that Nardelli is any kind of saint, he’s only been with Chrysler a little over a year, but pilfered $210 million in a severance package before departing Home Depot under much scrutiny. All indicators are that Ford will probably make it through this crunch cash-wise without the bailout, but joined in with the other two, because of issues that would plague it with parts manufacturers if GM goes under.

Still, it’s hard to feel for these guys when they are not willing to sacrifice the luxury jets, bonus payouts and huge salaries for the good of their own companies—to keep those working on the line employed. Those on the line that have enjoyed loaded union contracts need to step back into reality, too. If you want your company to make it through the long haul, then you must be willing to make personal concessions to give back to the place that has put food on your table for so many years.

I know I’ve already said that I’m opposed to any kind of bailout for the automotive industry, and I still feel that way. Even more so, after hearing that the money will be going to preserve these kinds of business practices. Even with tough restrictions imposed, these companies will not flourish without major oversight, restructure, and reinvention. Those things are all possible under protection of the bankruptcy court. I’m willing to bet that GM will no longer have EIGHT luxury private jets at their disposal, and Wagoner will get that pay cut. That’s what he gets for killing the electric car. They had the innovation to save their business many years before the Volt, and crushed it. Their competitors took notice and now aren’t standing with their hands out.

However according to CEO Rick Wagoner, the worst decision of his tenure at GM was “axing the EV-1 electric-car program and not putting the right resources into hybrids.”

I figured after yesterday, today I would just share a laugh. Mark sent this to me in an e-mail along with some other sarcastic and judgmental posters.

I shouldn’t have even come in today. The news is depressing me and just making me angry. I don’t think there are many of us not watching the downward-spiraling economy that is nearing the brink of disaster. The Treasury has spent 290 BILLION DOLLARS, and the only change that has been brought about is decreased consumer confidence. The jobless rate is at 6.5%, the foreclosure problem is still wildly spinning out of control, and our government has done what they promised not to do—write blank checks to these banks without any oversight or set goals to attain.

I am pissed! They told us we had no choice but to agree to bail them out, and they promised there would be some accountability and restrictions.

It’s not like I was ever a big fan of Bush, but the least he could do right now, is try to save some face by helping to mitigate this situation. We can’t be without a President for two months, and the current economic situation will only further deteriorate without some proper leadership. George W. and his staff need to come up with an interim plan to stabilize the economy, in coordination with the incoming administration.

Paulson’s shift on how to dole out the $700 billion bailout money, is freaking everyone out. Before we issued one dime to failing banks, there should have been restrictions on their behavior and penalties for non-compliance. Why would we trust the very people that caused this economic breakdown with their gross negligence, to get a “do over” without any supervision? They’re getting their money, hoarding it from borrowers, and using it to buy and lend to each other. Don’t even get me started on the huge tax breaks being afforded to them for buying other banks with troubled asset bases.

What ever happened to the appointment of the special inspector to oversee audits of all institutions receiving bailout money? Why hasn’t this person been chosen? If you’re not going to set any restrictive (not just suggested) guidelines for them to comply with, shouldn’t you at least have someone checking in on your very large investment? Excuse me, OUR very large investment.

While I am still employed, my mortgage being paid on time, and am in no immediate danger of losing my job, I am watching colleagues in droves being dropped to the wayside by cutbacks and layoffs. People on the verge of losing everything. The government needs to come up with an immediate plan to invigorate the economy with jobs, set restrictions for getting a handout, and at least attempt to band-aid the situation in absence of a long-term formulated plan.

A long-term financial plan that better be in draft mode right now…