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Obviously the big 3 auto makers came back to news with the Congressional hearing today. This big 3 Washington show started before the Thanksgiving with the “corporate jet gate”, in which the reporters and some congressmen questioned the 3 CEOs taking corporate jets to ask for money: it like one begs for money while wearing George Armani. But I think the media coverage and the US congress acted (reacted) too much on this show.
In my mind, this is not about politics, unions vs. the car company, mid-west (Detroit, or Michigan) vs. southern states. I am thinking saving big 3 (GM, Ford, Chrysler) is critical to the US economy and manufacturing. If the big 3 fails:
1) Midwest states, esp. Michigan will be hit big. Michigan is already in trouble with declining domestic car makers, the fall of one auto maker will devastated the state.
2) American will lose the icons such as Chevrolet Corvette or Ford Mustang. Don’t think that as a minor thing, as psychology does play a role in economy, consumer sentiment and the financial market.