Playing the game of chicken!

I find the hesitancy of the U.S. Congress to help the ailing U.S. auto companies quite annoying. No one can challenge that a collapse of General Motors, Ford and Chrysler would cost two to three million jobs in this country. Such a huge bump in unemployment will plunge this country into a deep depression from which it will take years to recover. In short, there is no alternative but to save this industry. And these companies are begging for a loan of $25 billion dollars which is a ‘paltry sum’ compared to the money the U.S. Government has already sunk into finance companies like AIG (over $80 billion) and Citigroup ($25 billion, and counting). The real reason of the delay? Republicans would rather have this issue kicked down to January when Barack Obama becomes President, so that they can blame him later if things do not work out, while the Democrats want to make sure that the public understands how careful they are with their money. So, all types of delay tactics, coated with a show of prudence, are now going on. The big fuss about the CEOs of these companies using private jets is a good example. These Congressmen, who bum corporate jet rides whenever they can, know that it is not practical for a CEO and staff, who have to travel perennially, to waste time in airports waiting for commercial flights. They are not outraged about the millions of dollars these CEOs make based on short term results; but are spooked about a few thousands of dollars spent on air travel! Meanwhile, the auto companies, especially General Motors, are on the brink of declaring bankruptcy. Unlike the airline industry, where companies can declare bankruptcy and come out of it later, in auto industry a bankruptcy declaration is the end as no one will buy a car from a bankrupt company. I really hope that this game of brinkmanship does not end in disaster for everyone!