It is strange that the Congress expects CEO's of the US Big Three automobile companies to work for only $1 per year in order to get $25 billion in taxpayer money in the form of a loan, but unfortunately these CEO's brought this problem on themselves when they all took private jets to their first begging session in Congress a few weeks ago. If I had to work for $1 per year, I would be broke very soon - but these auto CEO's are already millionaires, so their net worth will suffer less than the average person. Rather than focusing on how much money these CEO's are earning per year at Ford, Chrysler and GM - I think Congress should focus more on whether they will ultimately survive in today's modern economy, even with this $25 billion loan. The American car business has been in terrible shape for a long time now as US consumers have rushed to buy better quality imported cars and trucks - while the US Big Three auto companies continued to produce gas hogs like huge trucks and even bigger SUV's that were very profitable to their bottom line, but increasingly unwanted by energy savvy consumers. My personal opinion is that none of the Big Three US auto companies will survive in the long run unless they merge with foreign companies like Honda and Toyota. However, that will not happen as long as they have union contracts where the average UAW worker is earning in excess of $70 per hour in wages and benefits. Most Americans do not earn anywhere close to $70 dollars per hour in their job, but none the less - all of us are being asked to use our tax money to bailout companies that pay these high wages even during tough economic times, when everyone else is being forced to cut back on their own personal spending.
What we should really look at is that they are trying to gain "protectionism" in the world market. It is a fairly complex process, and WTO doesn't permit it unless it is a HUGE SERIOUS long run damage that has been caused to the domestic market. They are brilliant dude, i am sure they pay their advisors millions to pull stuff like this,,
Honda and toyota are even in trouble. Its the gasoline powered car that is in trouble period. What the companies need to do is stop making hybrids even. They need to focus on air powered and hydrogen powered cars that is the shift. Hybrids are even outdated these days. India is installing air powered car plants around the U.S this will take a few years to get going but this is the futre and people who retired from the big three should get their act together