I'm ticked off at the way Congress is grilling the automakers. Yeah sure, they didn't help their case by flying their private jets to Washington unprepared three weeks ago, but give me a break.
In contrast, Citibank, AIG et al practically had money thrown at them. Frankly, the stark difference in treatment smacks of cronyism. And why wasn't there an "oversight board" established to account for how they spent the money?
The auto industry drives 6 million jobs in our economy according to TheEngineOfDemocracy.com. If you think this is just a Michigan problem, think again. This is the ad they ran in the Washington Post today. Then check out their map and roll your mouse around to see what the impact is for each state.
In the end, I agree with mad money Jim Cramer...if everyone is unemployed, who are the banks going to loan money to?