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Some lawmakers lashed out at the CEOs of the Big Three auto companies Wednesday for flying private jets to Washington to request taxpayer bailout money.

"There is a delicious irony in seeing private luxury jets flying into Washington, D.C., and people coming off of them with tin cups in their hand, saying that they're going to be trimming down and streamlining their businesses," Rep. Gary Ackerman, D-New York, told the chief executive officers of Ford, Chrysler and General Motors at a hearing of the House Financial Services Committee.

"It's almost like seeing a guy show up at the soup kitchen in high hat and tuxedo. It kind of makes you a little bit suspicious."

At Wednesday's hearing, Rep. Brad Sherman, D-California, pressed the private-jet issue, asking the three CEOs to "raise their hand if they flew here commercial."

"Let the record show, no hands went up," Sherman said. "Second, I'm going to ask you to raise your hand if you are planning to sell your jet in place now and fly back commercial. Let the record show, no hands went up."

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Anyway here is more in the article.

Quote:

The executives -- Alan Mulally of Ford, Robert Nardelli of Chrysler and Richard Wagoner of GM -- were seeking support for a $25 billion loan package. Later Wednesday, Senate Majority Leader Harry Reid reversed plans to hold a test vote on the measure.

An aide told CNN that Reid decided to cancel the test vote when it became clear the measure would fall well short of the 60 votes needed. Reid did, however, make a procedural move that could allow a vote on a compromise, which several senators from auto-producing states were feverishly trying to craft.

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pinkfloydms said:

How many companies are you wanting the govt to bail out?

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it will be a $10 trillion bailout before it's
all over

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zorbman said:

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it will be a $10 trillion bailout before it's
all over

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Yeah, there seems to be no end to the black hole we are trying to fill with borrowed money.

Americans are about to discover that their economy is based upon the Illusion of prosperity.

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so are we gonna have inflation or deflation?


or both?

Sliding prices for US shoppers trigger new fear that West stands on brink of deflation


The steepest plunge in American consumer prices for more than 60 years fuelled feverish speculation yesterday over the danger that the United States and the West’s other big economies could slide into the grip of deflation.

Prices for goods and services across the US economy tumbled by 1 per cent in October, in the sharpest monthly decline since February 1947, official figures showed. The fall, twice as large as economists expected, drastically cut the annual inflation rate, to 3.7 per cent for last month, from 4.9 per cent in September, and a 17-year high of 5.6 per cent during the summer.

The news further increased the scope for the US Federal Reserve to cut interest rates again next month from their present low of just 1 per cent, a level seen only once before in the past half-century.

http://business.timesonline.co.uk/tol/business/economics/article5192887.ece

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so are we gonna have inflation or deflation?

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Quote:

i put the smirk after "both". its crazy to think that we could have deflation and inflation at the same time!

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Quote:

what about hyper inflation?

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