Governors Beg For Auto Industry Bailout

A coalition of governors from the states of Ford, Chrysler and General Motors called on the CEO of Wall Street’s Treasury Department to work under the provisions of the recently enacted Emergency Economic stabilisation Act to aide the auto industry.

On a formal basis, of course, the eight governors represent states with old fashioned names like Michigan, Delaware, Kentucky, New York, Ohio and South Dakota.  And Hank Paulson’s title is still the Secretary of Treasury of the United States. But, frankly, we’re tired of pretending.

“As Governors, we appreciate your recent efforts to provide liquidity to the credit and financial markets, and urge that you use your broad regulatory authority to ensure that your continued actions help promote liquidity within the U.S. auto industry,” the letter said.

Isn’t it cute how they totally try to pretend that the auto-industry faces a liquidity crisis rather than serious business challenges? The only way Detroit’s problems can be blamed on a liquidity crisis is if you’re talking about the automakers being permanently under water.

Click here to download the entire letter from the Wall Street Journal.

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