Congress is acting as if it has had no part in the disaster now faced by the Big Three. First and foremost, the laissez faire approach to Wall Street over the last 8 years has led directly to the crisis the automakers face. No credit, no car buying. Its that simple. Congress deregulated and failed to oversee Wall Street and the banking industry fell apart. Second, Congress, with Detroit’s complicity, has blocked EPA and DOT year after year from imposing tighter fuel economy standards. Average fuel economy has been declining as a result, while vehicle power has grown steadily for two decades incorporating improvements that could have been directed at fuel economy. Third, Congress has failed to put in place a rational energy policy leading to the extreme vulnerability we find ourselves in. Had Congress acted to raise gas taxes, pursue alternative sources, stop handouts to the oil industry, and similar industrial policies over the past 25 years, we wouldn’t be facing an energy crisis on top of the banking crisis. Senator Shelby may be correct that Detroit is a dinosaur, but for that matter, so is Congress! Its time for Congress to own up to its part in this mess and save 1 out of 10 jobs in America before we have bread lines up and down main streets across the country.
thelede.blogs.nytimes.com |
