GM, Chrysler Want $22 Billion More

When former President George W. Bush ill-advisedly forked over $17.4 billion to General Motors and Chrysler two months ago, the two struggling automotive giants were given until yesterday to come up with a plan for achieving sustained profitability.

So what’s their plan?

To ask for another $22 billion in federal loans.

General Motors – which received $13.4 billion in December – is requesting another $9.1 billion now and $7.1 billion on top of that to carry it through 2011.

Chrysler – which got $4 billion in December – now says it needs another $5 billion, and would like to get its hands on that money no later than March 31, thank you very much.

Unfrigginbelievable.

At least Ford – facing the same tough times – is still refraining from requesting a multi-billion dollar taxpayer subsidy.

Interestingly, yesterday’s requests for “Mo’ Bailout” included absolutely no specifics of the cost-saving measures that the Bush administration insisted automakers work out with their union.

And at this point why should they? “The One” and his Democratic Congress are going to give them the money anyway … no strings attached.

That’s why terms like “cataclysmic,” “devastating affect,” “too big to fail,” “economic Pearl Harbor,” and all the same B.S. bailout sound bites we’ve been hearing for months are already starting to crop up in relation to this latest request for billions of dollars we don’t have.

Here’s a quick refresher on how capitalism works – when people stop buying your product, you go broke.

GM and Chrysler are dead, and deservedly so, no matter how many more billions Washington throws at them.