Scott Mills, Ph.D.
The clock seems to be ticking down on the auto industry. They have come back to Congress humbled after their first attempt to secure help. Their private jets are on the market, they have agreed to take a pay cut down to $1 dollar a year and they drove to DC in fuel efficient hybrid vehicles. And while I couldn't see the direct impact on the economy of the Wall Street bailout, I know that several auto dealers here in San Francisco have closed down in the last few weeks.
But according to the CNN and the Huffington Post, Congress and the President are in a pissing contest over who will help the ailing auto industry. While I can't say that I'm happy about the way that they auto companies have operated - outsourcing jobs overseas, enjoying insane executive compensation while fighting with workers over salaries and missing the hybrid boat, it doesn't make sense to let them collapse and buy all our cars from overseas.
So here's a thought. What if this is an incredible opportunity to shift one of our major industries into a whole new way of doing business? When three companies ask for $35 billion dollars in investment, it seems to me that the American people can ask for a lot in return. I propose that we fund the automakers and in exchange for our money, ask for the following:
- A solid commitment to not moving one more job overseas and at the same time to bringing back the jobs that they have moved.
- A new direction that focuses on sustainable energy. We know that electric cars are already pretty functional and the Rocky Mountain Institute has come up with plans for other sustainable vehicles. Let's use this an opportunity to become technological leaders in auto making again.
- A commitment to socially and ecologically responsible business practices at every level. Since the American people would be part owners, we could have a say in as well as a right to set the direction of these companies. Let's open the books and practice transparency at every level of the organization.
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