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So how long do you suppose another $25 billion from the federal government will last Ford, General Motors and Chrysler?
Oh, about as long as a tank of gas in a 3-ton Hummer.
That's why any public money going to help the near-bankrupt American auto companies must come with sturdy, thick ropes -- not just strings -- attached.
The American public must demand that GM, Ford and Chrysler dramatically alter their business models, contracts and direction.
That will be painful for stockholders, management, employees, the United Auto Workers, retired employees and the nation.
But it has to happen.
If it doesn't -- if Congress hands over $25 billion in loans or equity with little more than a pat on the back -- then expect the carmakers to be back next spring asking for tens of billions more.
Detroit needs excruciating change to survive.
To their credit, the Big Three and UAW had been improving in recent years. They reworked labor contracts, setting up a tiered wage system and buying out older employees to save money. They launched efforts to design and produce higher-quality vehicles and greener cars in the face of soaring gas prices.
The American automakers also made some tough decisions to retool and better compete. They announced a string of plant closures, including a shutdown of Janesville's GM plant.
If not for the terrible economy, the Big Three might still be moving forward. But the economy and stock market sunk so low so fast in October that the car companies' modest improvements weren't near enough.
These are desperate financial times. America has a strong interest in leading the world -- or at least keeping pace -- on transportation technology.
Congress should help the Big Three, which employ millions of people. That help might include loan guarantees, public equity or bankruptcy proceedings.
But for public help to happen, the car executives and union leaders must yank their steering wheels down a new path.
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