Ailing Detroit automakers GM and Chrysler may need “considerably” more government bailout money than they've already asked for, said Steve Rattner, Treasury's de facto "car czar."
So far, GM and Chrysler have asked for $21.6 billion. But Rattner said that figure could go as high as $30 billion or $40 billion, according to an interview earlier today on Bloomberg TV, The Post's Kendra Marr reports.
There's no evidence that any amount of money is going to solve GM and Chrysler's problems, which are entirely wrapped up in outrageous and unsustainable labour costs. GM has basically staked its survival on hikes in federal gas taxes to keep gas at about $4 a gallon to force consumers to buy their alternative fuel automobiles. For the sake of the transportation industry and the U.S. economy in general, these two corporate vampires need to be staked and buried at a crossroads.