Will the Big 3 Change Their Collars from White to Green?

Ready to get down on their knees and beg, the CEOs of Chrysler, GMC and Ford have headed to Washington for the second time to ask for a governmental bailout to save their tanking companies. After ditching their private jets for hybrids to make the trip, these CEOs have made what will surely be some of the most dramatic offers in their histories as heads of one of the largest industries in the US.

They’re asking for $34 billion, a substantial increase from their original plea of $25 billion. Car and truck sales fell 37% in November, which puts these companies in a position in which, without this bailout, survival longer than 2 months won’t be an option.

The CEOs are literally pleading, with GM going as far as to pledge that their company executives would take a 20% pay cut and CEO Rick Wagoner and members of the board would work for $1 a year. Ford and Chrysler followed in suit, their CEOs offering a similar plan for dramatic pay cuts; after all, the three companies are so intertwined that, should one go down, the other two would follow right after.

But their most innovative promises concern their new environmental objectives. Ford promised production increases of its fuel-efficient Focus sedan to more than 1 million a year. GM has said that 22 of the 24 new vehicles it will unveil between 2009 and 2012 will be fuel-efficient cars and crossovers. And from Chrysler, plans are being laid for 73% of its 2009 vehicles to get more miles per gallon than previous models as well as the introduction of a fully electric vehicle in 2010.

Americans are split in their opinions surrounding this issue. A CNN poll showed Wednesday that 61% of Americans oppose a bailout. While many fear the threat of an even greater economic crisis if these companies were to go under, a more significant percentage of the population feels a bailout would be an undeserved get-out-of-jail-free card. After all, its not as if the recent economic downturn is the only reason why these companies are struggling. Had they developed a responsible business plan and responded to environmental concerns throughout the past decade, they would be in a much better position to survive this recession. America needs to be forced to change its ways, and nursing these companies back to health isn’t going to teach them anything.

Its time for some tough love. Unfortunately, it’s the American employees who will pay the price for the auto industry’s blind greed.