Detroit is headed hat in hand to Washington to beg for part of the $700 billion financial rescue fund. To date, that money has been limited to the troubled financial sector.
Democratic legislators have recommended giving temporary assistance to the industry, provided the auto makers meet specific conditions. These conditions include building more fuel-efficient vehicles and an equity stake for government.
General Motors, Ford and Chrysler have balked at the conditions. They are unsure that they meet the standards of financial "viability", which are pre-requisites for any firms in the financial industry to receive help. That should give us all great pause.
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