December 4, 2008 – At the second conference of its type this fall, the ‘big three’ U.S. automakers – Chrysler, GM and Ford – appeared before the Senate Banking Committee today, making their cases for why they need government bailout money.

Along with the head of the United Auto Workers Union, who pledged support and co-operation, the leaders of the Big Three came back with plans for a greener future for automobiles, along with promised sacrifices such as executive travel and payroll cutbacks.

Many in Congress and elsewhere are still expressing deep concerns. Despite promises on the part of the automakers of a focus on green electric cars and financial restructuring, many feel the plans are not sufficiently long-term, and in GM’s case many feel that a change in management should be included. GM CEO Rick Wagoner stated that their business plan has transformed and is solid, yet asked for considerable sums of money to help shore up the company’s financial problems.

All of the big three top executives pledged cutbacks in executive pay and travel perks, including selling corporate private jets. Each was offering a desperate bid to secure government bailout money in light of the global economic crisis. Each cited the advisers effects to the U.S. economy and to the many workers and retirees who would be affected should their company end in bankruptcy. Testifying before the Senate Banking Committee on behalf of Ford Motor Company, CEO Alan Mulally quoted an estimate from Goldman Sachs that said the impact to the economy from failures could be up to $1 trillion.

Environmentally-concerned watchers are pleased to see the big three automakers re-focus on green electric and hybrid vehicles, and if it takes a financial crisis to do this, then so be it. For too long, the electric and hybrid car has been seen as a fad and not a viable and necessary change in our driving habits. Perhaps being forced to turn their efforts to energy efficient vehicles is a good thing.

Not only must we be willing to build and buy hybrid vehicles for their environmentally-friendly aspects, but hybrid vehicles also address the issue of energy dependence. As an economic and national security issue, energy independence is an important focal point. While we all get ourselves through the economic crisis, we must simultaneously focus on cost-saving as well as environmental issues and hybrid and electric car options help us do this.