OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

CNBC "Power Lunch" - Transcript

Interview

Date: Dec. 4, 2008
Issues: Business and Consumers

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MR. GRIFFETH: Congressman Sherman, what is your first question to the big three auto makers tomorrow when you get to the hearing?

REP. SHERMAN: My first question will be whether in this big show they've made of driving to Washington, are they committing that most of their business trips next year will be on commercial aircraft?

What I'm hearing some of the companies is "Sure, we drove to Washington, but we're going to charter luxury aircraft in the future." Now, I don't think that's the be all and end all --

MS. FRANCIS: Right.

REP. SHERMAN: -- but it's a good test as to whether these companies get it and whether they understand the American people.

MS. FRANCIS: But, I mean, surely, Representative Sherman, there is a lot more to their business plan and what's really important here going forward. I mean, flying privately was a symbol that they didn't get it.

But honestly, you must have a lot more serious questions than that.

REP. SHERMAN: Well, I just did a two-hour meeting with representatives from Ford and asked maybe 80 questions.

MS. FRANCIS: Okay. Like what?

REP. SHERMAN: I had a --

Everything from when they're going to come up with hybrid vehicles and automobiles and not just SUVs. When they're going to be drawing down on the 136 money, which is the $25 billion for retooling. How Ford can survive if GM went under, and they had to deal with their parts network. How they would be affected by a Chrysler failure and how interconnected their parts supplying is with Chrysler.

MS. FRANCIS: And how'd you feel about their answers?

REP. SHERMAN: I think Ford had very good answers.

I think Ford is likely to survive this unless they're pulled down by a loss to their supplier network. And Ford is asking for a lot less than the other two big companies in terms of a percentage of their operation.

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MR. GRIFFETH: And Congressman Sherman, we assume you are voting yes at some point?

REP. SHERMAN: The bill hasn't been written, the testimony hasn't been heard.

REP. GARRETT: Yeah.

REP. SHERMAN: I think it's very important that we have not just "Oh, we like your plan. Here's 25 (billion dollars) or $34 billion." But rather "If you take the money, you have to live with these rules."

We shouldn't be writing a blank check even if we like the plan.

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