I just can't agree with his latest column.
http://www.roadandtrack.com/article.asp?section_id=26&article_id=7716
The way I see it is that the "people who make things" are already hurting due
to decreases demand across the
entire auto industry.
So the arguement that GM going into Chapter 11 will cause a cascade of failure
of suppliers just does'nt hold.
The suppliers are already hurting. The suppliers have already laid off a bunch
of "people who make things".
The government should have told GM & Chrysler to go pound sand back in
December. Instead of dragging this thing out and
throwing more good money after bad.
It should have then provided conditional low interest loans to Ford (or any
other automaker operating a factory in the US that was
not
asking for a bailout). The condition being some sort of reward program for
rapid re-hiring of displaced auto workers and suppliers.
It was a miracle that Lee Iacoca was able to repay the 1.3 billion loan for the
Chrysler bailout.
I just don't see GM ever paying that bailout money back..not ever.
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