Bailout Watch 68: Yes But No

bailout watch 68 yes but no
It’s flip-flop week over at Automotive News. While Editor David Sedgwick pulls a Volt-face, publisher Keith Crain is flopping around the bailout issue with the grace of a freshly-landed steelhead. Just a short week ago, Crain took to his keyboard to pen a paean to the Detroit bailout. “Have the auto companies made bad decisions in the past three decades that have led them to this period of peril? Of course they have, and they continue to make bad decisions. But it is in the best interest of the United States to have a strong and viable domestic automobile industry.” This week, the AN strongman has a new take on bailouts, written under the headline “Somebody Should Just Say No.” In fairness, Crain hasn’t properly flip-flopped, he’s just being hypocritical. He may be the biggest backer of Detroit’s federal teat-nuzzling (“hoon”), but when it comes to Wall Street bailouts, the man is all principle. “Those Wall Street companies bought portfolios of bad home loans to make money,” growls Crain. “The companies are at risk because of their bad judgment, and they should take their losses.” In other words, America needs an auto manufacturing industry, but the financial centers that run the world economy we can give or take. “Let’s not jump into decisions that will increase the indebtedness of the American people,” says Crain, arguing that the auto-industry loans will definitely be paid back. And if “the mess on Wall Street is only a distraction from a thorough study of our manufacturing base,” why does Crain think the Wall Street bailout is getting top billing? Because Treasury Secretary Henry Paulson “made millions” on Wall Street and is “compromised.” As opposed to Keith Crain who never made a dime off America’s auto biz, and is as neutral and incorruptible as Solomon himself? Money-grubbing is never fun to watch, but this is just getting ugly.
Comments
Join the conversation
2 of 10 comments
  • Joeaverage Joeaverage on Sep 26, 2008

    Hey, take that $700B to the private citizen. Using the gov't to carefully dole it out to conquer consumer debt first, mortgages second (unless the person is in danger of losing their house) and only for debt that existed as of June 2008 with $25K per household would go a long way. I mean if we are transferring wealth, why not to the little guy and let that trickle UP to the rich guys instead of the trickle down economics they go on and on about.

  • Hal Hal on Sep 27, 2008

    @no slushbox: even a broken watch is right twice a day... So far as I can tell southern politics = pork barrel politics. I'm not surprised southern republicans are opposed to bailouts for MI or NY based industries. When its subsidies for tobacco plants, cotton plants or german car plants it's a different story.

  • EBFlex "I've only filled the gas tank three times in 2500 miles"Assuming you went from 0 gallons to full (17.2), you have averaged almost 50MPG over those 2500 miles. 50 MPG in a Jeep Wrangler. To all of you EV nut jobs, tell me again how PHEVs are not the absolute best thing to happen to automobiles since the wheel. And tell me how they don't make EVs look like the awful play toys that they are.
  • MRF 95 T-Bird The Buick 215/3.5-liter aluminum V8 was one of GMs great engines. Unfortunately GM being GM in one of their greatest mistakes was selling off the tooling to BL. If they kept it around and improved upon it it would have been a fine motor for their compacts and midsize models through the OPEC oil crisis.
  • Chris P Bacon Not sure why a '21 is getting reviewed, because there have been improvements to the 4xe. I've got a '22 4xe Sahara. May 2022 build in High-Velocity yellow with a soft top. As soon as it was announced I knew I wanted to try it, not for the fuel mileage, but for the technology. I don't have a Level 2 charger, it charges fully overnight on the included Level 1. I see an indicated range of 27 miles regularly. Today it indicated 29 when I unplugged. I've only filled the gas tank three times in 2500 miles, a full charge costs me about $3 based on my current electricity supplier. I don't experience the rough transitions between electric and gas, so maybe Jeep figured it out? It's stupid fast when using all the power off the line. So much so that it will break the rear wheels loose when you stomp on it. I agree that plugin hybrids are the future. I see no need for a pure electric. This is the way to go.
  • RHD The word B R O N C O written in contrasting paint on the dashboard is quite unnecessary. The passenger certainly knows what kind of vehicle he or she is in. That detail is a big fail. The red and white Bronco looks great, especially with tires that have honest-to-goodness sidewalls on them.
  • Luke42 Aren't those trim levels just different colors of paint?That's what they sound like, at least. 🤷‍♂️
Next