GM Europe Prez: Where's OUR God Damn Bailout?
Carl-Peter Forster, president of General Motors Europe, is mad as Hell and he’s not going to take it (free market capitalism) any more. Yes, the European auto industry needs help “from political leaders to turn the situation around. At the EU level, and within the political leadership of individual countries, action must be taken to stimulate the economy, relieve the credit crunch and restore consumer confidence. Only then will consumers have the means – and the confidence – to invest in a new automobile.” While Forster waits for [yet more] government intervention in EU economies, the GM suit trotted-out a very GM-like list of reasons why his company’s sales are in the crapper: surging oil and commodity prices, the risk of recession due to the ongoing credit crunch, unfavourable currency rates, new CO2 regulatios and increasing fuel prices. So what about, you know, the desirability of GM’s products? Nein! “In Germany, 10 to 15% of the cars are more than eight years old. We know there is pent-up demand for our Opel products. And we have local initiatives in place to spur cash sales. But our efforts are being stifled by a serious cash shortage.” Whose?
More by Robert Farago