Bailout Watch 174: Left and Right Agree: No Blank Check For Detroit
Think on Nov 12, 2008
America is Sick innovation has been replaced with stagnation. knowledge has been replaced by willful ignorance. Optimism has been replaced by pessimism. Can do attitude has been replaced with every excuse in the book. Foreign car companies have Unions Foreign car companies have factories in North America. The quality is better the mileage is better the design is better. During WW2 we turned Cadillac factories into tank factories in months. American car companies make the fuel efficient cars now in Europe there are models in Europe ford makes that get 40mpg The excuse Car companies give that "we cant possibly make fuel efficient cars here it will take Years is Utter BS". Perhaps having board members on oil companies and Car companies has something to do with it. You cant give bail out money to companies with 1000s of vps presidents board members who have managed there companies into the ground money to do it again; if they want tax dollars it should come with strings you must produce vehicles to x fuel efficiency standards all trucks run on diesel or turbo bio diesel HYbrid trucks. People who think less regulation is the key to innovation How did that work for you? America already produced an electric car pulled it out of service destroyed the cars and the blue prints for them. Not a big secret battery companies that have invented technology for lighter more powerful batteries have been bought out by car companies to prevent the innovation of more fuel efficient or zero emission cars. The Morgate industry and wall street innovated new ways to sell and package the same morgate 25 times so by the end it wasn't really worth anything because it required the other 24 packages it originally came out of to all increase in value to give each subsequent made up package have some kind of value but what the morgate was worth was just the 1200 bucks joe blow paid each month on his morgate and the subsequent 23 made up morgate mutual funds or bond like packages could have been worth 100 times that its phony money, buying and selling the same debt over and over again. The cost was calculated to be somewhere far less then 300 billion to just give every home owner money to pay there morgates which would have stoped the foreclosure crisis and bailed the companies out at the same time; but we have spent 700 billion to bail out the companies that screwed up and instead of pumping that capital into the financial markets to bring up business they used that capital to monopolize and buy up other banks its complete insanity. If you think free market is the answer with no regs then let GM die only the strong survive and someone will come and take there place. If you want to blame the unions because they wanted health care and it costs too much meanwhile other car companies that are foreign do the same but kick our butts who is really to blame. Anyone who's 401 k has disappeared can tell you hmm maybe it would have been a good idea to regulate some of those financial instruments it turns out if you let someone do something that will hurt a company long term but you make a quick buck up front people take the quick buck. Design a better car no excuses. You do not get to retain control and keep your job managing a company if you can not keep it running hit the bricks.
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