Hammer Time: A Whorific Ending

by Steven Lang

May 16th, 2014 2:16 PM

One hundred billion dollars. Small change? Not even for Bill Gates. For $100 billion you could give 400,000 students an Ivy League education. If we’re talking about a quality state education, we’re looking at closer to two million graduates. That’s absolutely massive. Amazing . . . and think of our long-term GDP growth? Now consider our current spending on Detroit Inc.

For all that money. All that purchasing power that should never be “printed” in the first place. We’re supporting a failed business model and prolonging our recession for years to come. The Best and Brightest realize that certain companies no longer make competitive products. But instead of encouraging them to pursue their legal remedies, we are forced to throw money at them. Why? Well unfortunately squealing pigs attract fellow swine. The swindlers always file Chapter 11 in the end anyhow. But this time out they receive the spending restraints and full support of our modern day politicians.

Does this need to happen? Hell no! This isn’t about a worthy cause. Unless you count bankruptcy lawyer fees, financing second-rate cars to second-rate buyers, paying the unions to make four wheeled money pits, and awarding golden parachutes to those already with the gold. Everything money wise is being done with the sole exception of building great product to benefit those who simply don’t have the intelligence to do it. Some of you may believe that a new and better company will come out of it all. I don’t.

I know when a company’s culture offers little more than stinking fish. I’ve seen it for years. The dealer auctions (you’re not invited) will be holding hundreds of thousands of these products, and the loss amounts will be staggering. The auctions alone will need to buy and build lots from several miles away just to simply hold it all. You’ll end up paying for that too. You won’t get anything in the end but the bill. Who should you thank?

Comments

Join the conversation

2 of 30 comments

Dynamic88 on May 20, 2009
Dynamic88, most of what I write under Hammer Time that appears to be ‘political’ originates from what I actually see at the auctions and the retail market. With respect Mr. Lang - For all that money. All that purchasing power that should never be “printed” in the first place. We’re supporting a failed business model and prolonging our recession for years to come. - is not something you see at auctions. It's your personal opinion. I'm not going to argue opinions with you, I'm just pointing out that this "episode" of HT didn't really have much to do with used car auctions. HT is is far and away my favorite feature of TTAC. You are of course entitled to your opinion that the bailout is a waste of money, and your further opinion that the recession is being prolonged by the bailout - but it's not as if we don't already get that several times a day here on TTAC. HT is like a breath of fresh air - focusing on the reality of the used car market.

Like Reply
Juniper on May 20, 2009

I agree with Dynamic88 This should be in editorials so we can ignore it. Please bring back the real Hammer Time. (without fake handguns) But I do appreciate the picture. of the car too.

Like Reply

Recent Comments

Lou_BC My kids drove around in a 2 wheel drive Chevy Colorado crew cab I bought off a neighbour when they were moving to Alberta. We kept it 4 years but sold it recently due to various engine codes popping up and the engine sounding more tired. It was one of the inline 5's known to have soft valve seats. All I had to repair was new front brakes and rotors, a wheel bearing and a battery. Both kids wrecked a tire clipping a curb. My oldest backed into it with his pickup which required a grill and headlight replacement. We bought a 2008 Corolla as a replacement for my 19 year old. It came with 4 new summers and a set of decent winter tires on rims. We'll run that until it looks like it will implode/explode. My oldest currently has 3 Cherokees (2 for parts), an F150 "Jelly bean", and a Mercury Grand Marquis. Insurance is very expensive for young drivers. That's why beaters can save some money. I haven't put them on my new truck's insurance since that would add around 90 per month in costs. I'll add my oldest to it temporarily so he can use it to get his "full" driver's license.
Arthur Dailey I grew up in an era when a teenager could work pumping gas or bussing tables and be able to purchase a vehicle for a couple of thousand dollars and drive it with 'uninsured' status.If a parent advised on the purchase of the vehicle, they would most often point us to a large, stripped/base version, domestic sedan with the smallest possible engine.These cars generally had terrible driving dynamics and little to no safety features, but were easy to work, had large bench seats/interiors and not enough power to get out of their own way.
MaintenanceCosts I'll guess: 3rd owner, never did even basic maintenance, major component failed, car got towed from the apartment complex parking lot, no one bought it at auction because the repair bill exceeded the value.The chrome pillar appliques support this hypothesis.
MaintenanceCosts I'm generally in the "I want them to have all the new safety stuff" camp, but new cars are both too fast and too isolating these days. They mask speed enough that a new driver can get way in over his head without really realizing he's even going that fast. This is especially a concern with my youngest, who wants to do everything he does faster. (He has zero fear tearing down hills at 25 mph on his little 20" wheel bike.) I'm hoping for something that is slow and communicates speed well, although I'm not quite sure there is any such thing in today's market.
KOKing I test-drove a used Equus Ultimate (the one with all the back seat doodads) that was a trade-in at a Ford dealer, and although it was VERY nice to be in as a Lexus LS with Ultra Luxury, it was supposedly in a minor fender-bender that probably wasn't repaired correctly (like a pinched bus cable or something?), and random features didn't work at all.I think this car suffered the same problem in the US that the VW Phaeton did, and probably would've done better if it was badged a Genesis from the get-go.