Advocates of bailouts might point to the Chrysler bailout of 1979 as a way of justifying an even more massive bailout of GM, Ford, and Chrysler today. It could work if....
....manufacturers use it to rework their cost structure, as Chrysler did--famously firing thousands of middle managers and reworking their product lineup. Now let's compare with today; unions and executives are more or less working to prevent the kind of re-working that Iacocca did today.
So my verdict; this "bailout" is like the loan you foolishly gave to your brother "Vinnie" (or other relative of your choice). "Vinnie" spends more than he earns, and by giving him $1000, you postponed the day he'd learn that a McDonald's janitor doesn't need a new car and three trips to the bar each week, right?
Same basic principle with the Detroit 3. You might as well throw $25 billion down the toilet.
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20 hours ago
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Some things to read or watch on our request for funds to support our automotive industry:
Bob Nardelli’s Senate/House written testimony at http://blog.chryslerllc.com/blog.do?id=537&p=entry
Mark Phelan’s article, “6 myths about the Detroit 3,” in the Detroit Free Press at http://www.freep.com/apps/pbcs.dll/article?AID=2008811170379
and a Chrysler video “Straight Talk About Assistance” at http://www.youtube.com/watch?v=uPODSNAbkOU
Thanks. Patti, Chrysler
Corporate PR spam? Now I've seen everything.
I'm kinda flattered that they noticed there.
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