Nov 21, 2008
I’m starting to get angry and also a little bit scared about the future. I have no particular love for the Detroit 3 (they had to relinquish the Big 3 title once Toyota turned into a big player that was regularly beating one or more of them in monthly sales.) The auto execs are arrogant, overpaid, short-sighted and got themselves into this mess all by themselves. Instead of developing new technologies and innovative long term strategies they have focused on the bottom line of the next quarter. Their strategy has been to bombard us with low financing deals for the past five years. Couldn’t they foresee a day when Americans would have to tighten their belts and hold off on that new car purchase?
On the same note, duplicity and insincerity from the Washington crew doesn’t surprise me. How many of them have uttered the words “Buy American” in one of their campaign speeches? Yet now they stand on the brink of letting the largest manufacturers of consumer durable goods in the US go under. I understand if you don’t like them. There is not much to like. But have they thought about the impact of letting even one of them go bankrupt? Our economy is like a car teetering on the edge of a cliff. One good stiff breeze could cause us to plummet to the bottom. That will be one big fiery explosion.
They seriously can’t be thinking about letting the two biggest American automakers go belly up. Not after they doled out all that cash to the financial industry. I don’t remember any of them having to endure the endless interrogatories about their spending habits and recovery plans.
I think it’s time Congress quits posturing and grandstanding. The auto execs have been abused and slapped around enough by Congress. Give them the bailout already. The economy can’t withstand such a major jolt and hundreds of thousands of hard working Americans will find themselves without jobs.
FOOTNOTE: "Assume the position" takes on a whole new meaning for Obama's Treasury Secretary. He's screwed.