Chrysler and GM execs gave their updated business plans to Congress yesterday and surprise, surprise, they want MORE money than they did two months ago. This is a bucket with a hole in the bottom. It is time to cut these two companies off and allow them to fail.
Whenever someone in the media makes the suggestion that they be allowed to fail, auto industry "experts" all line up to talk about how deep the supply chain is, and how if you let them fail, all these little guys are going to fail, and if they fail, they'll drag Ford down too.
Ok I say. Take money that might have been considered to help GM and Chrysler and target it at the supply chain, allowing them to restructure so support a smaller domestic auto manufacturing business (which does by the way, include foreign owned companies making cars here--just without UAW wage scales....)
I almost give the auto companies credit for their timing. I agree we should let them fail on their own, but how can we logically balk at spending this money when we thought nothing of the spending last week?
ReplyDeleteI'm fascinated by those for whom the "Stimulus" is targeted in protecting them from home foreclosure. The MSM is describing their situation (along with slightly more than half of Congress and the Senate and all of the White House) as unfair. After all, they have mortgages from the mean, fat bankers that are MORE than their house is worth today! Horrors of all horrors! Could you imagine if we treated car loans with the same distorted philosophy? Watch the auto industry tank faster than...well, faster than they are tanking right now.
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