From the "Me too" file.
Artistdogboy is curious...
I wonder what the more than 100.000 auto industry workers, who's jobs were saved or created by the bailout, feel about the Republican fears of Socialism and destruction of the "free market" now.Me too.
I wonder how many of 'em voted for a Republican who would have sacrificed their jobs to the "free market," too.
(Almost typed "fee market." That's probably more accurate, actually)
Labels: Auto Industry, Bailout, Free Market, Jobs, Republicans, Socialism
posted by Shaun at
11:32 AM
5 Comments:
The IPO (intial public offering) of GM stock was the most successful such offering in about 35 years; with stock selling at about $30 a share.
Those who felt that the "right thing" was to allow GM to fail, might also reconsider when they have a friend or two, come knocking at their door for a loan, or a place to stay, when Congress - due to the Republicans in the House - fails to renew the unemployment extension. It is estimated that two million people, across the country, will be left without unemployment compensation on November 30. It's not going to be a very happy set of holidays, this year, it would seem.
there's a lot of different ways to look at this, but people often do say one thing and act a different way. i enjoy my subsidies, but want others to receive less - it's hard to say what someone would actually do when given the choice you suggest
I can imagine that the auto exects are grateful.
Rick Waggoner, who was the CEO when the Obama administration completed the bail-out of the General, had to resign. Since him, GM is now on its third CEO. Many others, in senior management positions, including the man that at one time was seen as the Great White Hope of GM, Bob Lutz, were all forced to resign or fired.
So in the case of GM, it's mondo silly to say that the automotive executives were glad for the bail-out.
At Chrysler LLC, a similar process took place, as the guy that had come from Home Depot to be CEO of Chrysler, was fired; and the head of FIAT, Mr. Marcione, took over the absolutely thankless task of trying to take Chrysler towards a bright new future filled with the return of FIAT - still the butt of jokes for auto enthusiasts - to the States.
The bail-out of GM and Chrysler didn't pad anyone's slush fund.
Correction: the head of FIAT and Chrysler is Sergio Marchionne, not Marcione.
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