Imagine my surprise to see the WSJ publish editorials stating that the US Auto Manufacturers were bankrupt and should admit it. I have been stating that idea for a long time now while receiving indifference at best in return.
Fortunately the US Congress has recognized that simply throwing money at them is not the answer and has asked for a plan to show how additional investments will be used to return the firms to profitability. Since this is not possible it will be interesting to see what the politocos do next.
I have stated that Unions have a valuable place in our economy but like most other establishments they can exceed their usefulness and value. Auto workers unions have done this in conjunction with weak management and weaker politicians. The Unions last reduction in benefits is laughable and the entire auto industry needs to be rebuilt from the ground up which can only occur via bankruptcy.
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment