General Motors, The Phoenix
Several years ago, I personally argued that it would make economic sense for a single US auto manufacturer to go through a bankruptcy in order to jettison the legacy costs that were making it difficult for US auto manufacturers to compete. Those were relatively good economic times and it looked like an opportune time to file without harming the larger economy.
Then, Ford was the weak link but they escaped bankruptcy by effectively mortgaging the “blue oval.”
In December, with financial markets in turmoil, I joined Patrick Buchanan in condemning the Toyota Republicans who were risking jobs, vital national security manufacturing infrastructure and alienating potential GOP voters;
“GOP to Detroit: Drop Dead!”
So may have read the headline Friday, had not President Bush stepped in to save GM, Ford and Chrysler, which Senate Republicans had just voted to send to the knacker’s yard.
What are Republicans thinking of, pulling the plug, at Christmas, on GM, risking swift death for the greatest manufacturing company in American history, a strategic asset and pillar of the U.S. economy.
The $14 billion loan to the Big Three that Republican senators filibustered to death is just 2 percent of the $700 billion the Senate voted to bail out Wall Street. Having gone along with bailouts of Bear Stearns, AIG, Fannie, Freddie and CitiGroup, why refuse a reprieve to an industry upon which millions of the best blue-collar jobs in America depend?
Last winter, along with many others, I feared the return of Hoovervilles, but I no longer have those fears having seen the “green shoots” of an economic spring.
This morning at 8:00 AM (EST), a chapter in American history will be closed. I will shed a tear for what that represents.
I am thankful that President George W. Bush provided the time so this would occur today rather than “yesterday.”
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June 1st, 2009 at 5:04 am
Different month-Same ol’ $hit!
June 1st, 2009 at 6:05 am
I think my next vehicle purchase will be a non UAW made American car like Toyota.
June 1st, 2009 at 6:18 am
OT-Did anyone hear Obama’s response to George Tiller’s muder? It was the most angry I have eveer heard him.
June 1st, 2009 at 8:26 am
We need to keep aborting those white babies.
June 1st, 2009 at 10:27 am
I am a Damn Proud Toyota Conservative (Not necessarily Republican anymore)! My Tundra-It Runs, It holds its value, It is well put together, and has more American made parts than a lot of “American” cars.
The past three GM manufactured cars I have owned have all been, in a word, CRAP. The brakes wear out in 12,000 miles (but, hey, they were Asbestos free!) The A/C compressor went out on another (it was put together in 4 parts- a recipe for failure), one blew out Alternators every 10 to 12 k miles, another had the motor controlling the window burn out (always happens when it is down, and right before a rainstorm…) and this is all I can remember off the top of my head!
In the same period, we also owned a Honda Prelude (traded it in after 180k miles, had to replace a clutch plate, brakes lasted 40-50k miles at worst…),
A Nissan Sentra (sold it with 145k miles on it, no issues).
GM makes crap. They deserve to fail.
There is nothing “Patriotic” in flushing $$$ down the toilet- I work too hard to shell out hard earned dollars for substandard products.
Frankly, I will NOT buy anything from GM OR Chrysler as long as they are Government owned.
The only thing that will rise from those ashes is the smoke from the $50 Billion we have blown (which we didn’t have).
$50 BILLION… so they could go bankrupt? They could have done that on their own without taxpayer assistance!
June 1st, 2009 at 11:03 am
Gerry -Ditto that! I’m not buying any GM vehicles as long as Obama owns em.
June 1st, 2009 at 3:29 pm
Good luck up there, MI Con, I think Atlas has shrugged in Michigan.