Saturday night laughs

Isn’t this just wonderful? Obama Car Czars To Visit Detroit To Learn About Industry

President Barack Obama’s chief auto advisers, Ronald Bloom and Steven Rattner, plan a one-day trip to Detroit next week to meet with executives at General Motors Corp. and Chrysler LLC, people familiar with the matter said…
The trip follows two weeks of meetings with auto executives, suppliers, analysts and others as they review the two carmakers’ plans to keep $17.4 billion in loans and borrow as much as $21.6 billion more to survive. GM and Chrysler executives met with the committee last week in Washington to discuss progress.

Two weeks of immersion in a failing industry that they don’t know after which they will then play a critical role in deciding whether to spend tens of billions of our hard-earned monies.
Golly, I feel better, don’t you?
When they have figured out Detroit, I’ll bet they can then resolve any healthcare industry issues by the end of the month.
Okay, Iran’s nuclear program is especially tough so they might need the whole month of April to work it out with those crazy mullahs.
World peace and economic serenity by summertime 2009. I can see it, can’t you? LOL.
And, by the way, who is going to be overseeing these wonderful bureaucrats? People in Congress like the ones who oversaw Fannie Mae and Freddie Mac.
With such comfort, I am going to sleep well tonight. How about you?

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14 years ago

Great idea Donald. Let’s leave the auto industry to the geniuses who brought it down in the first place. Based on their track record, let’s lengthen the leash or cut it entirely and leave it up to the crazy mullahs of Detroit who were blinded by their own greed and wrecked the industry.
And as for dealing with the “crazy mullahs” in Iran we’ll remind everybody that they form the hub of the “axis of evil” and turn over dealing with them to the rabid neocons who have maintained a high level of fear and hatred and who have performed so well on the international scene while they were in power. After all, while they were heading the country (I can’t say leading it), we enjoyed financial and military success world wide.
Somehow, I don’t relax at the thought of such absurdities, but I am thankful that people like you and those whom you support now have their noses to the window looking in from outside. Maybe we have a chance now.

Donald B. Hawthorne
Donald B. Hawthorne
14 years ago

Huh? Some of us have been advocating bankruptcy for Detroit for years, most recently here: …There is a myth that every bankruptcy equals a liquidation outcome. Simply not true. Think of a typical bankruptcy as a court-ordered timeout where the company is provided with protection and time to restructure its operations so they can become cash flow positive, profitable and therefore offer more reliable employment to the remaining employees. Many companies do such restructurings on their own and out-of-court when market trends require changes in strategy or operations. Adapting to changing market dynamics is simply part of good management. And sometimes circumstances beyond management’s control change so swiftly that a formal restructuring process like bankruptcy is necessary. By contrast, the Big 3 have had opportunities for years to complete their respective out-of-court restructurings. Their key stakeholders – including both management and the UAW leadership – have all failed to get the job done. Any government bailout would reward past bad behaviors by leaving the stakeholders – with their ongoing track record of failure – in positions of power. Why would anyone trust people who have blown through billions of dollars of cash and destroyed shareholder value with more billions of other people’s money? They deserve to be kicked out, not bailed out. A government bailout would also implicitly suggest that political power in DC can trump economic reality at the companies. Only politicians and incompetent executives would believe the dangerous illusion that economic reality can be wished away by legislation and funny money. A bailout is nothing but corporate welfare for powerful corporations. A bailout would only serve to perpetuate the negative cash flow status quo, which would require further bailouts. Why? Because a bailout undermines incentives for real change, for key stakeholders to make the necessary hard decisions…and we… Read more »

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