Via The Obscure Store & Reading Room
And speaking of car crashes, I was ecstatic to see The Treasury Department said NO! to GM’s request for up to $10 billion to finance its merger with Chrysler. They wanted you and me to pay for this idiot idea? If they can’t even afford to do the merger why do it in the first place? There is nothing about that merger that makes any sense. There will be no economies of scale — GM is already too big. It will bring nothing to the marketplace — GM is already suffering from having way too many brands that stand for absolutely nothing. I wouldn’t trust the top management of either firm to run a lemonade stand. I’d consider funding it only if they fired everyone at the top of both firms.
An underlying question is whether an industry that has lost touch with its customers and has migrated from being a company that makes cars to being a bank that sells some cars really needs to survive at all. Maybe the American automobile industry is a breed destined for the “scrap heap.”
I’m glad they said no, it was really a bail out bill for the Unions. The UAW are in deep trouble now.
we’re all in deep trouble now.