The car companies want us to pour money down a rathole. I fully expect that to happen, as the administration does not have the guts to say ‘NO’. The companies threaten liquidation if they don’t get the cash. I think that’s fine. Let them go. If we are worried about unemployment, let’s just give the money directly to the employees who will lose their jobs instead.
The NYTimes has a noxious statement from the recipient-in-chief at Chrysler, Robert Nardelli.
“Chrysler will be viable,” said the company’s chairman,Robert L. Nardelli. “An orderly restructuring outside of bankruptcy, together with the completion of our stand-alone viability plan and enhanced by a strategic alliance with Fiat, is the best option for Chrysler employees, our unions, dealers, suppliers, customers, and certainly the taxpayers.” The company is exploring a deal with Fiat to share products.
So he mentioned the employees, the unions, the dealers, the suppliers, all of whom have political clout.
What about the shareholders? Oh, right. Chrysler is a private company owned by some very rich guys on Wall Street.
This brings to mind an old story:
“”Once in the dear dead days beyond recall, an out-of-town visitor was being shown the wonders of the New York financial district. When the party arrived at the Battery, one of his guides indicated some handsome ships riding at anchor. “Look, those are the bankers’ and brokers’ yachts. ‘Where are all the customers’ yachts?’ asked the naïve visitor.”
