Truth About the Big 3 Bailout
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James Joyner | Wednesday, December 10, 2008 |
Stephen Green has a great advertising poster for the concept. Not great if you’re an auto exec looking for a handout but great all the same.
About the Author: James Joyner is the publisher of Outside the Beltway and the managing editor of the Atlantic Council. He's a former Army officer, Desert Storm vet, and college professor with a PhD in political science from The University of Alabama. He lives just outside the Beltway in Alexandria, Virginia with his wife and infant daughter.
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The problem with the "comic AD" is more than one false premise.
1] He picked Ford for the scapegoat, when it's cars match build quality with any manufacturer in the world, and deliver more miles for fewer dollars than anyone else.
2] Ford has not requested any public money.They have only requested a line of credit, to be used in the event of a further catastrophic down turn in the economy.This line of credit is only in response to an immediate and larger cash outlay to it's competition.
3]The vehicle pictured is an obsolete model,long out of production.
4] Yes, there is a difference between a line of credit and a "bail-out" or even a loan.
I have carried a "line of credit" on my house for years and will continue to do so, in spite of the hope that I will never need it.
So, I foolishly pay a small fee for "no loan" every year. IMHO,that is evidence of prudence not incompetence.
