Quote of the Day – Auto Edition
“Henry Blodget (along with others at Clusterstock) wonders why bankers, notably BoA’s Ken Lewis, are getting such kid glove treatement while GM’s Rick Wagoner gets the axe. I think I can explain that. The White House’s pool of economic advisers isn’t filled to the brim with auto execs.” – Dave Schuler
Indeed. Timothy Geithner and company can readily understand how someone could run a too-big-to-fail financial institution into the ground through no fault of their own. Running an auto company, by contrast, looks easy.
more light, less snark.
So the government now runs the car companies. They want to effectively run the financial industry. And healthcare. And that’s all in addition to the usual 23% of GDP it already spends. Not to mention the new 6% of deficit spending to implement President Obama’s agenda.
Not sure what else to say other than, “Repent! The end is near!”
lol, steeling a auto company for the people looks easy.
There are a lot of ways to look at this problem, but the government wanting to run the car companies is not a good one. It is not even factually true.
Is there any initiative to seize Honda USA, or Toyota USA? Why not?
Could it be because they didn’t fail and fly up to Washington to beg?
(I actually think Toyota USA did a mini-beg at one point, but apparently not enough to require oversight.)