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.
AP: Deal reached on auto bailout – “in principle”…
Outside of the continuing wave of Blago news, this is the big story.
This parody ad (h/t: James Joyner) of the Big 3 pretty much sums up my thoughts on the whole pathetic, preventable story.
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.
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