Tuesday, December 2, 2008
Tainted Lunch Meat : Big 3 just won't die
Black Friday is over, money was spent, people died and the economy still sucks, or so I'm told. Gas is cheap though, so that's a plus. Ford, Chevy and Chrysler are all still on the verge of extinction apparently. The AP has a news item about why the proposed bailout may not even save them. There's a lot of talk about 'reorganization' and union hurdles, which sounds to me like they're trying to find a way to get out of their pension obligations and not pay their employees as much. I'm generally not in favor of bailouts, especially as I see them as a form of corporate socialism where profits are privatised and risk is spread around, but I think anything that can keep the Big 3 out of bankruptcy is critical, just so they can't bilk all the people who worked their entire lives for those companies. Maybe they should just take the bailout money and pay the retirees until the fund runs out. The Big 3 automakers aren't likely to all survive, maybe 1 of the 3 could make it, but if the focus is on selling Hummers and not a more sane model, then maybe all 3 disappear. Maybe it's time for a Big 2, Toyota and Honda seem to be doing marginally better.
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