Friday, December 12, 2008

Auto Bailout Collapses, So What?


For a whole lot of obvious reasons, this is pretty much all anybody seems to be talking about today:

CNN: Auto bailout collapses in Senate

Deal to move forward on $14 billion stopgap measure falls short, possibly dooming GM and Chrysler to bankruptcy.
The future of the U.S. auto industry was in doubt Friday morning after a proposal for $14 billion in federal loans died in a late night Senate vote.
The Senate voted 52-35 to bring the measure for a vote -- short of the 60 votes needed to advance the legislation. The failure followed the collapse of negotiations between Senate Democrats and Republicans seeking a compromise that both parties, as well as the companies and the United Auto Workers union, could accept.



*sigh*

It's disappointing, but hardly surprising that so many people insist that a bailout of the Detroit Three is the key to saving their bacon.

Save them, so they can do what, exactly? So they can continue to piss away money and shareholder value?

Save them so they can keep making uncompetitive automobiles?

Honestly, restructuring under Chapter 11 is probably the best thing for the automakers in the long run.

Way back in in the depths of history, there was just as much doom, gloom, and boo-hooing about permitting airlines to go bankrupt.

Today, airlines seem to go in and out of court-ordered restructuring on a revolving schedule. Somehow, amazingly, air travel hasn't ground to a halt.

The fact is, the Detroit Three need to be destroyed in order to be saved.

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3 comments:

Superb Jon said...

Catholics destroyed American industry. They find American cars too advanced for them to use or their mechanics to fix. They are too busy generating vacuous, casuistrous blather. Ellis Island Popeholes brought in FDR. Carolignian Brzezinski spawned Zia al Haq, Khomeini, and bin Laden - breaks up superpowers via Aztlan and Kosovo as per Joel Garreau's Nine Nations. Brzezinski, Buckley and Buchanan winked anti-Semitic votes for Obama, delivered USA to Pope's feudal basket of Bamana Republics. Michael Pfleger and Joe Biden prove Obama is the Pope's boy. Talal got Pontifical medal as Fatima mandates Catholic-Muslim union against Jews (Francis Johnson, Great Sign, 1979, p. 126), Catholic Roger Taney wrote Dred Scott decision. John Wilkes Booth, Tammany Hall and Joe McCarthy were Catholics. Now Catholic majority Supreme Court. NYC top drop outs: Hispanic 32%, Black 25%, Italian 20%. NYC top illegals: Ecuadorean, Italian, Polish. Ate glis-glis but blamed plague on others, now lettuce coli. Their bigotry most encouraged terror yet they reap most security funds. Rabbi circumcizes lower, Pope upper brain. Tort explosion by glib casuistry. Bazelya 1992 case proves PLO-IRA-KLA links.

Brian J Munro said...

WTF?!?

Lee_D said...

Yeah, I thought the same thing, Reverend.