This is the New York Times, which may require a password to access.IF General Motors, Ford and Chrysler get the bailout that their chief executives asked for yesterday, you can kiss the American automotive industry goodbye. It won’t go overnight, but its demise will be virtually guaranteed.
Without that bailout, Detroit will need to drastically restructure itself. With it, the automakers will stay the course — the suicidal course of declining market shares, insurmountable labor and retiree burdens, technology atrophy, product inferiority and never-ending job losses. Detroit needs a turnaround, not a check.
Wednesday, November 19, 2008
Where was this in October?
Okay, the toxic atmosphere of the Bush Presidency probably wasn't going to allow a Republican victory in 2008, but jumping feet first into socialism certainly didn't help. Today, Mitt Romney finds the message that the GOP should have adopted at the beginning of the Wall Street Meltdown:
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For those GM employees concerned about their retirements don't fret the Pension Benefit Guaranty Corporation (PBGC) protects the retirement incomes of nearly 44 million American workers including those at GM.
The only problem is that the taxpayer is the Pension Benefit Guaranty Corporation. Keep GM and its employees working or pay for their retirements.
http://nomedals.blogspot.com
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