This $700 billion bailout is already starting to sound like a golden parachute to me. Something we were promised it would not be.
A few days ago I pointed out a few staggering statistics regarding GM, including among other things, how its stock price has plummeted from $60 per share to around $4 per share since Richard Wagoner took the helm as CEO in 2000. Not to mention the fact the company announced a third-quarter loss of 2.5 billion dollars.
Should this sort of incompetence be rewarded? Should the fact that American auto manufacturers have consistently, for the past 30 years, lagged behind foreign manufacturers in quality, fuel efficiency and pricing.
Even as experts predicted the coming rise in fuel prices, American auto makers continued to pump out SUVs with seemingly no concern for sustainability, the environment or the future.
I grew up in a family that never owned anything but GM cars. My Dad, who always owned a pickup would have rather walked than to have owned a foreign made truck. He was old school though. He was around when America was proud of the quality of cars they made.
I’m sure I will be attacked and promulgated with insults over this stance but I can’t be alone in my thoughts. This is in no way a reflection on the UAW. Their hard work and sweat that is the backbone of a huge part of what has made this country great. That being said, it cannot be a free pass for the people running the auto industry to allow it to become a dinosaur. To refuse set new emission standards and keep up with a dynamic, changing economy. Can you name more than one American made hybrid (or even one for that matter)?
We saw the same thing happen in 1970 when the federal government took over what was then the Pullman Company and federalize the national railroad system creating Amtrak. Amtrak is still alive today thanks to the government buyout. I won’t go as far as to say Amtrak is doing well but it is the fucking railroad, it hasn’t been the preferred method of travel in like 80 years what do you expect.
Please Congress, don’t bailout the auto industry, do not reward the incompetence of corporate America. Buy them out. Trim the fat of the incompetent executives running the show, employ more hard working Americans and make the American auto industry the leader in innovation and technology once again.
If the taxpayers are to be burdened with saving the auto industry from selfish, greedy and bungling suits that have driven it into the ground, the taxpayers should be rewarded with affordable, reliable cars and trucks that they can be proud of, that they in fact own a piece of.
No reward. No risk.