GM: Thomas Friedman is precisely correct
Well I've been meaning to blog on exactly what the terms of any GM bailout oughta be. And I had an outline in my head. Then Thomas Friedman wrote exactly what I was going to say (seriously) but wrote it better. And he added in the fine idea of having Steve Jobs go run GM, which is in fact a spectacular idea, which I hadn't thought of. So I link to his column, which I would encourage you to read. I simply have nothing to add.
http://www.nytimes.com/2008/11/12/opinion/12friedman.html?_r=1&ref=opinion&oref=slogin
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2 days ago
1 comment:
I shudder at the thought of an auto industry buyout. Yes, I understand the impact of the Big 3 going under. Time wrote a good article about that:
http://www.time.com/time/business/article/0,8599,1858702,00.html?cnn=yes
But there has to be something in between bailout and bye bye. We need a reorganized auto industry. As I mentioned in response to another blog, the Big 3 make bad cars, by and large. Seems like the industry didn't learn from the 70s, when toyota first came in, and the same thing is happening all over again. We're building gas guzzlers, they're building hybrids. I've owned two Big 3 cars in my lifetime and both were pieces of crap. I've had Hondas and Nissans mostly since and been much happier. I'd be happy to buy american if the quality was there, but it's not. Time to rebuild the brand from scratch.
Speaking of buyouts, Daniel, explain to me how we pass a $700 billion bailout, and suddenly they can decide that their original intent for the money wasn't a good idea. I'm not saying that their new idea for the money is bad. I don't understand it well enough to pass judgment. It just seems, well, strange to stress how important it is to pass the bailout, and then they change their mind on the whole strategy. On the face of it, it seems like a bait and switch to me. On the other hand, if they simply smartened up on how best to use the money, I'm all for recognizing the errors of your ways and changing for the better. One of GW's greatest failings was his inability to see and admit his errors.
So Mr. Blogger, what do you think about this change in bailout tactics?
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