Wednesday, November 19, 2008

 

Auto Industry Advice - Updated

Mitt Romney: "The American auto industry is vital to our national interest as an employer and as a hub for manufacturing. A managed bankruptcy may be the only path to the fundamental restructuring the industry needs."

Read the whole thing. He is not alone in his assessment and I suspect it would be the popular opinion if debated.

Via Red State: Barney Frank said in an NPR interview: "I don't want to set a precedent that bankruptcy now is a way in which you undo what gains unions have been able to hold on to."

Meanwhile Ford and GM CEOs flew private jets to Washington to make their plea for a bailout.

Neither labor nor management seems interested in fixing any problems with the auto industry. It appears they simply want to maintain the current system at any expense.

John O adds: They want to maintain the status quo at any expense except their own. I haven't the time to follow the news right now but I wonder if anyone has asked why Toyota, Honda and other foreign manufacturers who produce cars here aren't facing such dire straights. Did anyone raise the issue in the recent Congressional hearings?

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