Detroit Bailout - Worth Reading
David Brooks at the New York Times pretty much echoes my own thoughts about bailing out Detroit's Big 3 auto makers. All 3 should be allowed to fail if that is their destiny. It will be painful, but much like the stories of Montgomery Ward & Pan AM (as referenced by Brooks), a more successful enterprise will take its place. In the end we will still be producing automobiles in this country, just under different names (yeah, some will be Toyota and Honda, but not all).
We have government programs to protect the people that will be impacted from these failures, I'd rather my tax dollars go to protect and re-train them than to bail out CEO's whose poor decisions have been roosting for decades.
Bailing out our financial markets, as painful as it was to admit, made some sense. Bailing out Detroit is only delaying the inevitable. Might as well take all our medicine now and get it over with.
We have government programs to protect the people that will be impacted from these failures, I'd rather my tax dollars go to protect and re-train them than to bail out CEO's whose poor decisions have been roosting for decades.
Bailing out our financial markets, as painful as it was to admit, made some sense. Bailing out Detroit is only delaying the inevitable. Might as well take all our medicine now and get it over with.