"Let them fail," I say. This is now getting scary...well, without faith. The U.S. Government now owns a majority of the largest automaker in the world. GM's filing of chapter 11 and the now promised $30 billion more in aid from the government, gave Obama and the U.S. government a majority stake in the automotive company. That's right, the government. As a customer told me today, that's the same government that couldn't take the "Mustang Ranch" (a whore house) and make it work. The government couldn't sell sex?WHAT? That's what a lot of companies use to sell themselves. Sex sells other stuff and the government could sell sex.
Anyway, now Obama and his "team" are making the decisions on how and where to cut. It's called "restructuring" and it's something that does need to be done. Should the government be doing it for GM? NO!!!!! The government should not be taking over any companies. The government should not cause capitalism to fail. They are responsible for the disaster of Fanny Mae and Freddy Mac, the two government owned mortgage companies that helped facilitate the housing crisis. They caused supply to be greater than demand, they facilitated people getting homes they could not afford, and they allowed government officials, some close to and maybe in the White House, to run off with millions and millions and billions and billions of dollars in bonuses and payouts and salaries earned by bad lending practices.
And now they are taking over the world's largest automaker? Didn't like GM before? Now you'll get even crappier vehicles with more problems, less features, less safety, and less value. And Ford, although not doing so well either, is at least trying to restructure without government bailout money.
Ford is worried about the new "playing field" saying today, "We look forward to working with the Obama administration to ensure that the government's majority ownership of GM will not change the industry's competitive dynamics and that a level playing field will be maintained." This is basically Ford's way of saying, "Don't jack us up Obama. We're trying to do it on our own, the right way." I give Ford credit. Sure I think the UAW is the whore in this whole thing, but Ford is at least attempting to restructure without doing it with the taxpayer's money and big...no huge government taking over.
This is scary times people. Scary, scary times.
One last note: if you voted for Obama, I don't want to hear it. Don't start spouting your liberal agenda here. I'll simply review it and probably delete it in anger. That's right, I think you people are to blame. Yes, George looked and sounded like, and when he caved to pressure, was an idiot; but the worst things to happen have hit with Obama in office. The stock market took a dump because of investors fears of what is happening RIGHT NOW! Automotive giants crumbling under the pressures from the government. And, McCain warned about the Fanny and Freddie thing years ago. I also think the unions in this country add costs that often shouldn't be there. The U.S. auto industry is and has been a joke for some time. But capitalism works! And it would eventually fix itself. If you can't earn a buck, you can't stay in business, and you make adjustments. The government has NO BUSINESS in business.
UPDATED September 4, 2011: Ford is doing amazingly well. Now the government is suing the big banks, blaming them for the housing crisis. LAME!