I can't believe you guys are falling for all the hoopla panic propaganda.
That's what they said about LEH and we're still paying for that mistake. You've seen what an overbuilt housing market has done to FLA......imagine a much more serious crashing of the auto industry. Jim, you talk from your book......alot.....no matter the problem. However, one size does not fit all. I am not happy giving money to GM. Everything I know about the company is that they have brought this on themselves...and not the union, but mgmt. They had this enormous market share that they treated like a savings account, taking a little from it each year, and managed to squander it over two decades. Their BOD saw no evil, spoke no evil, heard no evil....in other words, they were useless. Meanwhile, one fatcat CEO after another came trotting through the doors with an enormous salary and significant golden parachute. Truly, they don't deserve any help.
At the same time, this is a significant industry that took over a 100 years to develop. No matter what anyone says, its irreplaceable. And they occupy a corner of the country that can least afford the loss of jobs. You don't abandon your neighbors in a time of need and this country did not abandon FLA in its time of need. And so we can't abandon the Midwest in its time of need. In my mind, there is no other option.
Suppliers will still supply regardless, before or after BK adjustments. Right now the Unions still want their cake. And you to eat it.
You're not listening.....many suppliers will go under with GM. |
