The Big Failed Three

Derek Clark, over at Geek Politics, has a posted a great op-ed about the pending auto industry bailout:

A few weeks ago I wrote an article about the potential automaker bailout. Well, now the only real question is who will be appointed to the “car czar” position. It’s sad really, that the taxpayers are going to be on the hook for another 15 billion in bailout money. Apparently that is the amount that Congress thinks will save GM and Chrysler. Ford says they have enough cash to make it though 2009 as long as the other automakers don’t fail.

The fact is that there is no way 15 billion will save these companies. It will only postpone the inevitable. Chrysler has been here before. They got a bailout in the late 70’s from Carter. Less than 3 decades later they are back again looking for another bailout. If 15 billion could actually save the entire American auto industry, investors would be lining up to give them cash. Warren Buffet just gave GE and Goldman Sachs nearly that much money. Plenty of investors could come up with the money. The reason they haven’t is that 15 billion dollars will not save these companies. They have failed at everything they do for so long it is sad.

The problem is they still don’t know how to run a business…Continue reading on Geek Politics >>