Auto Industry - Bailout baloney
Last month, the CEOs of GM, Ford and Chrysler arrived via private jets still clinging to their multi-million-dollar annual compensation packages, which didn't exactly give the impression of abject poverty they were pleading. They were sent away empty-handed amidst much public and congressional mockery. So this time, they drove to Washington in their own company vehicles and have pledged to take salaries of just $1 next year. That's better theater, but the answer from lawmakers still should be "no." The issue isn't whether the auto executives have scraped and bowed enough to earn an infusion of public cash, nor whether their new business plans have merit. Congress should not be appropriating tax dollars to prop up failing businesses under any circumstances, nor should it be engaged in shaping how those businesses restructure. Those decisions inevitably would be influenced by political, not market, forces.
No comments:
Post a Comment