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12/13/08

WSJ.com : Auto Industry - Mean Street: Putting the Gun to Detroit's Head - by Evan Newmark

For the complete report from the WSJ.com click on this link

Putting the Gun to Detroit's Head - by Evan Newmark

Detroit, it is time to wake-up, throw some water on your face and look in the mirror. You are bankrupt, after all. It was easy to get lost in the sweet dreams concocted by Big Three management, the UAW and Washington politicians that $14 billion and a “car czar” would make everything all right. But c’mon, nobody actually believed that. You may be angry at Tennessee Sen. Bob Corker for the wake-up call. But you should thank him. He may have just saved your life. It is too early to tell how all this will play out. It looks like President Bush may throw some TARP money at Detroit. And then General Motors and Chrysler will have enough cash to make it until January and the sanctuary of an Obama administration.

Note EU-Digest: We should also put some blame on the consumers who blindly obeyed Detroit's marketing ploys for huge gas guzzling SUV's. Basically a person who buys a Humvee to drive himself to work and his family to the mall is not only wasting his money but also polluting the environment. Free choice in what you want to buy sure, but you don't have to be supid.

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