I am sort of the Typhoid Mary of American industry. Before I worked in banking I worked in the auto industry. I was amazed at how delusional and entitled the top management was. I haven't known what to say about the proposed bailout of the auto industry, because I KNOW they will waste any money that is given to them. But on the other hand, you can't shut these companies down and put so many people out of work. I thought Paul Ingrassia's suggestion in today's WSJ was not bad. Hardcore.
It doesn't mention one enormous tricky issue, which is retiree health & pension costs. GM & Ford have hugely underfunded pension funds (because accounting is not a reality-based discipline).
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