The whole sad affair with General Motors, the federal bailout and now the Presidentially-orchestrated dismissal of the company's CEO, strikes a little bit closer to home with me. I grew up in southeast Michigan. My dad worked more than 30 years for the automaker. Many, many people I knew worked for GM or one of the contract suppliers. GM was a significant part of a way of life. So after yesterday's announcement, please forgive me if my head is still spinning this morning. I'm not quite able to put it all into words, but thought I'd give it a first crack. Of course, the firing of CEO Rick Wagoner and the Presidential-backed car warranty are predictable outcomes of the initial bailout I have opposed from the beginning. But because of my … [Read more...]
Would Ed Perlmutter Vote our Taxpayer Dollars to Bail Out the Big Three?
From The Hill (via Rocky Mountain Right):Rep. Ed Perlmutter (D-Colo.) sat on an exercise bicycle at the Wheat Ridge Recreation center this weekend, hearing unvarnished advice from constituents about the auto bailout. “It was one after another,†Perlmutter recounted. “One guy would come up and say, ‘You can’t let them fail.’ The next guy would say, ‘Let them go bankrupt.’ †Perlmutter said he was leaning in favor of the bailout, but couldn’t say for certain until he sees final language. As a constituent of Ed Perlmutter who is paying very close attention to these developments, count me among the latter: Let them go bankrupt. It's the bitter medicine needed, certainly not a vast government takeover at the … [Read more...]