It’s here. It will go up at BizzyBlog on Monday (link won’t work until then) after the blackout expires.
Special thanks to Pajamas Media for choosing me for the quick-turnaround assignment, and for posting the result so quickly.
Double thanks to someone who will remain anonymous for helping me focus on what to say.
Special denunciations to Congress, the President, the US Treasury, and the Fed for making the column’s creation necessary.
Read the whole thing, especially how the supposed $700 billion “limit” isn’t a limit at all.
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Paulson’s big bailout has distracted us from yet another one possibly even less deserved.
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Note: This column was first posted at Pajamas Media on Thursday.
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My late father and I had frequent and sometimes heated discussions about the state of the auto industry during the late 1960s and early 1970s.
I was the smart-aleck at the dinner table and in the passenger seat on the way home from high school who came down on the side of “exploited, alienated” labor.
Dad, while intensely loyal to American-made goods (he had difficulty convincing himself that buying a used Toyota would not harm US industry), warned that gold-plated labor agreements and management arrogance would ultimately bankrupt the Big Three (General Motors, Ford, and Chrysler). He decried the UAW’s greed, and management’s capitulation, warning that they were all too short-sighted to recognize that they had created the conditions that would lead to the industry’s demise — and that when it came, the joke would be on them.
(more…)
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At my Pajamas Media column (”U.S. Auto Industry Crashes; Taxpayers Serve as Airbag”), courtesy of “Al Brown”:
25 billion is more than the market cap of all three automakers!!
Evidence:
GM: $5.1 bil.
Ford: $8.9 bil (strangely, the F symbol is now “Ford Motor Credit Company”; that is odd).
Chrysler (private, surely worth less than either GM or Ford).
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