Mitt Romney on the Auto Industry Bailout, from the New York Times.
David Yermack’s take on the Auto Industry Bailout, from the Wall Street Journal.
If the government diverts our national savings into businesses that have long track records of destroying investment capital, eventually we’ll end up with an economy like France’s — or Zimbabwe’s.
Wider U.S. Interventions Would Yield Winners, Losers as Industries Realign, from the Wall Street Journal.
Consensus? Let them deal with their own issues in bankruptcy court, like anyone else in the business world would has to. They have brought this crisis upon themselves through poor management, short sightedness, and pressure from the UAW. Instead, it appears that someone (either a lame-duck, congressionally bullied Bush, or a bought off by unions Obama) is going to give them (the unions) what they want, which will merely forestall all three of these company’s inevitable destruction.
Auto Makers’ Rescue Drive Stalls, from the Wall Street Journal. GM doesn’t want to go into bankruptcy, and they list every reason why except that bankruptcy court would allow/force them to renegotiate their contracts with the unions who are sucking them dry, and naturally the unions would rather that not happen. The “customers won’t want to buy products from companies in bankruptcy” argument is pretty pathetic. The truth is that customers don’t want to buy extremely expensive, crappy products, when there are more viable options available. Lots of airline companies have gone bankrupt lately, and yet their airplanes stayed in the air. Cut the BS guys, we all know what’s going on here.
Obama Hears a Giant Sucking Sound, from the Wall Street Journal. I wanted to read this one just based on the title. Obama is looking at some pretty rough seas ahead, especially as someone who had hoped/does hope to dive into his first term with FDR style programs and spending.
Zogby won’t duplicate Obama poll, from Politico. Looks like another casualty of political correctness. Zogby doesn’t want do do another poll, despite liberal blogs screaming for it, apparently because of what the results might show, and the ensuing firestorm that would occur afterward. If you’ve somehow missed this whole thing, scroll down a few articles and watch the movie I posted, then read this, from the man himself.
Elton John: Where Prop 8 went wrong, from USA Today. Prop 8 is all about changing the definition of the word marriage. I didn’t say it, Sir Elton did. Get mad at him, not me! Ok, I admit, I’ve been saying that all along too, but naturally his opinion holds far more weight than mine does. He did sing Tiny Dancer and Your Song, after all.
