harsens_rob (harsens_rob) wrote,
harsens_rob
harsens_rob

Auto-Bailouts Worked ... it seems, anyway




Back about a quadzillion years ago, we were having a debate on Capitol Hill regarding giving the American auto industry emergency loan funding to weather the banking/financial crisis. There was a lot of bellyaching from the Republicans (those in the South, which just so happens to have foreign auto companies as their huge employers) about Socialism, Marxism, blah-blah ... same horses**t we're hearing now every other day, in fact.

I commented then that Michigan needed those investments desperately because the American auto industry wasn't dead men walking. It wasn't that they were bankrupted (at that time), it was that they couldn't get access to the lines of short term credit that nearly all corporations and small businesses depended on to cover operating costs. There has been a lot of conservative hot air since about how Obama and the Administration has basically created state-run, Communist-like employers and we'd all be working in labor camps before too long and we wasted this money and would never get it back and blah-blah-blah Socialist/Communist/Marxist/Foreign Agenty-cakes trying to destroy Capitalism blah-blah....

I'm very pleased to see that the panic-mongering was just as empty-sh** as it sounded back then. FORD is kicking ass again, GM (so called government motors) is ready to go public with stock and buying back the Feds stake with a profit and even Chrysler (which was the only one I objected to receiving help - because they'd already been to the trough more than once and kept returning to financial trouble) is starting to look far more promising than I would have imagined.

The reports of American Ingenuity and Auto Market Manufacturing being a dead horse were, as expected, exaggerated by the Anti-Obama crowd. Thank God that pundits and the Kool-Aid drinkers they blowjob weren't in charge of policy or we would have been hung out to dry for no real reason. The investments in our auto sector wasn't wasted effort (although, I still probably wouldn't have saved Chrysler without a very detailed plan of operation going forward - especially during the time they were looking for a buyer with what felt like increasing desperation - looks like I would have been wrong on that call).

Buy American.
Tags: michigan, news
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