If you want a preview of how your elected representatives are going to approach the $50b Detroit bailout (a.k.a. “Retooling for Tools”), you could do worse than read this Washington Post diatribe by economist Steven Pearlstein. “The Road to a Bailout They Don’t Deserve” begins by giving The Big 2.8 a right royal pasting. “Even before top industry executives arrive in Washington later this month to lobby for their program, General Motors’ vice chairman, Robert Lutz, who never misses an opportunity to put his foot in his mouth, was telling reporters in Chicago last week that the industry ‘deserves’ government loans because of all the challenges that have been inflicted upon it. In fact, it’s hard to imagine an industry less deserving of government help.” Other barrel: “Here are three companies that for decades failed to produce cars that were well designed, well produced and exciting to look at, that fought tooth and nail against efforts to require greater fuel efficiency and, until recently, did too little to bring wages, benefits and retiree costs in line with competitive realities. And while they whined for years that it was unfair trade that put them at a disadvantage, Toyota, Honda, BMW and… Read full this story
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Bailout Watch 22: Washington Post Columnist Votes Aye have 350 words, post on www.thetruthaboutcars.com at September 3, 2008. This is cached page on VietNam Breaking News. If you want remove this page, please contact us.