Sunday, August 26, 2012

GM goes from bad to worse despite Obama bailout

Readers with long memories may recall that Charles E. Wilson, president of General Motors and nominee for secretary of defense, got into trouble when he told a Senate committee, "What is good for the country is good for General Motors, and what's good for General Motors is good for the country."
That was in 1953, and Wilson was trying to make the point that General Motors was such a big company -- it sold about half the cars in the United States back then -- that its interests were inevitably aligned with those of the country as a whole.
Things are different now. General Motors' market share in the U.S. is below 20 percent. It has gone through bankruptcy and exists now thanks to a federal bailout. But Barack Obama seems to think that it's as closely aligned with the national interest as Charles E. Wilson did.
"When the American auto industry was on the brink of collapse," Obama told a campaign event audience in Colorado earlier this month, "I said, let's bet on America's workers. And we got management and workers to come together, making cars better than ever, and now GM is number one again and the American auto industry has come roaring back."

Read more: http://washingtonexaminer.com/barone-gm-goes-from-bad-to-worse-despite-obama-bailout/article/2505518?utm_source=Washington%20Examiner:%20Opinion%20Digest%20-%2008/23/2012&utm_medium=email&utm_campaign#.UDo4q0TU4kZ

No comments: