Wednesday, November 12, 2008

Don't Do It, Obama. Don't Save Ford (F) And General Motors (GM):

Ford, GM, and Chrysler are done for regardless, Obama. Bailing them out yet again won't fix them. It will just prolong the agony.

The companies' problems result from:

* Their inability to build cars (cars, not trucks) Americans love
* Their inability to restructure their way out of their pension and union obligations
* Their inability to compete on their own merits.

Throwing another $25 billion of taxpayer money down the rat hole won't do anything other than postpone the crisis. Just let the companies go bankrupt, Obama. That's what bankruptcy is for. Let the shareholders and debt holders take the hit. Not the American taxpayers.

Ford, GM, and Chrysler will continue to make cars. They will continue to employ Americans. (When airlines go bankrupt, they keep flying). Most importantly, they will finally be able to do the major restructuring that they have been postponing for decades.

2:55 AM