Thank The Maker: $14B Auto Bail-Out Dies In Senate
And to borrow a Warner Bros. animation phrase, “And that’s a GOOD thing Axel!” Whether people want to believe it or not, the Senate denying passage of the $14B auto industry bail-out, was exactly what was needed. Now the have no choice but to utilize the CORRECT course of action. That same course than any one of us would be mandated to follow if our particular businesses were going belly up. It’s the course of action, that should have been taken in the first place. And that’s to file for Chapter 11 Bankruptcy protection. Had they done this weeks ago, rather than hold their embarrassing “fly-in” to ask for freebies, they’d most likely have their restructuring plans done by now.
So now comes the time, for some serious house cleaning. To rid the balance sheets of all the excessive contractual burdens brought upon by the United Auto Workers Union. And just as importantly, to rid the companies of the exaggerated compensation scales being enjoyed by the upper echelons of industry management. Now they can pretty much strip away all the unnecessary costs. Would any one care to buy a corporate jet? Or four?
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