April 30, 2009
DOES G.M. NOW STAND FOR Gettelfinger Motors? Actually, I like the idea of the unions owning the car companies — or I would, if they then had to stand on their own instead of getting still more bailout cash. I’m afraid we’re in for a decade of politically propped-up zombie carmakers, a sort of American Leyland.
UPDATE: Mickey Kaus is taking a positive view: “Let the UAW, as new owner of GM, pay the price for the overgrown work rules of its locals. Let the UAW demand above-market raises from itself. Let the UAW try to raise money from new lenders after the previous round of lenders has been royally screwed (thanks, in part, to the UAW). And then let the UAW try to sell the cars that result.” So long as friendly politicians don’t protect them from the consequences of their actions with other people’s money.