thuggy:
racerx:
It is so unfortunate that this irresponsible wall street and Washington phuck-up has to be paid for by companies like Chrysler that actually make good products.
Yup, lets blame Wall Street for years of mismanagement, fat UAW contracts, bad build quality (though better in most recent years but the brand perception is still there), production of products no one wants to buy (sebring, pacifica come to mind).
The immediate cause of the bankruptcies is the lack of credit to decent borrowers caused by the meltdown on wall street after lehman collapsed.
The next cause is the bursting of the RE bubble caused by Greenspans free money, Freddy and Fannies securitization scheme going back to the 1999 letter, and exascerbated by Franks refusal to oversee and intervene while there was still time.
The next cause is the lack of an energy policy in this country since the first oil shock in 1973 - biggest problem we face.
All you have to do is watch CNBC's "House of cards" to see why this recent boom had to go bust.
Wall Street is to blame for ruining this country not just the auto companies. ask for reference material if you need it.
But lest look at your claims as to the auto industry - firstly all the foreign competitors are hurting also with huge losses. Germany is keeping their industry going with Merkels program called cash for clunkers.
Bad mangement - in chryslers case - I fail to see that, but they are wall streeters themselves - Cerberus capital mangement. They have the best line-up in the industry imo with a constant flow of new models- Chrysler 300, dodge charger, Challenger, and the Jeep line with many new products including the best looking SUV imo the 4 door wrangler.
Those contracts while wasteful with job banks and quotas did pay a decent american wage with benefits most americans expect.
American quality is at the top of JD power rankings. That is an old myth.
And as to value, How much do you have to pay a european car company for 425 HP/ 410 TQ?
The fact that sales went from 16 million to 8 million had everything to do with Washington/Wall Street and nothing to do with detroit.
Had Detroit got the bailout that AIG or BofA or Citi got they could survive with bonuses in tact. The banks should have been dismantled not detroit.