Corporations of the World Unite!
Posted December 3rd, 2008 at 10.55am in Enterprise and Free Markets.
So the Big Three automakers returned to Washington yesterday, this time with slightly more specific plans on how they plan to spend taxpayer money to fix their faltering businesses. But it turns out that not all three of the automakers are really even asking for cash right now:
While GM and Chrysler emphasized their immediate cash needs, Ford said it was financially prepared to weather this storm. Barring a bankruptcy by one of its domestic competitors or a more severe downturn, Ford said, it does not anticipate a liquidity crisis in 2009.
Nevertheless, it too asked for federal money to be set aside just in case. Ford requested up to $9 billion in financing and said that could rise to $13 billion if economic conditions worsen. It hoped to return to financial stability, or even profitability, by 2011.
One gets the feeling that left to its own devices Ford would not be in front of Congress on their knees begging for cash. They are hurting, no doubt, but it sounds like they will get by without taxpayer help. So why are they embarrassing themselves in front of the nation? Solidarity of course! If Ford were to abandon General Motors and Chrysler now, they would not be there for Ford the next time Ford needed some help with Washington.
Remember, the left LOVES big business. Who else could possibly afford exorbitant big labor contracts? The last New Deal was not about big government punishing big business. It was about big business, big labor, and big government getting together in one room to screw over small businesses and tax payers. The New New Deal will be much of the same. But this formula only works if the big corporations stick together. Hence Ford’s willingness to go to bat for GM and Chrysler.
- Author: Conn Carroll
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December 3, 2008 Jerry, PDX writes:
You conservatives are really only interested in killing the UAW and like Reagan kill any union that pops it’s head up. Really, it’s a sad commentary on American education when you consider how the middle class have sided with conservatives against their own best interests. The only America I’m interested in living in is one with a powerful middle class and a hobbled upper class. With Obama coming into power the middle class might finally have someone with morals, intelligence and the genuine leadership ability to help us drive you conservatives into the sea.