The Wall Street Journal ran an interesting piece Friday, Treasury to Ford, Drop Dead. Ford didn't crawl and beg for bail out money, figuring that they would be able to suck it up and survive through good management practices. If my memory serves me, they thought that it was possible that they might need 9b in the future but were going to gut it out. What does the Treasury Department do? It not only rewards Chrysler and G.M. for their mismanagement, it gives G.M. a credit advantage in making car loans that Ford and the other car makers don't receive.
The stupidity of the government has always bothered me in situations like this. A big corporation can go bankrupt and get all of it's debt relieved and then unfairly compete with those that have tried to do things the right way. Eventually the other companies get to go down the tubes as well due to the unequal playing field.
Or in another example lets forgive the mortgage obligations of my neighbor while I grind it out every month. Rewarding stupidity and irresponsibility just seems to go against the grain of what America used to stand for. What a bunch of saps at Ford, huh? Should have been down in the trough with the losers. Another reason to hate Chevy's.
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