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Important to see the big picture
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Posted by Noel [Email] (more from Noel) on Fri, 6 May 2011 06:16:54 Share Post by Email
In Reply to: Car company bailouts, No Snaab, Thu, 5 May 2011 13:19:51
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The job losses, both at GM and suppliers, if GM closed entirely would have been devastating and the economy would be far worse off than it is now. The slack wouldn't have been picked up by Ford and others because there would have been too many people out of work. Many small to medium-size businesses would close, peoples' homes would be lost. Anyone who denies this has never had P & L responsibility, had to worry about making payroll every week, or had to work with bankers to keep a line of credit open to keep a business alive.

While I've never particularly liked GM products, plenty of people did. Some of its offerings were weak, and a big chunk of GM's troubles was its worn-out business model of multiple brands. OK, that's bad management, but it happens. Now, the brands have been addressed and the product mix is improving. Chrysler is a similar story, and that seems to be working out, too.

Long term, since the loans are being paid back and jobs have been retained, this has to be a good thing in the big picture.

It's fine to spout economic theory, as some in this thread do, but as times and needs change, so do the ways business and government interact. The fact is, the ways companies and governments operate are inextricably linked. It's almost a symbiotic relationship that is still evolving--for better or worse. The auto company bailout writes some new rules, but it does seem to have worked. I was skeptical when it was all going down, but it seems to be working out OK.

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