Bailouts need explanations to the taxpayers
More than enough can be said about the government bailout of the financial wizards who got us into this recession mess in the first place. As usual, our politicians are primarily interested in saving their campaign contribution meal tickets and if anything is left they might have a consideration for the rest of us.
For those Americans who are somewhat older, there is a nostalgic feeling about General Motors, Ford and Chrysler corporations because we learned to drive in their products and have been buying their automobiles ever since. Younger folks have had the options of the foreign-made vehicles all their lives and understandably do not feel any thing at all for these giant companies.
It is that lack of feeling from a large portion of the nation’s citizens that endanger the possibility of our government bailing these companies out of the absolute, total management and operational mess they have gotten themselves into. For all practical purposes, even for those citizens who have some feeling for these car companies based of old-times, the arrogance and refusal by car company CEO’s and union executives alike, are leaning toward letting the whole American auto industry go bankrupt with an attitude of letting the chips-fall-where-they-may.
Through bankruptcy, the great American automobile industry may have a chance to not only replace the marketing philosophies of the past based on greed, but the management who developed it. At the same time, these companies will be able to retake control of their companies from labor unions that have been more interested in money and power than their worker members and the well-being of their industry.
As we watch carefully, Cooper Tire in our region is being offered a bail-out of sorts and we should be very, very aware of the motivations behind it and ask the question of would this be available to your company if needed.
At some point the public’s money cannot be always available to bailout companies without complete explanations and justifications acceptable to the public.
About Chris Elkins
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