Posted on 03/31/2015 3:05:41 AM PDT by rickmichaels
A blast from the past. I found this while looking around on You Tube. I don't work for Chrysler and I'm not shilling for Chrysler. I post this only because I love Iacocca's attitude. Yes, he's plugging his cars but I really admire his perspective on America.
1984 Lee Iacocca Chrysler commercial
Well, in all fairness, he did get bailed-out by the federal government.
Yes, but those loans were paid back with interest, and no bond holders were screwed as a result of the bailout.
He did get bailed-out by the federal government. America would have been better off if Chrysler didn’t get bailed out, but broken up and sold off.
It set the precedent for bail outs and crony capitalism. It was a union protection scheme by Carter. It rewarded consistent poor performance with tax payer money.
It set the stage for a thief like Obama to steal from creditors and give to the union. Nobody should be proud of that.
Yeah right, but this commercial didn’t last very long after people started reminding this Blowhard about the percent of foreign made parts that were used in his All American product.
Apart from that, I agree with much of what you say. I saw Iacooca's commercial about quality. I can tell you from personal experience that I wasn't impressed.
Squids and octopuses is more like it. Carter got away with it. So did Obama. Obama just stepped on the gas harder. All government intervention is political.
What would the free market interest have been on that loan to Chrysler? They didn’t pay rates even half as high. The market works best. Honoring government intervention just undermines the position of liberty.
I was at a Honda dealer yesterday, looking to buy a Civic built in Ohio. A clipping on the wall showed that Honda bought $17.5B worth of parts from U.S. suppliers last year.
Chrysler was one of my prime accounts when I was selling coal. The little K cars were coming off the line at Belvidere at one per minute.
I used to drive by the Belividere plant on I-90 now and then. I used to judge the state of the economy by how many employees’ cars were in the lot.
Belvy was a modern assembly plant by most standards. On summer nights, several roof sections could be rolled back to allow the employees to work under the stars.
Didn’t know that. (I used to drive by on the north side, too, if I felt like cruising).
Hate to say it, but the plant where I worked would put out antifreeze.
Still shouldn’t have been bailed out.
Allowing businesses to fail, if need be, is central to our economic system, and taxpayers should never be on the hook for favored bad managements.
Still shouldn’t have been bailed out.
Allowing businesses to fail, if need be, is central to our economic system, and taxpayers should never be on the hook for favored bad managements.
“Yes, but those loans were paid back with interest, and no bond holders were screwed as a result of the bailout.”
Not only that, but the people who had faith that Iacocca could fix the company were rewarded VERY handsomely. When I was in college, I took one accounting class, which to this day I have found valuable, and the professor was very good, making the class actually interesting. He showed us that the reputation of Chrysler had actually pushed its stock price BELOW the value of Chrysler’s cash value even broken up and sold off - and suggested (off the record) that we take out a student loan to buy some stock. Within a few years, the stock had gone up 500%. This was the first of many blown opportunities in my life, and worse, it was a lock.
Didn’t Chrysler repay the loans by the end of the first year?
Thanks to the K car. ;)
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