“beg the taxpayers to undo their stupid decisions”
Something a lot of you are forgetting is that the govt - the people we elect to handle our tax money - FORCED a lot of the bad decisions. For example, with the Big 3, the govt FORCES them to deal with with UAW rather than let them manage their own employment practices. So I can understand why those same CEOs whose hands are forced by the govt then turn to the govt for a bailout when the decisions turn to cr@p.
Does that mean I am for the bailouts? Heck NO! The bailouts are just the next stage in nationalizing the private sector.
Here’s the process: (1) Regulate an industry to death. (2) Blame the private sector for mismanagement when those regulations wreck the industry. (3) Bail out the industry, making sure to get control under the excuse of “watching out for the taxpayers’ money.” (4) Take the industry over completely when it continues to fail due to (3). (5) Lather, rinse, repeat.
We are past (2) and well on the way with (3).
PS Alternative to (3) is just take over the industy. That’s the model being used for health care.
Honda, Nissan and Toyota all play by the same rules when building and selling cars in America. They make money. GM, Ford and Chrysler all lose money. The only thing that can save them at this point is Chapter 11. They need to cancel all those union contracts and supplier contracts and everything else, and retool and start basically all over. To bail them out would be to postpone their failure for another day.
And what we are talking about here is CEO compensation. No company should pay it's CEO more than minimum wage when they are losing 2 Billion dollars a month.
For example, with the Big 3, the govt FORCES them to deal with with UAW rather than let them manage their own employment practices.
Bull. They can make a smart business decision to simply go bankrupt, cancel all union contracts, fire every union employee and open up a non-union shop the next week and hire anybody willing to work for $48 an hour, like Toyota and Honda.
PS Alternative to (3) is just take over the industy. That’s the model being used for health care.
No the alternative is for these overpaid CEO's to make a smart decision and declare Chapter 11.