Posted by: itstails | December 8, 2008

The Auto Bailout is Here to Stay

Phew!  For a second there I thought that the auto companies would actually be held responsible for their actions.  But, lo and behold, it seems that the Big 3 auto companies will be bailed out by the end of the day.

This bailout is actually good news for the entire country as most economists were predicting that the end of any of the Big 3 auto companies would be dire for an already troubled economy, perhaps launching us from a recession to a depression.

Oh, that is, good news for everyone except Rick Wagoner, the cheif executive of GM.  Said Senator Chris Dodd, ““I think you’ve got to consider new leadership,” Mr. Dodd, a Connecticut Democrat, said Sunday in an interview on “Face the Nation” on CBS. “If you’re going to really restructure this, you’ve got to bring in a new team to do this, in my view.”  So, looks like Wagoner will be the sacrificial lamb that allows the rest of us to feast.

Oh, also this whole debacle is good news for the Detroit Lions who can actually claim that they are not the worst run organization in Detroit – so they’ve got that going for them.

Can you think of anyone else this story is good news for?  If so, leave your thoughts in the comments below.

http://www.nytimes.com/2008/12/09/business/09auto.html?_r=1&hp

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