One would think the know-it-all Obama Administration is made up of beginners of their choosing.
I don’t know anything about cars. A business is a business, and I think I can learn about cars. I’m not that old, and I think the business principles are the same.
— Edward E. Whitacre Jr., new chairman of General Motors Corp.
That’s comforting.
We need your help. It’s a great company. You could be a lot of assistance to GM.
— Steven Rattner, Barack Obama’s car czar
As Rattner came from Wall Street and knew as much about cars, it’s nice to know we’re in such competent, experienced hands.
You probably don’t remember the dismally awful Sci-fi series “Earth II”. The producers BRAGGED that they didn’t have anyone on the staff who had ever had anything to do with Science Fiction in the past.
This lack really showed itself.
Apparently, not all businesses are created equal:
“The Chrysler Bail-Out Bust (Carter era)”
http://www.heritage.org/research/regulation/bg276.cfm
“The popular version of the Chrysler bail-out is simply a fairy tale.”
* “Myth No. 1: Government loan guarantees prevented the Chrysler Corporation from going bankrupt.”
* “Myth No. 2: Federal 1oan guarantees were justified because Chrysler’s financial problems were brought on by the federal government.”
* “Myth No. 3: The loan. guarantees cost nothing since Chrysler has not gone bankrupt.”
* “Myth No. 4: Chrysler’s top management has taken deep salary cuts until Chrysler’s financial problems are resolved.”
* “Myth No. 5: Chrysler’s new-found profitability shows that it is on the road to financial recovery.”
* “Myth No. 6: Chrysler’s survival has improved America’s position in the international automobile market.”
“The problem with the Chrysler bail-out—in fact, the problem with all “industrial policy”—is that it is necessarily political in nature; the loudest interest groups get the greatest reward, while the scattered and fragmented “invisible constituency” is largely ignored.”
I think we now know who correctly assed the situation.
This is a case of “everthing old is new again,” and “children” rejecting the wisdom of their “parents”, because they believe their “parents” are “out of touch” and the “children” know better.
Deja vu! Bail-out part duex!
“I reject your economic theories.” – BS (aka Barack Soetoro, aka Barack Obama)