THE BIG 3 – Yes or No? … I say YES.
I was at a luncheon yesterday; a Christmas lunch for the writers and staff of the magazine First Monday where I publish a column each month.
To my left was a gentleman who owned a financial consulting company and beside him were two senior writers; both of whom love a deep philosophical discussion about anything. The economy is the top discussion among many these days and this topic certainly did not escape our table either.
On my left sat a well known and well varnished radio talk show host, actor, and writer who joined in our conversation about whether “they” should or should not bail out the “Big 3”.
After much debate, I was the lone wolf who said that Chapter 11 in the USA would be a good move for the Big 3…The others agreed, but furthered that it is not the right thing at this time.
My reason is simple in that I want to avoid an industrial and economic “soup kitchen” of sorts; a new never ending line of hands waiting to be filled up with oodles of handout cash.
There is no question many, including the workers, need some help to jump start themselves out of this economic mess, although were do we draw the line of handouts?
Who do we say yes to, while to others, we simply cast aside?
The Big 3 are not the only ones who are in trouble, as the line is building by the hour. Using the imagination, one can only surmise about who is next in the doling line. Hospitals are feeling the crunch due to workers having no job and no health care, as the worker begs off health care assistance due to the cost (in the USA). So will hospitals [rightly so] be next for a handout?
For the past 12 months one of the largest Canadian magnates in the newspaper business, Quebecor, is under bankruptcy protection and is slowly restructuring.
My point at the lunch table yesterday was and still is that Chapter 11 will rid top level management, the ones who got the auto industry to where it lays today, especially at GM, and force these companies to take a good look around at the people who buy the vehicles and give them and society what is necessitated by the current economic and environmental dictation. They made their beds…
For this I say NO to a bailout and YES to bankruptcy for the Big 3.
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