Are they too big to fail, or too dumb to save?
I say: STOP THROWING HARD-EARNED TAXPAYER DOLLARS AT THESE FAILING BUSINESSES.
The Obama administration is expected to release a statement Monday regarding the future of bailout money to GM and Chrysler. After the last $17.3-billion round of bailout money was tossed to the failing auto makers in Detroit, we were supposed to get a plan which was to outline details of how these welfare-recipients would become profitable.
If GM and Chrysler were to release the promised plan, I would expect statements to read along these lines: “We are continually trying to cut costs but the recession continues to put pressure on our business … Yada yada yada … So we will need more money. Thank you, Mr. President.”
Giving GM and Chrysler free money in the first place was a mistake. Giving them more money compounds that error. GIVING any business money kills a key component to its viability — innovation.
In 1997, with its stock price near only $3, Apple Computer was forced to innovate. And, boy, did they.
On the verge of bankruptcy, Steve Jobs forced Apple to come up with groundbreaking and cutting-edge new products by giving the mandate: Innovate or die. The iPod, iMac and iPhone were then born and they have since revolutionized the way we listen to music, compute and communicate.
(I cannot imagine a world without those products).
Kudos to Ford (so far).
To date, Ford has found a way to stay “bailout free.” Those of you who follow me on FOX Business Network’s “Happy Hour,” FOX News Channel’s “Bulls and Bears” or Twitter know about my standing offer to Detroit. Last December, I offered to buy a vehicle from any (or all) of the Big 3 who did not take taxpayer money to survive.
So far, only Ford has not taken any government assistance. I am looking forward to a shiny, new Ford F-150 parked proudly in my driveway this summer.
If President Obama decides to hand out more of our money to GM and Chrysler, I have one request… Mr. President, do you mind if WE name the cars we are supporting?
I was thinking: the Chevy “Re-Volt.” Or, how about renaming the Chrysler 300 the “3 BILLION?”