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What Detroit Auto Makers and REALTORS have in Common
This week we saw the Detroit Big Three with their hats out looking for taxpayer money from Congress to "keep afloat" for another few months. (Photo, left, from Wall Street Journal). No serious discussion about how we got here: Everything's blamed on the "financial crisis" and it's all "Wall Street's fault" that these companies just can't make money. No mention about steadily eroding market share for decades; no mention of how consumers simply PREFER to purchase Japanese and German cars; no discussion about quality; repair records. And absolutely no mention of the United Auto Workers Union other than "they've already made so many concessions".
So, hands-out, the Big Three Old-School Failed-Business-Model AutoMakers asked for $25 BILLION in taxpayer dollars to keep afloat. Their arguments started with "we're too big to fail" because we employ so many VOTERS, er, we mean, citizens. And they kept on with the "all of the companies who work with us - the suppliers, partners, even the OIL companies will be in trouble" if nobody is buying a Ford, Chrysler or GM product. In other words, the universe will come to an end if nobody can buy a Cadillac, Taurus or Caravan ever again.
Even tow-truck companies ... more
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