Grey days spent in the red at GM.
In putting together today's show about the struggling, gasping, floundering American auto industry, producers read a lot, naturally. If you've heard the show and you still don't know where you stand, here's a roundup of opinions that may bring you some clarity:
Bail 'em out now, and quickly: Jeffrey D. Sachs in The Washington Post:
A government-supported restructuring of the auto industry is urgently needed for our economic and energy security... Washington should seize the opportunity to begin a new era of U.S. technological leadership in the global auto industry, starting with an immediate loan.
Just say no to Detroit: Finance professor David Yermack in The Wall Street Journal:
We would do better to set this money on fire rather than using it to keep these dying firms on life support, setting them up for even more money-losing investments in the future.
Do it for the troops, who need Humvees: Retired Army general Wesley Clark in The New York Times:
In 1991, the Persian Gulf war demonstrated the awesome utility of American land power, and the Humvee (and its civilian version, the Hummer) became a star... The lives of hundreds of soldiers and marines have been saved, and their tasks made more achievable, by the efforts of the American automotive industry.
Even a bailout's not enough: Paul Ingrassia in The Wall Street Journal:
In return for any direct government aid, the board and the management should go. Shareholders should lose their paltry remaining equity. And a government-appointed receiver — someone hard-nosed and nonpolitical — should have broad power to revamp GM with a viable business plan and return it to a private operation as soon as possible.
OK, after all that, now what do you think?
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