tinman

Ford: UAW Cuts Save Billions

I so trust the management when they say

"Even though we’re in a different place [from GM and Chrysler and auto suppliers]… we thought it was so important that we support the industry for the good of the industry and the US economy, and our suppliers and our dealers, which is why we went with our colleagues in Washington DC to help."

...which explains why they're buying millions of Ford shares at under $2. Oh, wait, no... they're not. Never mind.

Free Marketeers for Wage and Price Controls

Is there any doubt in anyone's mind that the US auto industry is the unanimous choice for the Lifetime Mismanagement award? GM managed to pile up a Debt to Equity ratio that is the envy of the Himalayas while continuing to pay huge dividends, fat executive bonuses, and -- oops-- underfunded pension obligations. So when the financial armegeddon hits, who is caught completely unprepared?

Bottom line:
The taxpayer will get off a lot cheaper by loaning them money than letting the companies die of self-inflicted wounds.