The Grinch that stole Christmas is back — not just on TV, but in real life and it is General Motors.
After a bailout of a couple trillion (who knows) in taxpayer dollars, GM corporate announces it will stop making vehicles that are not selling well and lay off thousands just in time for Christmas shopping.
Hey, folks, for your information, Ford restructured years ago by selling off products that did not produce and therefore did not need or receive a taxpayer bailout. While GM and Chrysler corporate — and their labor unions — cried for help from Obama, Ford stock went from $1 to $55. Do you see something wrong with this picture?
Corporate bigshots at Chrysler needed a taxpayer bailout as well. They could have eaten a little crow and let Lee Iacocca buy out Chrysler — again — but they just could not watch him prove them wrong once more. Lee Iacocca left Ford and bought Chrysler in the late 1970s when they were down and out with their fleet of obsolete, rear-wheel-drive, 12 mpg, V8 gas guzzlers. Iacocca came out with small, front-wheel-drive, 25-30 mpg cars that revolutionized the industry. Iacocca and Finland became the only two entities that have ever paid America in return for loans.
And then the man who had brought the Mustang to Ford released another real stunner, the front-wheel-drive, seven-passenger Dodge and Plymouth minivans that sold like popcorn at the movies.
Those who luxuriate in their lush corporate offices at both GM and Chrysler need a group enema — in each of their ears.
Folks from Detroit who cannot sell Oldsmobiles and Pontiacs need to go to school or maybe visit a successful car dealership to learn how to merchandise. Rather, GM quit producing these very successful lines. There was nothing wrong with the cars. Rather, it was corporate officials who, rather than restructure and reduce, sought a bailout.
Rather than educate themselves on automotive sales techniques or restructure, GM and Chrysler took the taxpayer money and pulled another one that some folks do not like to read about.
After the GM and Chrysler bailouts, I watched until very early in the morning congressional hearings replayed on C-Span. A man of about 75 years of age told the congressmen that he had built a Chrysler dealership in Atlanta worth about $7 million. Corporates at Chrysler told him they wanted him to build another dealership for them in Florida, about $10 million worth. This former Chrysler dealer literally sobbed as he asked congressmen what the heck he was supposed to do with the debt he had incurred. After establishing his new franchise in Florida that Chrysler executives told him they wanted, Chrysler suspended both of his dealer franchises and put him out of business — and holding the debt.
He just happened to be a conservative. And that also happened in Yankton, South Dakota. Didn’t see it in the papers or on television, did you?