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David is an occasional blogger, software engineer, Nintendo fanboy, liberal, news magazine addict, voracious TiVo user, and bibliophile. He was born in St. Louis, grew up in southern Indiana, and returned to St. Louis to attend Washington University. He hasn't managed to escape yet. He's a fan of free wine tastings, too many tv shows to name, and eating out. David makes his living developing web applications used internally by his employer. He doesn't blog about work because he's heard too many stories about that causing workplace troubles. There's more on the about page. |
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Bailout
According to the WSJ “Ford is in a somewhat better position than GM and Chrysler because it mortgaged nearly every asset it had in 2006 — including its blue, oval-shaped logo — and now has a heftier cash cushion than its rivals.” The fact that Ford could pull that off in 2006 and now none of the companies can get any kind of loans tells you how bad our credit markets have become. Until the government starts requiring banks that take bailouts to make loans, the government is going to have to stay in the business of making loans to companies. If you want them to fail, fine. But let them fail when the economy isn’t in this downward spiral. If you think your 401(k) looks bad now, just wait until you see what happens to the markets if one of the big three goes under and starts dragging suppliers and other auto makers (foreign and domestic) down with them.
Posted by on 2 December 2008 at 8:34 AM
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