Car Buyers Hate Bailouts

October 2, 2009

The Homer

(Guest post by Greg Forster)

You, the taxpayer, spent billions of dollars bailing out Chysler and GM.

Great news!

GM’s sales are down 45% from last September (when sales were already bad enough to drive the company into banrkuptcy). Chrysler is down 42%. Ford is only down 5%. Car buyers are clearly punishing the two bailout recipients brutally. Robert Farago of Truth About Cars predicts that GM and Chrysler will both “go down by the end of next year” without a second, new federal bailout. The only question, he says, is whether the two bailed out manufacturers will need the cash before the 2010 midterm elections.

Why is that great news? Because maybe it will help a few legislators learn their lesson for next time.

HT Kausfiles

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Posted by Greg Forster

UAW Creates Jobs – in Demolition

January 26, 2009

the-homer

HT Liberty Is the Middle Path

(Guest post by Greg Forster)

Last week the president of the UAW claimed that workers at auto companies receiving federal bailout money shouldn’t have to take a wage cut because they already make $2 per hour less than Toyota workers if you include bonuses. I was going to point out everything that’s wrong with his argument, but it looks like the contract for this particular demolition job has already gone to Mickey Kaus (possibly as part of the federal stimulus plan).

3 Comments | economics | Tagged: , , | Permalink
Posted by Greg Forster