Loading ...
While we were all watching our parents cry over their lost retirement accounts and House Republicans decided not the bail out the rich - I was expecting stigmata or the seas to turn to blood. Instead, I found a little blurb on CNN that noted a $25B loan to the auto industry that was quietly approved with some MAJOR implications.
First, the background: the American automakers have been struggling with pensions and pay increases for union workers who have dedicated their lives to American cars. Unfortunately, the automakers themselves have the reflexes of a 90 year old Parkinson’s patient.
While the world is moving forward with hyper-efficient cars, American automakers have what’s called a ‘backlog.’ In essence, they can’t start building efficient cars until they finish all the gas-guzzling SUVs that they currently have cued for production. Over $4.5B in SUV parts are not even in production yet, but “have to be used” before the companies will move onto the basic planning stages of new vehicles. Read More »
In fifth grade, I vowed to say No to Drugs. More correctly, I was forced to say “No”, or I would not be allowed to walk the stage at fifth grade graduation (which would have been social suicide).
