Wednesday, November 19, 2008

Cliche: History repeats itself OR I am really really pissed

Or is it?

From NPR:

"In 1979, Chrysler avoided collapse by getting $1.5 billion in loans from the government. Charles Hyde, professor of history at Wayne State University and author of Riding the Roller Coaster: A History of the Chrysler Corporation, says in return Congress insisted that the company come up with some $2 billion in cost-savings and concessions."

I mean, is it a cliche if history DID repeat itself?

Or maybe not, since it seems that at the last bailout of Chrysler, the Gov. actually came out ahead (to the tune of $500 million). How about this time? People have changed in the last 3 decades. 30 years ago people did not grow up with such a sense of entitlement, corporate greed was not openly a norm, and personal responsibilities were taught and valued.

Fast forward to today. Ok, fine, Tuesday. The Big 3 Automakers' CEOs flew on their own private jets, not ONE, but THREE, to Washington today to make the case for their needing to be rescued. Seriously? You can't make this stuff up.

Here is more of this priceless gem from ABC:

"The CEOs of the big three automakers flew to the nation's capital yesterday in private luxurious jets to make their case to Washington that the auto industry is running out of cash and needs $25 billion in taxpayer money to avoid bankruptcy.

The CEOs of GM, Ford and Chrysler may have told Congress that they will likely go out of business without a bailout yet that has not stopped them from traveling in style, not even First Class is good enough.

All three CEOs - Rick Wagoner of GM, Alan Mulally of Ford, and Robert Nardelli of Chrysler - exercised their perks Tuesday by flying in corporate jets to DC. Wagoner flew in GM's $36 million luxury aircraft to tell members of Congress that the company is burning through cash, asking for $10-12 billion for GM alone."

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