Well as if you couldn’t see this coming, the GAO announced today it is unlikely that taxpayers will fully recoup the $80 billion invested in GM and Chrysler.
According to the report, for the government to recover our money, GM and Chrysler would need to grow substantially above what they have in the past. Given the current economic conditions, the general weakness of these companies, and the products they produce, your Mandarin feels that he just watched his tax dollars go down the drain. At least if I had bought a boat, that same money would have gone down the drain but I’d have one totally awesome tan.
What really caught your Mandarin’s attention in reading this news story was the fact that Ford actually made a profit. Now how this was possible without the overseeing hand of the all powerful and omnipotent Obama regime is hard to fathom. Could it be that the American consumers flocked to Ford to reward them for not going on the government hand-out wagon? Could it be that the American consumer rebelled against GM and Chrysler because they feel that the unions killed the goose that laid golden egg and then got another goose from the government? Who can really say?
I am happy to see that Ford is making a profit in these conditions. Yes they have had to reduce the number of employees, close out-dated or redundant facilities, and reduce health care and pension costs. But of course just when things are looking up, the short-sighted union leadership has decided to step in and hit the brakes. According to the article, “Last week, workers overwhelmingly rejected an agreement with the United Auto Workers that would have brought Ford’s labor costs in line with rivals General Motors Corp. and Chrysler LLC. Workers objected to clauses limiting their right to strike and freezing entry-level wages, and felt the company was healthy enough and didn’t need further concessions.”
That’s right, the company is healthy enough. This goes beyond being short sighted, in fact it is almost suicidal. So in other words, the union just wants the company to be barely solvent, just don’t touch their pay. Don’t let the company make more money that they can invest in new products, because again, that may cause us to give back or take a deferment on a raise. But what the hell, if the union drives the last of the “independent” automakers onto the government dole, it will be worth the union dues.
The Mandarin, whose real name is 吏恆, joined the order in 1309, and introduced the Gormogons into England during the 18th Century.
The Mandarin enjoys spending time with his pet manticore, Βάρἰκος, or Barry (who can be found in the Bestiary). When not in the Castle…well, frankly, nobody is quite sure where he goes.
The Mandarin popularized the fine art of “gut booting,” by which he delivers a powerful kick to the stomach of anyone that annoys him. Although nearly universal today, the act of gut booting or threatening someone or something with a gut boot is solely due to him.