Paul Ingrassia has a fabulous op-ed piece in the Wall Street Journal today about the auto industry. The title of the article is: The Auto Makers are Already Bankrupt. Ingrassia dispels a number of myths about the situation regarding the Big Three:
Myth 1: Bankruptcy is not an option.
Myth 2: Management changes would be pointless.
Myth 3: Bankruptcy means death.
Myth 4: Banning executive bonuses or requiring more fuel-efficient cars will save Detroit.
Myth 5: A GM-Chrysler merger will help save both firms.
This is definitely worth a read. Ingrassia has covered the auto industry for years, and he brings all that expertise to bear with a concise and insightful argument regarding a potential bailout.
2 comments:
I saw Paul Ingrassia on PBS' Newshour tonight (Dec 12, 08) before reading his Nov 21 piece. Nice to see someone of his experience and insight stating a sensible, uncomplicated approach to Detroit's self-imposed debacle. I'm anxious to read his books.
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