“But while many stakeholders made sacrifices, some did not. In particular, a group of investment firms and hedge fund that hoped to hold out for a taxpayer funded bailout.”
“I don’t stand with them. I stand with Chrysler’s employees, management, and suppliers.”
“I don’t with stand with those who held out when everybody else made sacrifices.”
The holdouts, Obama also said were “a small group of speculators” who are “endangering Chrysler’s future.”
It’s awesome, in such a significant (symbolically, if not economically) moment that he won’t pull the punch.
Sure, it plays well, but that’s the point. This whole automotive industry thing is about PR, not actuality. American self-concept.
Once we admit we’re not a nation of makers anymore, we cede the territory that turned us into a superpower to … well, to China.
I’ve been thinking lately of what this all means – what if it’s getting to be impossible to make money on building cars?
What if all the honest efforts of environmentalists to find a new path separate from an automobile based cultural identity actually don’t kill the car.
What if market economics themselves kill the car?
I’ll take it by any means.
In related news, big shout out to the East Hollywood Neighborhood Council for declaring themselves a “Pedestrian Oriented Community.”