More snow. Feh. The sun god Tonatiuh is angry. Let us feed him the hearts of American auto industry executives and beg his forgiveness in order that spring may return.
I’m not quite certain what to think about the feds getting all medieval on Detroit. I don’t have any sympathy for The Big 3’s management — my second and last American auto was a 1996 Ford F-150 that was possessed by evil spirits, and it’s been nothing but Subarus and Toyotas around here since — but you have to feel for the grunts who actually made things over the years instead of shuffling worthless pieces of paper around. As usual, the shit will roll downhill, and the working stiffs will be inhabiting a dank and smelly valley.
Over at The Washington Monthly, Paul Glastris sees some useful lessons from previous federal interventions in the railroad industry, a tale told by Phillip Longman of the New America Foundation. Meanwhile, dday and Josh Marshall wonder why it’s all hugs and kisses for bank execs but cold shoulder for the auto bosses.
Myself, I’d like to know when the crucial cycling-humor industry will be getting its fingers off the keyboard and into Uncle Sam’s bottomless pockets. I need a new snow shovel, and I’ll be happy to surrender my private jet if that’s what it takes.
Late update: Also at Washington Monthly, Hilzoy opines on “cramdowns,” or allowing bankruptcy judges to reduce homeowners’ mortgage principle, noting that “it’s no good trying, for instance, to save GM if we don’t have customers who are able and willing to buy cars. As any number of commenters have said, we need to shore up the not just businesses’ balance sheets, but consumers’, since if they are not able and willing to spend, then even the best-run businesses will fail.” Well said.
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