Survival of the Fittest
This bailout stuff kills me. It was clear that the housing bubble would implode for several years now. Working foreclosures in Chicago made it obvious that mortgage backed securities were anything but secure and it was more than a little fishy to run property comps in areas like the Wild Hundreds or Woodlawn and see names like Pechersky, Boranjovich, and Wesinowski. Fraud up and down the chain. Borrowers, lenders and the investment bankers who admitted that what they were trading became so complex that they didn’t even completely understand it.
Now we’re bailing auto the American auto industry. Let’s face it, American cars have been the joke of the international auto industry for years now. Large, clumsy gas guzzlers only retirees in Ft. Lauderdale would think of owning. Why should I pay to save the Buick LeSabre?
The bailout money for the Big 3 should be invested in the development of smaller, more fuel efficient vehicles, as DUH, to remain competitive and reduce impact the environment. Why save them now if they continue to churn out the same pieces of shit they always have? Or, we could have the capital Management firms who ACTUALLY OWN these companies invest some of their own money to bail themselves out? Cerberus, I’m looking at you.
