From the papers today:
A rescue package for U.S. automakers could avert another stock market plunge like the one seen after Lehman Brothers’ collapse in September. “The reason people think failure could be cataclysmic is that there are so many companies that are tied to the auto industry,” said Marc Pado, U.S. market strategist at Cantor Fitzgerald & Co in San Francisco.
To keep the stock market from crashing we have to keep in business a business that can’t survive without the government propping it up? If this is true, all I can say is that we should be taking the pain now, cause the market will punish offenders sooner or later.
November 18th, 2008 at 12:45 pm
Free markets are wonderful until nobody wants them, huh? It’s funny what freely-traded markets do to companies and people who are, you know, idiots.
GM is a poorly-run company. It’s been a poorly-run company for years. If it wasn’t for easy credit, it would have sold far less of its crappy cars, simply because 0% down and no payments for 18 months would not have existed.