Mitt Romney, from his “Let them eat cake” editorial about the big three:
The need for collaboration will mean accepting sanity in salaries and perks. At American Motors, my dad cut his pay and that of his executive team, he bought stock in the company, and he went out to factories to talk to workers directly. Get rid of the planes, the executive dining rooms — all the symbols that breed resentment among the hundreds of thousands who will also be sacrificing to keep the companies afloat.
ABC gets in on the act:
The CEOs of the big three automakers flew to the nation’s capital yesterday in private luxurious jets to make their case to Washington that the auto industry is running out of cash and needs $25 billion in taxpayer money to avoid bankruptcy.
Look, I understand the symbolism of it all, and I do not disagree that there should be extreme make-overs at GM, Ford, and Chrysler, but pushing this sort of nonsense is akin to John McCain pretending during the campaign that with his strong leadership towards ending earmarks, we can balance the budget in no time. This is symbolism over substance.
The larger picture regarding Mitt’s editorial is that it seems to miss what many of you have pointed out in previous threads, which is that bankruptcy for the Big Three would be great in normal economic times, but right now would be disastrous, as they would not be able to find the financing to restructure given the credit crisis. As an idiot, I can not speak to whether this is true or not, but it sure seems to make sense.
Also, say goodbye to Michigan and Ohio in your 2012 run, Mitt.