Thursday, April 22, 2010
Being General Motors
Although many Republicans were against the bailout of the U.S. auto companies, GM has repaid the $8.1 billion dollars it received nine months ago from the American and Canadian governments and saved some one million jobs according to analysts if GM and Chrysler were allowed to fail. During this time a management guru wrote on his blog that GM should be allowed to fail and that we should move on, investing instead in technology and service. I was vehemently opposed to this. Technology and service, whether produced by big or small businesses or sole proprietors, will not create enough jobs alone. We need to make things again. Our concentration on technology and service has created this debt economy by diluting the middle and excluding many from viable jobs. The AP reports that "GM CEO Ed Whitacre announced the repayments Wednesday at GM's Fairfax Assembly Plant in Kansas City, Kan., where he said GM is investing $257 million in that factory and the Detroit-Hamtramck plant." Oh, Detroit so desperately needs this investment and America needs to regain its status as a great industrial nation. We need to re-evaluate our sense of capital. Let's wish GM and Chrysler well.