Sunday, February 22, 2009
Are we missing the boat here?
GM and Chrysler are asking for a new number on the loan request to the Canadian government. Guess what, it's higher than the earlier one. Would you personally lend $900.00 to GM and Chrysler, given the fact that they're teetering on the brink of bankruptcy? If the number ends up being $9,000,000,000 (nine billion) and if there are 10,000,000 (ten million) serious income-tax payers in Canada (which I doubt) than the loan to the failed car companies would amount to $900.00 per taxpayer. If we include every man, woman and child in Canada in the count, it amounts to about $300.00 per person.
Now I know these are loans, but if they fail to stave off bankruptcy in the end, they will be repaid by us, not by the functionaries of the car companies. And there will be little to show for it, like paying for a wrecked automobile because we borrowed money to buy it.
Here's my plan: the government of Canada expropriates all the GM and Chrysler facilities in Canada, takes over their work force and pensions, puts the workers to work retooling these factories with the object of building energy-efficient vehicles especially designed for the Canada, Russia, Scandinavian markets . . . a real winter/summer car. I'm sure both companies would be happy to see them go; it would make the best plank in their restructuring platform to the American government. And if Canada paid them the 9,000,000,000 (nine billion) it would help them recover their profitability in the US.
Agnes and I would be happy to invest our $1,800.00 share in a venture like this, and we would buy one of those cars and wave an unregretful good bye to our Taurus.