Why is it that our CEOs can’t act this way?
Japan’s auto industry suffered another blow Wednesday when Honda, its No. 2 carmaker, said it was slashing its annual profit forecast, curtailing investment and slowing production to ride out a global slowdown…
“Underlining the tough times ahead, Fukui refused to set a vehicles sales target for 2009 — an unusual move for Honda.
“To take responsibility for the faltering results, Honda directors will take a 10 percent pay cut and further bonus reductions are likely, he said. [emphasis added]
“Earlier this month, Honda said it was pulling out of the glamorous but expensive Formula One racing to save costs and focus on its core car business.”
Yet those mendicants, the CEOs of our automakers arrived in their company-owned private jets to beg our legislators (and by extension, us) for handouts.
And the union bosses – who are as much to blame as the CEOs – continue to play golf at the exclusive Black Lake Golf Course, owned and operated by the United Auto Workers Union.
As with global warming, until those involved in the automotive industry start behaving like there’s a crisis, I’m still inclined to believe it’s not really a crisis at all, just another scam to get more money from we the people.
Stoutcat
December 17, 2008 at 3:11 pm |
I disagree with one assertion. You wrote:
“As with global warming, until those involved in the automotive industry start behaving like there’s a crisis, I’m still inclined to believe it’s not really a crisis at all, just another scam to get more money from we the people.”
Setting global warming aside, everybody including the UAW and the Big 3 upper management knows that there is a crisis in the American automotive industry. They all know it. We all know it. Everybody knows that the Big 3 are facing a crisis. And quite frankly, the Big 3 aren’t hitting the panic button because they know that someone is going to bail them out. There’s too much political stock on the line. Bush will come up with a $40,000,000,000 bridge and save what’s left of his legacy. And Obama will upchuck another $80,000,000,000 to appease The Left, and this whole pathetic drama will continue for a few more years.
Here’s the problem that no one has the guts to face… What is the intrinsic worth of the average auto worker on the assembly line? The average car assembly line worker makes $28/hr. (http://www.uaw.org/auto/11_25_08auto2.cfm). Is that person really worth it? Think of this… The average American worker makes $18/hr. What makes the autoworkers so special?
Sooner or later, a hard rain is going to fall.