Monday, November 24, 2008
Brother, Can You Spare A Dime?
A few days ago, I published a post called Right Into The Damn Ditch, which quoted from an article in the Wall Street Journal. It was a pretty good indictment of how Detroit Auto Makers bissfully kept making bad decisions and resisted innovation in the face of reality and the glaring evidence that while they were losing their market, Asiatic Auto Makers were ascending.
I was made aware yesterday of another great article, from The Detroit Free Press by columnist, Mitch Albom. He says much of what I believe about the need to preserve the Detroit Auto Makers, but really criticizes the attitudes of the Southern Congressmen and Senators who use the proposed bailout as an opportunity to destroy unions and the hypocrisy they are guilty of. He mentions the Federal Aid and waivers granted to the Asiatic Manufacturers who set up shop in the South in the first place.
I feel the Southern Republican critics of a bail out of Detroit are exploiting the political gains they can make locally by making this a regional battle. Again, thinking on a small immediate politicallyy local level while letting the long term national welfare suffer.
It is an article well worth reading.
Meanwhile, to help us think about "bail outs" here's Tom Waits performing the song, Buddy Can You Spare A Dime . Written in 1931, by E.Y. "Yip" Harburg and Jay Gorney, it was the classic anthemn of the Depression. Tom Waits performs a gut wrenching interpretaion, much different than Bing Crosby's.