I am ambivalent about whether the auto industry should receive the 25 billion dollars that they are begging and pleading for from the U.S. taxpayers. On the one hand, I realize that millions of jobs depend on the industry and that saving these jobs is not only a humane thing — it also may help the country(and even the rest of the world) from sliding into a deeper recession in the long-term. On the other hand, I worry that it will be a waste because the industry has lost so much money and so many jobs in recent years that these firms are in a death spiral that is impossible to stop (GM alone lost 39 billion last quarter). I also believe it will be a waste because the leaders of these firms (at least GM, which I know best) are so backward and misguided that the thought of giving these bozos any of my tax money turns my stomach – which is pretty much the same point made by observers ranging from ultra-capitalist Mitt Romney to near-socialist documentary filmmaker Michael Moore. Recall that Moore made the famous film that attacked GM, Roger and Me.
more from Bob Sutton here.