Autos and Airplanes and Absolute Idiots

Bob Nardelli, Rick Wagoner and Alan Mulally are to blame for the sharpest 2 day market drop that we have seen in years. Seeing such stupidity just caused a massive panic.

The idiots who run Chrysler and GM did the market it (I note that Nardelli had already done in Home Depot before he was given the opportunity to crash the economy).

These guys had the nerve to show up in Washington with the tin can and ask for a handout.

Nardelli, who had never run a car company until two years ago, seemed stunned and surprised Americans were not purchasing big, clunky SUVs because of oil prices (Oil prices, of course, have since receded).  To boot, he was asked for a handout to a private company that is owned by a hedge fund and that is simply not a global player.

But, it is Wagoner who really takes the cake.  This guy has blamed everything and everyone imaginable for GM's troubles.  Yet, the real fault lies with him for not figuring out that the company doesn't produce anything that anyone would ever want to buy.  As he sat there now saying that GM was a victim of the credit crisis, he looks like pitiful Pauline. 

While Mulally seems to have more sense than the other two combined, he too didn't even dream of flying a commercial plane to Washington.

The industry sold 17 million cars two years ago.  Now, they sell 10 million.   I figure that the only people buying are fleet managers because after 30 years of incompetence, I don't think that anyone still believes that these cars are well made.  Contrary to what Wagoner claims, they will never sell 17 million cars again.

My take is that these companies need to fail.  The Unions can take care of their members, but the American taxpayer shouldn't.  In a global competitive environment, the US will do some things well, but we haven't been good at making cars.  Let's let Toyota, Honda, BMW and VW pick up the pieces and produce there products in the US.  There will be some pain, but over the long term it is the right thing to do.

And one day soon, the entire market will recover.  That day will come when we no longer need to see Rick Wagoner's and Bob Nardelli's retarded faces and be reminded how incestuous corporate management has become.

I also hope to see Rick Wagoner and Bob Nardelli do perp walks.  They belong in the same cell with Angelo Mozilo.

Jason Rodgers
Jason Rodgers: Jason Rodgers was an experienced research analyst for a major bank prior to retiring to run his own investment consultancy in beautiful Lihue, Hawaii. Jason contributed articles to BestCashCow from 2008 to 2014.

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Comments

  • Sylvia

    November 23, 2008

    I agree that Wagoner is an absolute idiot and seems to want to do a perp walk. Not so sure about Mulally, and certainly not sure about Ford. They seem to have a better product, and I could actually see them benefiting from a disruption at GM. It is a gamble, but the stock at $1 is kind of interesting here.

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