Complete video at: fora.tv Wilfried Porth, member of the Board of Management at Daimler AG, cautions against the assumption that the GM bailout saved American jobs. He warns legislators against subsidizing the auto industry to the same extent as of the commercial airline industry. ----- The recent economic crisis has accelerated long-run trends by which, over the course of decades, the industrial base in the United States and the European Union has been undergoing a radical restructuring. Globalization, competition from emerging and developing economies, and technological advances have led significant manufacturing employment declines in parts of Europe and the United States. Last year, the United States saw an estimated one-percent drop in its industrial capacity, the largest annual decrease on record, with goods-producing businesses shedding some 2.3 million jobs. In addition, investments in both the United States and Europe into R&D and plants and equipment have decreased, potentially threatening the long-term competitiveness and employment prospects of the US and EU industrial base. "Postindustrialism" has been held up as the new route to prosperity, but one of the obvious advantages of manufacturing is that it creates jobs for a wide range of people—both in heavy industries like the steel and automotive industries as well as high-tech industries like semiconductors or value-added chemicals. At a time when the recession has amplified the challenges for manufacturing ...
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They should of left GM to self destruct. Most of GM cars are junk and don't last.
ReplyDeleteBrussels, Belgium?? Oh, the US is part of the EU now?
ReplyDeleteFACT: GM sells more cars in China than all other nations including the good ol' US of A.. Dear GM, your welcome for the bailout from the American taxpayers.
See that was a logical and intelligent analysis. The right wing of the US would have said " GOVERNMENT SOCIALISM IS TAKING OVER THE WORLD AND DESTROYING YOUR FREEDOM, REVOLT!". no. That only works to scare people for a little while. Why can't the Us have calm rational deiscussions like this without playing partisan politics and trying to make someone aleso look bad at the same time.
ReplyDeleteLets see...GM got 52 billion plus....and paid back 6.7 billion........you fill in the blank
ReplyDeleteGM wasn't really bailed out, it's unions were. If it were to declare bankruptcy, it would have been bought out, re-structured and been in profitable production again by now.
ReplyDelete@marsCubed I can see that this discussion is headed to a stalemate. I commend you on avoiding petty personal insults since that is the way most YouTube discussions end up in my experience. I doubt either of us will concede and I also doubt that anyone else will come in and join either side. You do have good points, but we are getting off topic and I think it is best that we agree to disagree. Agree?
ReplyDelete@marsCubed I am actually in the middle of a book that mentions Sweden's brand of socialism (or whatever you want to call it). PJ ORourke, in "Eat the Rich" he mentions that Sweden has crippling national debt. Yes, the US is bad, but Sweden is worse with more inflation. Sweden is also one of the few nations that has been able to make socialism "work" in any sense of the word. You forget that Sweden saw some of its greatest growth when the Social Democrats were out of power too.
ReplyDelete@HeadTater. Since the crash other economies have slowed down for sure.
ReplyDeleteSweden is a good example.
Some years ago she had a very similar localized banking fail.
At that time the Govt nationalized her bank. It was regulated then re-floated at a profit to the tax payer ! !
In the resent financial melt down, Sweden's bank was un-dented. The bank was well regulated and had not embroiled itself in messy deals.
Everybody has gone down since. But that is mostly because USA is such a big market..
@marsCubed The American economy has hardly crashed. Almost all of Europe has seen similar or greater drops in economic activity in the same period as the US. Yes, the GOP screwed us over but they weren't acting in support of a truly free market. Neocons only want the market to be free when it is acting in their favor. You also seem to forget about gov't action encouraging sub prime loans and speculation. Also, complaining yachts and such, you sound like the populist.
ReplyDelete@marsCubed The problem with all these regulations is that politicians run them. When you enact that many regulations, you get crony capitalism which, if you ask most free marketers, is just as bad as socialism. You give the regulatory power to the politicians who the use it to help out their corporate buddies. The Market is not a person and cannot act in that way. The free market is Darwinism applied to economics.
ReplyDeleteyou didn't answer the question. i asked how the free market killed gm like you claimed when in reality the only reason such an incompetent company could continue to exist without evolving was with government intervention.
ReplyDelete@AussiePolitics The economies which crashed were not the well regulated higher tax states in Europe.
ReplyDeleteThose that smashed unions in the 80, or replaced them with compliant shams, lost their sanity & balance.
Property price hype, sub-prime famously called "the American dream in action", trickle down,
Inequality, tax evasion, bonus robbery, corp law thrown out of the window.
It was a house of cards. the 'magic' market, some would call it scams, those with $ got what they wanted.
profit before sense
how did free market morons kill gm? if the company hadn't had such a culture of living off corporate welfare then we wouldnt have had this problem in the first place
ReplyDeleteNth EU calls the crashed economies the "Anglo-Americans", They have been warning about this for decades.
ReplyDeleteRepublican talked up Hummers and made crazy populist statements about oil. They hyped the market and saw their pals in the banking sector walk away with carts of money.
Tax evasion scams, transfer pricing, bonus-culture and a GDP which came to be measured by the size of corp yachts got back-handers to win seats in Govt.
Yet it trashed the USA and other economies.
Ask why others did not crash.
@VAR1UM Many of the gov't vehicles have been GM products. Many have also been Fords and some have been Chrysler. Since the 30s it has been pretty much Cadillacs and Lincolns. JFK was shot in a Lincoln. LBJ, Ford, Nixon and Carter all used Lincolns, I believe.
ReplyDeleteI agree, the gov't might do good (fiscally) to shop around more. Some local gov'ts have but the feds haven't. However, that would never jive with a lot of voters. To many it seems wrong for the prez to be in a Lexus.
He's right that GM should have been allowed to go bankrupt but he's naive to think that somehow GM wouldn't have undergone a great deal of liquidation. In the real world, markets don't perfectly work the way he fantasizes that they do.
ReplyDeletegm should have died they would not learn from a bail out they brought it on them selves
ReplyDeleteI think he is very right, they basically interfered with market processes.
ReplyDelete