Ford: "Found On Road Dead", "Fix Or Repair Daily", and now, "Financially Overburdened Rusted Decay"

"Sorry, I didn't mean to cut you off." Then STFU and stop calling his name.

Ok... So, one of the most capitalist and least socialist countries in the earth is royally pooched. All the other more socialist and less capitalist countries were going along fine. What part of that tells you that socialism is the problem?

Aside from which it's been shown that socialized medicine would have likely kept the big 3 from the trouble they're in today. Note that Toyota did not choose any of the states offering millions in tax breaks for it's big new plant, they chose Ontario (for socialist reasons, medicine and education).

Toyota = successful auto manufacturer.

Big 3 = not very successful.

Who said that other countries are doing fine? Last I heard Europe is having quite a few problems of their own.

The US automakers are a victim of poor management. I remember in a management class the professor was talking about the difference between the US companies vs other car-makers and he basically predicted exactly what is happening now. Honda and Toyota (among others) decentralized their management structure long ago, yet in the big three most decisions still have to go all the way up the chain of command. That is simply a poor way to adapt in a rapidly changing market, and that is one major reason why they are still putting their money into vehicles that people don't want.

Will injecting money into the companies make them profitable? Will they suddenly start making cars that people want? At what point do you stop delaying the inevitable with free money (it's only a loan if they can pay it back) and let a competent company fill the void?

Sorry Schiff.

The big three had zero accountability, and did what most greedy fucks would do in a "free market" which is charge top dollar for utter shit. There was no regulation of fuel economy, so they spit out a bunch of pieces of shit that noone wants. Everyone bought a Japanese car instead (where they have a LOT of regulation, and "socialist" health care).

For how very smart the two are, Schiff and Paul have one-track minds, which is a direct result of following the ASE.

Uggh.

I may not agree with some of his other ideas, but Schiff is dead on here.

>> ^volumptuous:
and did what most greedy fucks would do in a "free market" which is charge top dollar for utter shit.

...and look who paid top dollar for it! Now, people are spending their money more wisely, so the Big 3 will either evolve, or crumble.


>> ^Drachen_Jager:
What part of that tells you that socialism is the problem?

Those "socialist countries" have become more capitalistic in nature. Your next comment about socialized medicine is quite valid, although I feel it would have only delayed the situation, rather than prevented it altogether.

I'm not even going to watch the video.

[edit: Now I have watched the video... what the hell is up with your summary: 'Peter Schiff sees the current crisis as a result of todays socialism.'? He doesn't say anything of the sort... he does say that they should be allowed to fail because they are poorly managed, but this demonising socialism as a word again even though it was never used in this context is ridiculous]

But the reason why the US (And Australian) car manufacturers are dying is because they are terribly, terribly managed. NOTHING to do with capitalism vs socialism, NOTHING.

They have had decades of the writing being on the wall that what the consumers want and need are more efficient cars the preferably don't run on petrol. What do they keep making?

Ford US: STILL the thing they're advertising most, the F150 a ridiculous tank of a vehicle... stupid, stupid vehicle for all but a narrow subset of uses.
GM US: Well, there and here in Aus, they are still pushing the even more ridiculous HUMMER A disgusting vehicle if ever there was one.

Australia?
Ford Australia: They cannot change and continue to spend millions on the big 6 cylinder Falcon...
GM Australia (Holden): Just as stupidly continue with the Commodore.

These companies have noone to blame but themselves. DO NOT blame socialism (nothing to do with it), do NOT blame capitalism (Also nothing to do with it)... it's the short sighted, bullshit for brains management.

Every man and his dog could see there was no future for big, fuel inneficient cars, but they keep building the damn things. And it was a point on Top Gear Australia, where the host was pleading with people to buy those two big sedans because if we didn't the Australian car industry would die... well, no F*CK OFF... you don't buy bad cars just to prop up an industry that didn't move with the times, THEY should have made hybrid, alternative fuel, and electric cars.

F*ck them for not moving with the times, and F*ck them for trying to get billions from the government.

I don't get this guy. Sure he makes good predictions, but what are the solutions? He can keep saying we need more free market, but that's what got us here in the first place. Talking about bubble economy. The free market seems to always lead to these bubble because they are very profitable in the short term. But these bubbles can be disastrous for the people as a whole. So what's a real solution Mr Schiff?

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I leave near Detroit. Just listen to this idiot. I have found that Austrian School economists never seem to care about jobs and wages. Letting the Big Three fail would kill Detroit, and it wouldn't just kill the three companies, a ripple effect would go through the economy.

Nobody in Detroit actually likes the Big 3, but we understand their importance. Schiff mentions that new jobs will rise from the ashes of the auto industry, but he manages to not name a single one.