I saw Barney Frank on TV last night … yeah, it was a channel-surfing accident where I carelessly paused on MSNBC thinking that the mindless hate-fest going on there was a comedy central skit one channel over (note to self: channel surfing is hazardous to your intelligence). He was ranting on about how GM’s demise was largely the public’s fault because the public kept buying GM’s gas-guzzlers until the oil spiked, leaving GM with a glut of undesirable cars and no desirable manufacturing lines.
Yeah. Apparently their downfall had nothing to do with their lack of planning (despite years of obvious warning signs), nor did it have anything to do with their relatively atrocious corporate structure (compared to the competition) and higher than average wages. While their competitors were building more efficient cars and trucks he somehow feels it was the public’s fault that GM executives focused only on the present and didn’t prepare for the future despite the warning signs.
So America, it’s your fault that GM executives are complete idiots. Shame on you. You can only redeem yourself by bailing out GM with flimsy contingencies they can easily bypass, allowing them to maintain what got them into this mess. Otherwise a bankruptcy would force the restructuring and wages they need to become viable and competitive, and we don’t want that because that’s not the Barney way.
However Barney’s take should come as no surprise to anyone familiar with his part in the sub-prime disaster that he also blamed on private enterprise and a lack of socialist oversight. Never mind that the bulk of GM’s problems came from their socialist-ingrained anti-competitive corporate infrastructure that stinks remarkably like a federal government entity. No wonder Barney doesn’t want that to change – GM is his kind of company.
It takes a special kind of person to think like Barney thinks. A special piece of work that only Massachusetts could put into congress …. again … and again … and again … and again.