The American Public has a short memory. Perhaps it has always been so but it seems that each generation is a little less capable of remembering the lessons of the past. The headline on CNN.com today illustrates that we have a hard time remembering things that happened even six months ago. Most politicians and lawmakers assured the public then that bankruptcy of the auto industry would be a catastrophe.
"It would be a travesty for the irresponsible, reckless behavior of Wall Street to result in the sweeping away of the American automobile industry," said Mike Jackson, CEO of Autonation, the nation's largest auto dealership group. "If indeed it came to bankruptcy, it's going to make what happened with Lehman Brothers and all the consequences of that a nice day."
CNNMoney.com, November 25, 2008
"Under public pressure, these companies now are willing to take draconian steps that they should have taken a long time ago," Sen. Bob Corker, R-Tenn., told FOX News, adding that he believes the automakers will have to go bankrupt. "I find it difficult to believe the steps are going to be strong enough."
House Speaker Nancy Pelosi, however, suggested that allowing bankruptcies would create a harmful long-term problem.
"I believe that an intervention will happen legislatively or from the administration," Pelosi said. "I think it's pretty clear that bankruptcy is not an option. ... A short-term loan is the appropriate way to go."
FOXNews.com, Tuesday, December 02, 2008
Now that they are beginning to accept the inevitable, their prognosis isn't quite so grim:
Filing for bankruptcy maybe not so bad for GM
CNN Money, May 27, 2009
Thursday, May 28, 2009
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