Tuesday, December 16, 2008

I just sent this message to Congressional leaders

I oppose using TARP funds to provide emergency loans to the auto industry. As famous business professor and author Peter Drucker has said, "It is inevitable that some businesses will fail." The U.S. automakers have had their day in the sun and their management has proven themselves to be totally inept at seeing the long-term consequences of producing short-term gains based on foolish decisions.

The automakers' assets will not evaporate if they are allowed to go bankrupt. Someone will take possession of those assets and re-employ many of the people, but they will do so with a fresh, new vision about how to succeed in TODAY's economy, not the economy of the 50's nor the dream-world in which Ford, Chrysler and GM management have been living.

-- Richard D. Cushing

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