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May 31, 2009
On Bailing Out Large Corporations...
This is not a political blog. But today we are on the verge of another historic financial event and I cannot hold back my thoughts.
I have been working all day today (a Sunday), as unfortunately for my family...I often do. I cannot find proper credit for our company which is experiencing a tremendous demand in activity. And while I was raised in a blue collar family with shift-work roots in NJ, I am finding it hard to accept why we will pour $30+ Billion more into GM.
In the free market economy, the weak fall by the wayside. For my company, if I do not sell enough or do not pay bills long enough, eventually I will go out of business. Why is it different with some mega-corporations?
I hear the calls of "too large to fail"... but already the special interests are lining up to impact policy. GM and its dealer network need to right-size to the market. No more deals...no more handouts.
This is a painful time, and the human suffering is beyond compare. But, innovation rarely springs from handouts to antiquated organizations. GM missed the boat 20 years ago and continues to lose distance to the leaders even today. Propping up a money-loser while innovative startups lack access to capital is a mistake.
Ultimately, smaller business continues to be the lifeblood of our country. As you get larger, only the truly magnificent corporations retain the nimble, risk-taking mentality required to succeed in today's markets. Alas, GM is not one of those companies.
Domine in pacem.
Posted by jcioban at May 31, 2009 11:26 PM
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