Lava is destructive. It also creates new land. Look at Hawaii.
The result [of decades of comatose behavior by US automakers] was an industry that became brain dead.
Nothing typified this more than statements like those of Bob Lutz, G.M.’s vice chairman. He has been quoted as saying that hybrids like the Toyota Prius “make no economic sense.” And, in February, D Magazine of Dallas quoted him as saying that global warming “is a total crock of [expletive].”
These are the guys taxpayers are being asked to bail out.
Friedman’s plan: Current management gets fired. Shareholders get nothing. Existing agreements, including union contracts, get torn up. Competent people are hired to run the companies, which will downsize immediately and manufacture hybrids.
Somebody ought to call Steve Jobs, who doesn’t need to be bribed to do innovation, and ask him if he’d like to do national service and run a car company for a year. I’d bet it wouldn’t take him much longer than that to come up with the G.M. iCar.