Indeed, Toyota claims losses for the first time in 70 years—though how Toyota’s management was able to keep sales up in 1945, when Gen. Curtis LeMay’s B-29s were conducting their nightly visits, escapes me.
Bush may believe he has sinned against free-market principles, but he is following the path of his great free-market predecessor. Ronald Reagan, too, was not prepared to see Japan take down the U.S. auto industry, or steel industry, or computer chip industry, or Harley-Davidson.
Believing Japan was dumping to destroy U.S. companies, Reagan put patriotism before ideology and imposed quotas on Japanese imports. He, too, was castigated by the same commentariat that is berating Bush.
Vice President Cheney, too, has endorsed the bailout of Detroit. Of the senators who voted to pull the plug on General Motors, Cheney is said to have remarked, “It’s Herbert Hoover time” up there in the GOP caucus.
[….]
Like Prohibition in Hoover’s phrase, globalism is “an experiment, noble in purpose, that has failed.”
2 Replies to “Quote of the Day”
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I don’t see why the Bush administration continues to believe it’s a good idea to bailout poor business practices…
Neither do I. I also don’t see why Wall Street walked away with 700 Billion, with no oversight, but when the big three come and ask for a BRIDGE LOAN, which has to be paid back, it’s a three ring circus.
Can you say, Double Standards? I knew you could!
-Pat