Ford Motor Company was the only US big three auto maker to trun down the government’s offer of a bailout. The company was in financial trouble just as Chrysler and GM were but decided against taking taxpayer money.
GM and Chrysler took the money and their companies became government property with labor unions owning part of them. Neither has shown a profit and they both continue to bleed money. It is hard to see how they will survive and how taxpayers will ever get their money back (well, the banks will have to pay for it with a fee).
Ford showed a profit of $2.7 billion, its first annual profit in four years.
The company took action in the tough market and worked on a business plan that allowed it to make money, on its own and without politicians, (few of whom have business experience) running the show.
This is what happens when the free market is allowed to work. Ford would have failed on its own or succeeded on its own and that is how it should be. No business is too big to fail.
[note]One could argue Ford benefited from the cash for clunkers program but all auto makers had equal access to that program[/note]
I don’t think that Congress will catch on and neither will the progressives because they do not care about success, they care about control.
I love my Jeep but will not buy another. I will not buy a vehicle from a company that took my tax dollars and I really don’t care if they go belly up. I will buy from a company that was responsible and did not take tax dollars.
Looking at the financial status of the big three, it looks like I am not the only one who feels that way.
Ford makes some nice SUVs…
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