The other day I posted an entry comparing the woes of American auto companies with the rising fortunes of the Asian economy. Just today GM announced massive reductions on top of Ford’s. Both companies seem to be okay for now, but their futures are uncertain.
This is a bit of a bummer, at least symbolically.
It’s hard to be sympathetic, considering the companies are in this situation for no other reason than boardroom stupidity. To be faced with the exact same problem and make the same disastrous mistake (within a generation, no less) is, in my judgment, incompetence. Should there not be an outcry for accountability from the boards of these companies? Should we not be talking about the ills of having industries driven by quarterly profit reports rather than long-term solvency?
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