Now that the pundits have officially declared a recession, something we’ve been in for over a year now, every major company and many smaller ones, are scurrying to catch up on long-awaited, for them, downsizing. The car companies, after dragging their sorry faces into Congress with hands out, are blaming the unions for their sad state, ignoring the plain fact that workers’ wages are but 8-10% of their expenses, ignoring the fact that their pitiful automobiles have yet to realize even the quality of their German and Japanese counterparts circa 1985 let alone these foreign giants’ current offerings, and ignoring the fact that there is very little sympathy for said CEOs who fly in private jets and award themselves multi-million dollar bonuses whilst running their companies with less vision than a three year-old behind the wheel.
“Too big to fail” has been the rallying cry and excuse of Detroit and Wall Street titans lately. They should take a long honest look at themselves and see that it is their incompetence that has brought them to this precipice. They have all failed their founders’ principles, their hard workers and the American people.