Adam Davidson Quotes
When you see a merger between two giants in a declining industry, it can look like the financial version of a couple having a baby to save a marriage.
Davidson, Adam. "It's the Economy." The New York Times Magazine, The New York Times Company, 2012.
Referring to the European Economic Community:
He had already decided to save General Motors which was much larger and more critical to the national economy. The normal capitalistic broken down and there were no private firms that were willing to invest, control and continue the companies at any price. There were 1 million immediate jobs at stake with GM plus the collapse of the American Auto Industry including dealers and suppliers. With Chrysler, there were only 300,000 immediate jobs at stake. Ironically, one of the major reasons for trying to save both companies was the fact that Summers team had discovered that the companies were very badly managed. If the bailout could be leveraged to force radical management change and reform, the chances of success would have been much greater than if the companies had been well managed but were still losing money rapidly. The policy decision was brilliantly successful. The reformed auto companies quickly became profitable, and the taxpayer loans were paid back early with interest to and profits to the taxpayers. All those jobs and an iconic American industry not only were preserved but became very profitable and strong and in the final analysis, it did not cost the taxpayers even one dollar. Ford was in less trouble, but if the other two companies failed, the Ford suppliers would mostly fail, and Ford also would have gone down.
Adam Davidson (born 1970) is an American journalist. He was a co-founder of NPR's Planet Money program. Previously he has covered globalization issues, the Asian tsunami, and the war in Iraq, for which he won the Daniel Schorr Journalism Prize. He and Adam McKay were former co-hosts of Surprisingly Awesome from Gimlet Media. Davidson worked as an economics columnist for The New York Times Magazine and in 2016 took a position at The New Yorker.
