Automobile Industry Quotes
In the Meltdown of 2008, the American Auto Companies were in dire straights and faced bankruptcy with no certainty that the industry could stay alive., They were running out of money and President Obama decided to make loans, take stock and control and force modernizing on the industry. As a result, and with some Toyota mismanagement, the companies returned to profitability and paid back their government loans early and as a result the bailout had not cost the taxpayers any money. Creditors however were outraged that the lost their preferred advantage had their been a bankruptcy.
The automobile assembly lines of Detroit, had been planned to be converted to factories to produce a huge supply of planes, tanks, trucks and guns which were instrumental in winning the Second World War.
Explaining the origin of the Interstate Highway System:
This quotation illustrates how out of touch with reality a CEO of a large company can get. At the time, leading insurance companies were urging auto manufacturers to at least offer seat belts as an option. The Department of Transportation test also showed that airbags would save many lives and reduce injuries. Ford was not alone in refusing the examine the experiments seriously. Thousands of Americans died and were maimed while Airbags became an issue that had to be mandated politically rather than leaving it to the leaders of the automotive industry. This quotation is often used to show that the Private Sector simply cannot be trusted to place the public’s health and lives above their profits and hence regulation is needed.
