Fox: We Don't Need GM, Ford 'Ponzi Schemes'

http://wonkroom.thinkprogress.org/2008/11/11/fox-attacks-detroit/

In a November 10 interview with Megyn Kelly, Fox News contributor Jonathan Hoenig calls the domestic auto industry a "Ponzi scheme" and government efforts to prevent their bankruptcy "thievery." His advice to auto workers? "Buy a Honda. We're going to get by just fine without General Motors and Ford." Fox News anchor Gregg Jarrett scoffs: "You retire and you get health care for life? Since when?"

Nearly 3 million U.S. jobs would disappear and hundreds of billions of dollars would leave the U.S. economy if GM, Ford and Chrysler were to cease operations in 2009.

Ironically, the Fox anchors -- normally rabidly against any government regulations -- are right when they criticize the manufacturers for fighting higher fuel economy standards.

Category:

News & Politics

Tags:

• Megyn Kelly
• Jonathan Hoenig
• GM
• Ford
• Honda
• Detroit
• auto industry
• UAW
• Gregg Jarrett

[truckertwotimes]

benefits for life, I'd say everyone that gets the free ride likes the bailout idea

[stevieeeee]

i've been working at shops my whole life and noticed that, from a mechanics point of view, every car is bad in their own ways. hondas with their electrical/computer problems, ford "exploders" with shitty ball joints, etc etc. but you know as much as i do, that 90% of american drivers just don't know how to properly take care of their cars. a lead foot and late oil changes. i love cars too much. i really hope GM figures something out, they have until the end of march to do so

[wxs666]

One day the giant Govt Ponzi scheme will be bankrupted and companies will follow their natural path to bankruptcy no thanks to the thieving unions who burden these once great companies with their "you owe me a living" demands.

Hey, here is a novel idea - pay for your own life! Once companies are free to size up or down thanks to more efficient fully automated high volume production process the world will be a better place.

[gwinn2010]

Buy a Honda? So support another country? Ford has been here since 1903 and you say buy a Honda? Ford took no bail out money..they dug themselves out of the hole they were in. So buy a Honda? I say FUCK YOU.

[AJstar9]

the honda driver is a dumb ass .hes the reason the usa.is in this shape.whats wrong with a retirement guess those overpaid talk show hosts think every body should work till they die

[Roushfan5]

The reason why the Big Three pay those benefits is because Union Workers would go on STIRKE otherwise. Ford loses a LOT less money by paying heath care for their workers compared to waiting out weeks of strikes to stop paying heath care.

The UAW needs to understand they can get $80 and hour and expect to have their companies able to stay afloat.

[Roushfan5]

This loud mouth that drives a POS honda seems to forget that the auto manufactures like Packard never reached the "Big Three" level of production. Furthermore we had other manufacturing jobs (both other car manufactures, and other industries. Now with companies outsourcing jobs by the thousands we need every manufacturing job we can get.

[lostcreeksurvival]

well im thinking gm owes me a truck. my money and yours bailed them out .

[blueskysiii]

thanks for pointing me to this 13andrich...looking back on it, I'd say they nailed it. Ford only avoided massive bailout becuase they ran out of money before GM or CHry. They got lucky and were able to go into massive debt in the private sector, instead of sucking on the mother land's teat.

Ford's cash flow is still very negative, and the DID take 5.9B in "energy research" money, so they could TRY to compete with Japan. Funny tho, cause Nissan got money too! American jobs don't equal Union jobs.

[blueskysiii]

true dat