Pickens Plan Friends,
I do not believe that a "bail out" in the traditional sense is the way to go. I am however suggesting some sort of Federally supervised restructuring of the industry with a new business plan and strategy going forward.
Oil and autos face the same issue, the transition into the new fuels. Unfortnately, the autos do not have the balance sheets to support such an effort. By leveraging thier capacity, possibly turned over to new owners, they may be able to acquire the means of production free of massive debt, and hire workers at globally competitive wages. The result will be a more efficient auto industry making cars that people around the world actually want to buy at prices they can afford. Such auto makers could conceivably be profitable and could become the cornerstone of the new Green economy manufacturing renaissance in the United States. In contrast to the never ending money pits that threaten to swallow a good deal of our economy
Pickens Plan is about stopping the great transfer of wealth. Perhaps we should stop to consider where a great deal of the wealth originated.
What are your thoughts?