Former Chrysler CEO Lee Iacocca Endorses Romney Says Feds Shouldn't Be In The Car Business

You got to be kidding me about Lee Iacocca telling the Feds to stay out of the car business. This idiot went to the Feds asking for millions of dollars to bail out Chrysler in the late 70's early 80's for his crappy "K" car at the time. His Chrysler company was all but belly up. He took their money with his hands wide open; now he talking out of the wrong end. Funny how Iacocca was eager to take their money then, but now they shouldn't mess with car companies. Hmmm.

gkerns56, Chrysler never received Federal money. It was Private money the only thing the Feds did was back the loans. These loans were paid back in half the time with interest. No tax dollars involved. The K-car and minivans were the cause of this success. When Iacooca left Chrysler there was @ $23 billion in a rainy day fund in case of bad times they were covered. Iacooca earned every dollar for puting Chrysler back on track meaning they were a profittable Company with good products and not only kept jobs but created more. Chrysler went on to become quite successfull. Thats why Diamler wanted them. The merger of two equals became a hostile takeover. The secont time was due to Diamlers terrible management and pillaging of Chrysler and pretty much left them for dead once they were done. So your hypothesis is incorrect. Personally I am not in favor of Gov handouts. In this case it was either bail out GM and Chrysler or allow them fold and the Gov would have had to assume Union pension funds and legacy costs that the Union has tied up in a pretty little bow. Just because Obama did this with GM and Chrysler dosen't mean he has been a good president.

Didn't anybody tell Lee yet that he's senile. Oh, I forgot. That characterizes most of Romney's base.

009 your on a roll, perhaps a separate fox car blog would better showcase your particular stlye.

I agree with Lee! The Feds should NOT be in the car business!!! But my take is a little different than his.

I believe they should not have bailed out Chrysler the first time they went bankrupt. The Feds could have saved billions by not having a second bailout. They should not have bailed out GM, either. Failing enterprises fail not because they don't get enough handouts. They fail because they are managed poorly, build uninspiring products that few people aspire to own, and can't compete in the free market. In other words, they've become irrelevant.

It just doesn't make sense to throw good money after bad. The Feds haven't learned that lesson. Twice.

Also see my related post at: http://www.autospies.com/news/Wall-Street-Fustrated-With-GM-Leadership-And-Government-Ownership-73013/

the only difference between what romney proposed and what obama did was pour billions into the UAW retirement funds, throw them additional billions in equity without a basis in law, and generally to pay off the unions for their support. dont forget that obama also had GM go through bankruptcy, they just didnt have to follow the laws the rest of the country live under. too bad about those non-union Delphi workers who lost their pensions while their UAW counterparts were made whole. what a sham