Wednesday, October 12, 2005

More on Delphi

Well it happened, and a lot of blaming and arguing and anger and lots of other things but very little of it constructive. Delphi declared bankruptcy last Saturday to the ruin of many. There are so many things that have gone wrong here and, in my oppinion, the biggest thing is GREED from top to bottom. Everyone from the CEO to the Janitor was seriously overpaid. 20+ an hour is a wonderful wage, but for unskilled work it is unsustainable, especially when combined with the benefit package these people got. It is wonderful that they could once have it but it is no longer possible.

Detroit News columnist Thomas Bray has an excellent commentary on this.

Our governor has her response here. She is very angry at Washington and the Federal Government but I was not aware that the economy of any given state was the responsiblity of Washington. One thing I do believe very strongly is that all issues are settled best by the smallest unit of government able to deal with it (which makes most issues state and local.) The President, regardless of who he is and what party he belongs to, has 50 states to worry about and he cannot micro-manage Michigan's economy; that is Governor Granholm's job and it's the job she was elected to do.

Governor Granholm, What did you do to try and prevent this? This is your baby. Until now, I was saying that Michigan's economic problems were not entirely your fault, but your reaction to this has caused me to rethink my position.

And almost predictably, the UAW is holding a gun to its own head.

People are going to lose a lot of income, if their lucky and their jobs if their not. We need to correct the problems that are causing Michigan to have the worst economy of any state in the Union. We need solutions, not nasty words.

This is the 13th largest bankruptcy in US history, and my fear is that General Motors itself will one day follow suit.


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