Saw Congressional testimony of the auto bailout debate today. Prof Pete Morici, economist from University of Maryland, big 3 heads and UAW head. Prof Morici was just on fire, slamming Congressman,
“I’m a macroeconomist, I know about things like population demographics, I listened to testimony with my own two ears, the auto companies wont be able to pay back loans because they keep making great cars that last too damn long and need to downsize every year and pay $105K severance per employee and that expense will continue for a long time.”
His testimony eviscerated the pro bailout arguments and likely gave cover to Republicans to just say no.
