The Senate's top Democrat argued Ford Motor Co. probably would have collapsed if the government hadn't bailed out its top two competitors.If the bailout helped Ford it helped because Ford didn't need it or accept it. A lot of people bought Fords rather than buy from a government-owned company. Ford gained instant credibility at GM and Chrysler's expense.
Sen. Harry Reid, D-Nev., chided Republicans for opposing Democratic efforts on a number of fronts and defended the Obama administration's auto bailout.
"Isn't it a good thing today in America that we have an automobile manufacturing sector? If it had been up to them, General Motors would be gone. If it were up to them, Ford Motor Company would probably be gone. Chrysler definitely would be gone," Reid said on the Senate floor today.
"We decided that they need help, just like New York City needed help 25 years ago."
GM and Chrysler received a $62 billion government bailout -- with the Bush administration rescuing the companies with $17.4 billion near the end of its White House tenure. The Obama administration provided about $45 billion to restructure the two companies in bankruptcy.
But Ford executives have never said the company would have collapsed if the government hadn't bailed out its cross-town rivals.
In December, Ford executive chairman Bill Ford Jr. met with President Barack Obama and praised him for rescuing GM and Chrysler.
"The way he stepped in with GM and Chrysler and preventing the collapse of the supply base was something they did swiftly and forcefully and it worked," Ford said.
However, to suggest that Ford would have collapsed if their competitors GM and Chrysler weren't bailed out is simply ludicrous.
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Harry Reid--simple, and ludicrous.
Thanks for the slow pitch with the big softball target.
"However, to suggest that Ford would have collapsed if their competitors GM and Chrysler weren't bailed out is simply ludicrous."
Ludicrous is what they are. And what they do.
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