Then, as if Washington didn’t already mishandle the GM financial collapse bygiving away our money, the car maker was allowed to escape any responsibilityto common stock shareholders, a know-nothing maybe bond swindler* was appointed “Car Czar,” and a member of Exxon’s Board of Directors was namedas CEO of the restructured General Motors. The company continues to be deluded into thinking that their tired brand names have any real market value, theyhave bet their future on becoming a significant player in a giant communistcountry, they’re chasing an electric technology fantasy that is still decades awayfrom being meaningful, and they have pretty much abandoned the flex-fuel position that they spent several years and untold dollars trying to establish by finally building more powerful cars that used less gasoline. I was present at numerous GM presentations when they pushed and pushed and pushed E85 andflex-fuel vehicles. If it was a wrong direction – and perhaps it was since GM hasmade so many wrong decisions – then why are many of the executives thatwere involved still with the company? Why did they bring Bob Lutz back into thefold, again?Just Good CapitalismAs a devoted capitalist and marketing guy I have to say that the GM action inseeking an inexpensive, exclusive fuel to power the growth of the automobileage was at first blush a great example of what capitalism is about. The problemis that capitalism allowed to run amuck is nearly as bad as unchecked socialism.It may be a convenient inexpensive capitalist idea to dump waste materials froma chemical plant into the river that flows behind the factory, but if the water isalso used for drinking by the community down-river who you hope will buy yourproducts, the free-market idea becomes a dead-market reality. In effect, thiswas the result of General Motors’ patented process as the legacy of the leadedgasoline process continues to plague us.Chained to OilWe in America and in all industrial nations of the world, no longer “drink” froman unpolluted spring; we haven’t for more than half a century. We are addictedto using fuel that robs each and every one of us of our hard-earned money.What’s more, over-hyped worrisome economic or political news about oil, andthe greedy cycle of oil commodity speculation keep all segments of the financialmarkets teetering on the brink of disaster. The richest and most wonderful country in the world has become just another debtor-nation. 50% or more of ournational debt is owed to other countries to pay for the oil that we helped discover, subsidize, and then protect through two world wars and several regional
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