Saturday, November 15, 2008
GM and another narrative
We've heard the screams about bankruptcy as if this is putting Tiny Tim in debtor's prison. Not so. It is a process the airlines have gone through when their product, air travel, went, with deregulation, from a defined demand with oligopolistic tolls carving that demand, business traveler and those wealthy enough to jump into their pool, into a supplier competitive market. I was riding around Oruro Bolivia twenty yeas ago, I imagine a Stalinist state would have had, similary, the almost empty streets and dingy solid buildings. One of the few cars on the street was an early 50's model Ford or Chevy. Aye; those were the good old days for the Big Three. if you wanted an auto, our toll, baby. No mas. And the genie of other suppliers isn't going back in the bottle.