Less than two months after President Obama visited the Jefferson North Assembly Plant in Detroit to highlight the billion dollar government bailout of Chrysler, Chrysler UAW workers were caught on tape drinking alcoholic beverages on a 30 minute lunch break. Not to mention what looks like marijuana joints in between swigs of grog and then littering a public park with the empties.
That’s a nice liquid lunch… if it were a public holiday!
The market reacts to the bank bailout plan:
Last week, I questioned the wisdom of Congress making investments investors are unwilling to make in the automobile industry. Responding to similar arguments by smarter people, Jonathan Cohn suggested (citing a report showing productivity improvements in Big 3 factories) that the Big 3 are in the process of turning around, and that the bailout would help these companies complete the transition to profitability. Jim Manzi has posted a fairly devastating rebuttal to Cohn’s arguments. Here is an excerpt from Manzi’s response: