Just to clarify that the whole banking system was locked up and there was no capital. In a normal market GM and Chrysler could have done what Ford did.
Ford was in better shape than the others because they had mortgaged everything before the financial system locked up. That means they also started improving everything sooner.
From my perspective in Michigan the auto bailout was a huge success. My friends in the industry report that most of the cruft in the big three was cut or let go and they really shifted the culture. The whole industry is focused on technology. The suppliers survived. Hundreds of thousands of jobs exist because of the injection of liquidity.
I similarly think that the bailout was a success. I just think that people have a horribly myopic perspective when they act like Ford didn't receive government/taxpayer benefits during the financial crisis.
Ford was in better shape than the others because they had mortgaged everything before the financial system locked up. That means they also started improving everything sooner.
From my perspective in Michigan the auto bailout was a huge success. My friends in the industry report that most of the cruft in the big three was cut or let go and they really shifted the culture. The whole industry is focused on technology. The suppliers survived. Hundreds of thousands of jobs exist because of the injection of liquidity.