Jon Stewart and the Automaker Bailout

Orac’s post, Jon Stewart on the Detroit bailout, points to Stewart’s perspective on the bailout. (Watch the video; it’s hilarious.) Some paraphrases and quotes from Stewart:

‘Congress… doesn’t know what the financial industry does and doesn’t want to look stupid.’ (paraphrase of Stewart)

“The auto industry has a product that’s tangible and easy to complain about. … Even the crappy ones [cars] are useful.” (quote)

‘The people you bailed out make derivative paper transfers of derivative groupings of said loans to China.’ (paraphrase, because I’m not sure I wrote it down properly)

“Wall Street lost all the money without making anything” (quote)

Who else makes an ephemeral product? Software-only producers, that’s who. Especially software as a service. Especially if they don’t release and get feedback frequently.

More food for thought when you start thinking about your strategy and your ability to execute.

One Reply to “Jon Stewart and the Automaker Bailout”

  1. Johanna, I’m not sure what analogy you are drawing here. The whole financial bailout thing, including the automakers, is extremely complex. The stakes for all of us are very high, and failure to act appropriately will likely result in a prolonged serious recession. Solutions that would likely work under normal circumstances, such as bankruptcy, foreclosures, etc., will not work now because the financial markets are not functioning properly. Maybe too many of us are looking at this humorously because we are too scared or lack the understanding to look at it any other way. The crisis was created through a combination of groos incompetence and greed. Correcting the situation will take effort, cooperation, clear thinking and time – probably quite a bit of time.

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