Truth to Power

Sobering

Why We Shouldn’t Bail Out GM

…Their record for money-losing is beyond comprehension. David Yermack, professor of finance at New York University’s Stern School of Business, has calculated how much capital the car companies have destroyed over the last few decades.

He writes, “General Motors and Ford…between them…destroyed $110 billion in capital between 1980 and 1990…. GM has invested $310 billion in its business between 1998 and 2007. The total depreciation of GM’s physical plant during this period was $128 billion, meaning that a net $182 billion of society’s capital has been pumped into GM over the past decade – a waste of about $1.5 billion per month of national savings. The story at Ford has not been as adverse but is still disheartening, as Ford has invested $155 billion and consumed $8 billion net of depreciation since 1998. As a society, we have very little to show for this $465 billion.”</em>

And now we’re supposed to toss ‘em another 25 billion? Hmm.

No.


Recently on Ink 19...

New Music Now 011: Nora O’Connor

New Music Now 011: Nora O’Connor

Features

On today’s New Music Now, Judy Craddock talks to our musical guest, Nora O’Connor, about her solo album, My Heart, and the captivating new music she’s listening to right now. Tune in for great music, and more ’90s references than you can shake a scrunchie at.

Big Time Gambling Boss

Big Time Gambling Boss

Screen Reviews

Writer Kazuo Kasahara and director Kôsaku Yamashita transcend genre conventions to create the memorable film Big Time Gambling Boss. Phil Bailey reviews.

Frank Bello

Frank Bello

Features

Frank Bello’s new memoir Fathers, Brothers, and Sons: Surviving Anguish, Abandonment, and Anthrax takes us from a New York childhood, to Anthrax stadium tours, to fatherhood with the charming informality of a conversation with an old friend. Then I’m Gone, Bello’s first solo EP, provides accompaniment. Joe Frietze reviews.

An Interview with Starberry

An Interview with Starberry

Interviews

Rising musician Starberry blends rock and roll and post-punk for a refreshing punch that sticks around. Elijah McDaniel talks with the New Jersey artist about creativity, falsettos, and grinding the internet.

%d bloggers like this: