Monday, December 6, 2010

Quotation for the day: Lee Iacocca

Someone...brought up the case of British Leyland, the English car company.  When they went to the government, it destroyed people's confidence in the company.  Their market share was cut in half, and they never recovered.  It wasn't an encouraging precedent...

With great reluctance, we decided to proceed with an application for government loan guarantees...

Loan guarantees, I soon learned, were as American as apple pie.  Among those who had received them were electric companies, farmers, railroads, chemical companies, shipbuilders, small-businessmen of every description, college students, and airlines.
Lee Iacocca, Iacocca: An Autobiography (New York: Bantam Books, 1984) 199.

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