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...Lee Iacocca, Iacocca: An Autobiography (New York: Bantam Books, 1984) 199.
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.
Imagining government out of the garage, out of our pockets, and out of the road business.
Monday, December 6, 2010
Quotation for the day: Lee Iacocca
Posted by Editor at 7:15 AM
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