U.S. lawmakers did what shareholders, company workers, customers and the public at-large could not do for the past 30 years: Tell the Big 3 that their way of doing business doesn't work. And if you want to survive and get money, you best go back to work post haste and come up with a business plan that does work.
Private jets. Job bank. Entitlements. And that is what we do know. Here is what else we do know: The party is over for the Big 3 executives and management teams. Their complacency even in these times is remarkable and they need to read my latest book, A Sense of Urgency by John P. Kotter. If there was ever a time to have a sense of urgency, it is now.
The comments from my last blog were a record high and many were insightful. I was shocked that many Michigan folks didn't want the Big 3 to get bailed out. The Michigan unemployment rate hit 9.3% and will surely crack double digits. But even with the economy in the tank, people are fed up with intolerable behavior and performance.
Perhaps we do need a "cleansing out process" to get America strong and proud again. We are living history and whatever predictions you think will be 6 or 12 months from now, no one really knows for sure if they will come true.
Here is what else know. We have to focus on what we do best and learn from this mess. Because at the end of day, if we don't, we'll need more than bail out.