Word: chrysler
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Dates: during 1970-1979
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...politicians then took a studiedly stern look at Chrysler's proposal. After all, barging into the free market system on behalf of a declining concern violated every tenet of what is supposed to be America's survival-of-the-fittest economy. And the politicians seemed to take a hard line on Chrysler, casting aspersions on Chrysler's tax code shenanigans, and substituting them with their own plan. Treasury Secretary G. William Miller said that the government might aid Chrysler with a guaranteed loan of $750 million, but only after the corporation made internal sacrifices and set out a sound plan...
...HILL, there was substantial sympathy for some form of aid. Worried about jobs and competition in the auto industry, some liberals saw the Chrysler failure as an opportunity for the government to take control of a major auto corporation, which could be used to keep the other companies honest. Some, like Sen. Don Riegle (D-Mich.), who has more than 85,000 constituents employed by Chrysler, were just plainworried by the prospect of a rash of plant closings...
...Miller, Carter and the congressmen who came out for the guaranteed loan were playing political footsie, not political hardball, with Chrysler. The politicans seem to believe that the government-guaranteed loan is somehow radically new and different from Chrysler's original proposal of a tax credit. Just this weekend, Miller issued a curt statement that the tax credit "would not be acceptable...
...difference between the loan guarantee and the tax credit is, however, more one of form than of content. If the government guaranteed a loan of $750 million to Chrysler, and the company went bankrupt, the government--through the tax-payers--would foot the bill. If the government advanced Chrysler the money through the tax credit instead, it would take the risk of never getting its money back. But the choice between the two is like a choice between apples and oranges--pay now, pay later, it's all a matter of taste...
ERNIE CHRISTIAN, former deputy secretary of the Treasury for tax policy during Connally's tenure, now the top tax technician at Patten, Biggs and Blow, seemed to understand that the tax plan he had helped to conjure up for Chrysler was just one way to get the federal government to shell out the bucks. And he seemed a little confused that the politicians hadn't liked the tax credit plan better. After all, doing business through the tax code, which he called the guts of the economy, with fancy formulas and convoluted reasoning, is the best way to throw...