Word: forde
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...crunch followed a long skid, and the damage looks heavy. Battered by recession and increasingly stiff competition from Japanese rivals, General Motors lost $1.2 billion in the first quarter of 1991, while Ford lost $884 million, and Chrysler dropped $341 million. Total: an astonishing $2.4 billion, the largest three-month deficit in automotive history. Worse, the Big Three have accumulated $4.5 billion in red ink since last fall, when the gulf crisis shattered consumer confidence, and the companies seem certain to remain in the red for the rest...
...automotive depression has cast a gloomy shadow across the country's showrooms. "In 40 years, I've never seen people so unwilling to buy," says Gerry Oste, whose Boston Chevrolet dealership sold 2,000 cars a year during the 1980s, but now is moving only about 500. Concurs nearby Ford dealer Fred Muzi: "There's a total lack of consumer confidence out there...
...Ford, the Big Three's most profitable member in the late 1980s, has adopted a calm, steady-as-you-go approach to regaining momentum. Ford plans to roll out two new vans and a modestly restyled Taurus over the next 12 months. Meanwhile, the company intends to slash North American salary costs 20% by the end of 1993. "Our strategy," says financial vice president David McCammon, "is to keep improving quality, to keep improving productivity and to keep our costs as low as possible...
Harry has become enamored of the American way of life, sporting a bumper sticker on his Ford Bronco II that reads HAVE A NICE DAY in Japanese, and dreaming of staying on in Montana beyond his two-year stint. While they have become proficient at roping calves, building fences, pitching hay and loading oats, both men say the best part of their experience has been the horseback riding. "Out on the plains, galloping along, I feel like a real cowboy," says Kaz. "But you sure as hell don't look like one!" jokes Chaffin as the room resounds with laughter...
With six categories available, ranging from "great" (Lincoln, Washington, Jefferson, F.D.R.) to "failure" (Andrew Johnson, Buchanan, Nixon, Grant, Harding), Reagan was placed in the the next-to-last group. Reagan was outranked by Jimmy Carter and Jerry Ford ("average") and topped only Nixon of the modern Presidents...