The L.A. billionaire/philanthropist (and Michigan native) wonders why federal, state and local governments couldn't just order two or three million new American cars - provided that they meet certain standards (presumably emissions-rated). Not a bad idea – now that the government is playing the role of Sugar Daddy. Speaking at the Library Foundation of L.A.'s Aloud Business Forum, Broad also suggested that in the event of a bankruptcy, the companies should establish a kind of trust fund "so all the people buying your automobiles will know there's money there if they need repairs.” Also not a bad idea. "Promote it as the great new American auto industry," he says. Here's more:
Whether it's two companies, three or one, we need an auto industry. I think the answer is not just giving them bailout money. I think the answer is they've got to have a major restructuring.
Here's the link to the Broad event.