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Friday, January 26, 2007

Fletcher and Harper react to Ford's shocking financial woes.

The Ford Motor Company has reported a staggering loss of $12.7 billion (yes, billion) last year. Analysts have calculated the losses as $24,000 a day and $4000 per vehicle. This is the equivalent to the amounts that Toyota Motor Company made in the same period -- in essence, Ford's losses were Toyota's gains! I stated here on this blog, why the Japanese are eating our lunch, that Ford needed to copy the Camry and paste them in Ford showrooms -- in order words, building cars that appeal to consumers. It is not yet late for Ford to do so, I might add. Ford's bad news has understandably caused concerns in the auto industry and here in Kentucky (Louisville) where Ford has a plant. Gov. Fletcher is concerned enough to be quoted as saying: "We will be making some recommendations to the General Assembly this year, and we hope that sends a strong message to Ford Motor Company that we're ready to help them turn the company around and become profitable again." Fletcher's opponent, Billy Harper, responded to the Governor's comments, at a press conference in front of Kentucky Ford Truck Plant in Louisville, by stating that "[t]he Governor’s [incentive] proposal begs the question of why he won't repeal the Alternative Minimum Tax, [which Harper says brought in $100 million last year] which is driving the jobs out of Kentucky in the first place", while urging instead for tax cuts. No word yet from the other candidates.

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