AMM COMMENT: You’ve got to ask yourself one question
Mar 31, 2012 | 07:00 PM
| John Ambrosia
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AMM Comment,
John Ambrosia
Other than the cowboy, there may not be a symbol that more powerfully evokes the American ideals of autonomy and individualism than the automobile. Those icons came together at halftime during the Super Bowl, when Chrysler aired an ad featuring Clint Eastwood. Before delving further into the ad, its fallout and what it says about the short-term fortunes of the automotive metals sector, some context is needed.
What became the auto bailout began in September 2008 with $25 billion in loans from a bipartisan Congress and then spread into a roughly $80-billion investment started by President Bush in December 2008 and completed by President Obama in 2009. We all know the results: Chrysler and General Motors are back on their feet, profitable and successful; millions of jobs were saved; and the rescue of the auto sector greatly helped steel, aluminum and other metal sectors.....
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