The Ford Motor Company will send 30,000 workers to the unemployment line as part of its "Way Forward" reorganization plan. Wall Street investors--none of whom, it would appear, actually know any auto workers--reacted with glee, pushing Ford's share prices up 7%.
Company chairman Bill Ford had this to say about the massive job cuts: "I appreciate the fact that winning will require sacrifices by the people of Ford, and there will be fewer of us here in the future than there are today." Ford's touching expression of empathy would, perhaps, be more credible if he and his boardroom cronies were among those facing the axe. But, as usual, the top corporate brass--those actually responsible for the company's lagging performance--will lose neither their jobs nor their generous compensation. Ah, the wonders of capitalism.
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