David Brooks, writing in the New York Times the other day, said that General Motors for 30 years has been not in the car business, but in the restructuring business.
“For all these years,” Brooks wrote, “GM’s market share has endured a long, steady slide. But this has not stopped the waves of restructuring. The PowerPoints have flowed and always there has been the promise that with just one more cost-cutting push, sustainability nirvana will be at hand.”
And yet the company’s latest restructuring plan, along with that of Chrysler, was rejected this week by the Obama Administration’s auto task force. GM was given a 60-day extension and Chrysler 30 days to make one try at restructuring on their own. The restructuring saga will continue, at least for a while.
Winston Churchill said famously, “Never was so much owed by so many to so few,” speaking of the RAF’s valiant efforts in the Battle of Britain. Today, with our manifold debts – including the national debt -- rising out of sight and the government printing money like it was going out of style, one might say, “Never have so many owed so much to so many.” And never have so many had such great need to restructure, reinvent and reboot themselves. We’re all in a mess, and we need to dig our way out of the biggest hole we’ve been in for decades.
The phrase, “Necessity is the mother of invention,” means that “a need or problem encourages creative efforts to meet the need or solve the problem.” If necessity is the mother of invention, surely it is also the mother of reinvention. And we’ve got about all the necessity we need right now.
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