Ford, the only Detroit automaker to dodge direct government aid and bankruptcy court, surprised investors with net income of nearly $1 billion in the third quarter and forecast a “solidly profitable” 2011.
Really, only proving that if the govt stayed out of things, companies would either survive or fall on their own. Although there is the cash for clunkers program which helped.
The latest results signal that Ford’s turnaround is on more solid ground. The company lost more than $14.6 billion last year and hasn’t posted a full-year profit since 2005. While it made a profit in the second quarter, that was mainly due to debt reductions that cut its interest payments.
Hmmm, wonder when I get my interest payments cut, becuase it sure is not falling down to the common man even though they are using my tax money to bail them out.