Best blog articles
Mises Economics Blog
The Angry Economist
Thoughts About Oldsmobile
A couple years ago, General Motors decided to phase out the Oldsmobile brand. The oldest American automobile company, established in 1897, was closing.
From GM's statement:
That statement is remarkable in its honesty and its sensitivity. It presents the facts directly and doesn't attempt to downplay the decision or spin it into good news or seek any scapegoat of any kind. Employees and customers alike deserved and received this kind of respectful statement. Well done — and from someone who learned to drive in an Oldsmobile, thank you.
General Motors has set a fine example in public relations. It's instructive to note the difference in tenor between this, and any typical statement by a politician. The contrast is jarring and not coincidental. Markets reward honesty. Politics does not — not today when Congress behaves as if it has nearly unlimited power to pander to special interests — but it used to, and it could again.