cbs 2008-12-22 TOYOTA

Meanwhile, in Japan… This is Dave Ross.

Meanwhile in Japan… can these reports be correct?

TAPE:… loss

Toyota!  Losing money?

TAPE:… for next year

Even Toyota doesn’t know if they can break even next year?

TAPE:… automakers

Well, we already knew it was a dismal year for automakers, but what we’ve also been hearing is that a big reason for the dismal year at least for US carmakers was that basically they weren’t like Toyota.

Democrats have generally blamed bad management, and Republicans have generally blamed greedy unions.

TAPE:… transplants that exist here in the country”

In other words, get the salaries paid by US companies in line what Toyota pays.  All this has made us feel, how can say it– inferior.

But now even Toyota is recording an operating loss – which means income is below expenses.  Toyota isn’t near bankruptcy – it can pay its bills – but despite doing everything right, for the first time in 71 years, income has fallen below expenses.   I realize knowing this doesn’t actually change anything, but at least we don’t have to feel quite so much like idiots anymore.

TAPE:… exactly.

Now this.