Detroit

It's been awhile, I hardly know where to start. There are so many important subjects that we need to address. The other day a good friend, Bob Fria sent me an editorial he wrote that I agree with and is right on the money. Please read:

"Take a hard look at bankrupt company retiree pension costs for the PBGC (Pension Benefit Guarantee Corp.)

General Motors alone has 500,000 retirees on the rolls. Pension costs transferred to the PBGC, by law, would absolutely bankrupt the PBGC coffers, which is already stretched to the limits. The PBGC is funded in full by congress, to absorb B-K company pension obligations. With current liabilities, it will be itself out of funds within a few years. In addition to all the new bankruptcies which will occur under this economy nationwide, the PBGC will be beyond its capabilities next year. Adding auto manufacturer liabilities will become a MAJOR congressional obligation with overwhelming tax payer consequences over several hundred billions of dollars, a cost surely to exceed any investment today in the industry. It is incumbent on the Government not to allow any of the big three to enter bankruptcy, for this reason alone.

I speak from experience. I am a retired United Airlines Captain now receiving severly reduced pension payments from the PBGC after UA entered bankruptcy several years ago. The United problem alone nearly caused insolvency for the PBGC."

Thinking out of the box

Throughout my life I have learned an important lesson, you have to always be looking ahead, learning from the past and thinking out of the box. As most of you know I am passionate about finding a cure for type 1 diabetes. I am pleased to share that we are funding an important project at Massachusetts General Hospital that is actually going to test a potential cure on humans - not mice.

Go to www.iacoccafoundation.org for the news article.

Living off our credit card

The other day I was handed a report from Decision Economics, Inc.
Sinai’s Market Perspectives: The Weakening Dollar and “Next Great Global Currency”, published on March 4th, 2008.*

After reading the report, I think you’ll agree this is the price of not giving a darn and living off our credit card. Real fighting stuff in my opinion.

*This proprietary research article is provided through the generosity of Decision Economics, Inc. and Dr. Allen Sinai, President.

Mr. Schneider Goes To Washington

If you think just showing up to vote in November is going to fix this country, you got another thing coming. Voting (which 50% of Americans usually don't do) can't be the end of our obligation as American citizens.

Recently I saw a fantastic documentary film. The director, Jonathan Neil Schneider left a successful career and spent his savings to expose how our elections are financed and how it can corrupt Washington. "Mr. Schneider Goes to Washington" couldn't be more timely. It is also funny and entertaining. Throughout the film I kept asking myself, "Where is our democracy heading?" "Aren't there any rules anymore?".

Everyone needs to see this film! And to all my friends in the media, if you want to know what Lee Iacocca thinks is wrong with politics, watch "Mr. Schneider Goes to Washington."
(www.MrSchneiderGoesToWashington.com )

And, please take a look at the "revised" 9C's Scorecard! Print it out and pass it around.

Demanding Answers

I’ve been thinking a lot about the Presidential race and the remaining front runners. Last year, Katie Couric asked if we’d come up with some questions, based on my latest book Where Have All The Leaders Gone?, to ask the candidates.

Take a look at the following questions. Do you know any of the candidates’ responses to them?

1. Leaders are not born; they’re made in times of crisis. Name a crisis that you have faced, and talk about how you demonstrated leadership.

2. Name your two primary models for leadership from the past 50 years. These are the individuals you call to mind when you’re faced with a tough decision.

3. The ability to collaborate with those who have different ideas and approaches is a key factor in leadership. Give an example of a time (professionally or politically) when you have successfully collaborated with people who have different views.

4. As a businessman I learned that the best way to fully understand what it means to be responsible is to meet a payroll every week. In your life, when have you had tangible responsibility for the livelihoods of others – and what did the experience teach you about leadership?

5. Being President is not a one person job. The team is just as important. Are you prepared to tell voters who will be on your team so they can make an educated choice? In particular, who are your candidates for Secretary of State, Secretary of Defense and Attorney General? (If you’re not prepared to name them, can you name individuals from recent history who have excelled in those positions?)

6. The United State has one of the lowest voter turnout rates among democratic nations – especially for young single adults. What will you do to encourage young people to vote and participate in government?

7. A leader inspires others to participate fully in the life of democracy. The words of JFK – “Ask not what your country can do for you; ask what you can do for your country” – still resonate. Give a specific example of what you will ask citizens to do, and what sacrifices you will ask them to make.

Maybe if these questions are circulated to millions by email (just like the first chapter of my book), the tough questions will get asked and the candidates will feel obliged to give the American people an answer!

What Is Freedom?

It’s been awhile since my last blog. I took a break over the winter holidays and then “my guy” pulled out of the presidential race. For the time being at least, it’s back to business as usual.

Several weeks ago I received a letter from a boy scout who was working on a project for a citizenship badge. The subject was freedom. He wanted to know my definition. I said the following:

“There are those who never have known freedom and those who were born free but have had their freedom taken away. I am an American and was born free and still have my freedom. I do not have the experience of what it is like to not have freedom.”

We all need to be diligent about our freedom.