Wednesday, February 24, 2010
Toyota Chief in Trial by Fire Before Congress (3/1)
Mr. Toyoda makes mention that the past priorities of "safety and quality" at Toyota have become "confused." Should it be the job of the Congress to "interfere in the market" by imposing safety regulations on this auto manufacturer or should we let the market take care of the problem through capitalist principles of "supply and demand" and "caveat emptor"???
Subscribe to:
Post Comments (Atom)
You know, you just have to let this company fail if thats the way it goes. The government does not need anymore problems to handle. These people were out there trying to make as much money as possible, cutting costs and abiding by safety regulations. Let them fail, let them suffer their consequences. Sooner or later the American public is going to be sick of being tricked and scammed and they will hand deliver these companies their consequences.
ReplyDeleteI believe that the government does need to impose safety regulations on products. We already require the CPSC to check for harmful products in toys, and the NHTSA makes safety standards for cars. Toyota is not exempt from these requirements, and if the NHTSA is not regulating these safety standards tightly enough, then new legislation needs to give them the power to do so. I don't see government interference in markets as harmful when it benefits my safety. However, if Toyota's money-making stunt has hurt their image, I will view this as a deserved cost of their penny pinching.
ReplyDeleteI believe that Congress should stay out of it. If the company creates a faulty product, then they should be sued. Once other people find out about the faults in their products then they will not want to buy them. I believe the Government has enough on its hands right now. We are in to large of a debt to help other companies. If a company does put enough time and effort into making sure their product is fully functional, then they should not expect low sales. This especially pertains to something that could kill you.
ReplyDeleteI agree that Congress should not intervene with any more regulations. There already are regulations that car companies must follow, and this problem is the fault of Toyota. They did a recall on their products, and they will fix the problem. They know they have done wrong, and the company should be sued by anyone who owns a Toyota and who this problem affected. I agree with Ian in that if things are not going right for the company, there will be less of a demand for their product. Let them fix this themselves...there are already existing regulations.
ReplyDeleteLet the buyer beware. Supply and demand (and a cornucopia of lawsuits) is all it will take for this company in particular to eat their profits in order to produce a new spectacular car to make up for the faulty breaks. No gov regulation needed.
ReplyDeleteI believe that there should be a level of responsibilty taken by the government over these issues. If there was no gov't control, then companies would eventually cut corners and put out faulty products left and right. Yes, the gov't has a lot on its hands, but safety of its people should be a priority. The "Invisible Hand" did not forsee technological safety concerns regarding its methods.
ReplyDeleteIt was Toyota's fault that their priorities became "confused", so it's only right for the company to resolve their own problem. They put themselves in the position they're in now, and government shouldn't get involved at this point. Although I do believe the government should have a certain level of interference in the market by imposing safety regulations.
ReplyDeleteI am encourage by most of the posts on this one, lets just keep the government out of it for once hey?! the invisible hand of the free market acts as the regulatory agent for the market, no government necessary
ReplyDeleteYeah, when it comes to some decisions, people really need to step it up. It's one thing to have companies poison the entire food supply, and that's something that should be regulated.
ReplyDeleteBut cars? You can test drive the car before you buy it, you have insurance on it, you're supposed to make sure its in working condition and that you like it before you buy it. Congress can't protect every single flaw in judgment.
In this case, Toyota screwed up, and because of that they should have to suffer the consequences. Score one for capitalism.
I am all for the "buyer beware" philosophy, for i believe government in general shouldn't always have to stick its neck out for the safety of its people due to a problem allowed by the nature of our economy. Toyota needs to learn a possibly fatal lesson for trying to cut corners and surpass other companies. Also, don't you just love the advertising campaign Toyota has JUST released, portraying the company's products as reliable, safe, and the corporations services as dependable. Oh, the desperation!
ReplyDeleteI am also for the "buyers beware" philosophy, because it is not the government's responsibility to ensure you get a good car, it's called test your car out at the dealership. The government is here to ensure that we stay safe and secure.
ReplyDelete