Fox News reporter Charles Paine reported this morning that GM could be going bankrupt again and could be seeking another bailout. I say it's time to cut the cord and let the natural market forces prevail.
Has anyone else read GM's earnings? LivToTrade, did you read GM earnings too? I read them, and from my sight it is beyond bad. Worse, it looks like the reports keep saying that their goal is to remain alive. They are not even trying to pretend this. It seems like GM is now a way for old union workers to keep their retirement so they can fix up their $200 k condo that is now worth $80 k. The bankruptcy wasn't really a bankruptcy, just a liberal way to avoide giving union workers what they deserved. UAW were pigs before, and they killed GM -if it wasn't for their fat smelly lazy asses demanding professional money for stamping steel, GM would have survived the financial crisis.
I forget where I read my favorite comment about GM, but it stuck in my mind: That it was a pension plan that happened to make cars as a sideline. I wondered how many similar pension companies were out there. Given the desperation of the presidential race, I think GM will be just fine for a while yet In a world of free trade and international trade, doesn't that imply that world labor wages will equalize over the long run as well? I do empathize with those trying to save a company that they invested so much of their dreams, lives, and pension money.
this is more of a past management issue. they make deals for the future with unions but pay themselves today.
Is any ceo worth is pay. Highly unlikely. Todays corporate boards are incestous relationships where directors give ceo pay raises to get themselves more and more perks. Why a highschool grad doing menial labor should be paid 75/hr to make defective vehicles is also a valid question. The bigger picture. If GM goes, vast numbers of other tertiary jobs go, including high tech jobs.
Joe Biden summarized this administration's proudest accomplishments: "Osama is dead, GM is alive". Could it be that he's wrong? Could it be that he's misleading us? Yea? Nay? Yay?