NEW YORK (CNNMoney.com) -- General Motors, the nation's largest automaker and for decades an icon of American manufacturing, stood on the brink of a bankruptcy filing and a de facto government takeover on Monday.Somebody remind me again how many billions of taxpayer dollars we shoveled into the steamroom of this Titanic because it was "too big to fail"?
A bankruptcy petition will be filed at 8 a.m., according to a source with direct knowledge of the bankruptcy proceedings.
On second thought, please don't. I'd like to keep down what little breakfast I've been able to stomach. Now, it's barely five months into the 0bama administration. It would be dishonest to place the blame for the largest bankruptcy in American history solely on Barack 0bama, as the underpinnings for this failure were laid many years ago:
Vega
Nova
Citation
Lumina
Caprice
Camaro
(the last two specifically GM's ceding of the full-size car and muscle car markets to Ford).
Aztec
Saturn
(specifically how GM managed to turn the single best American car company into YET ANOTHER CLONE in less than, what, five years?)
GM's had this coming for a long time. It does make one wonder, though, how the headlines would read had they filed a year ago rather than now...
That is all.
6 comments:
So now that I own GM, is there any possible chance that I could benefit? No ? OHHH I just get all the risk.
Ah, that makes me feel better.
Wally, of course you can benefit. Just join your neighborhood UAW Local. Don't have one? You need a Community Organizer!
For some reason, when I try to identify the moment that said to me "GM is a lost cause as a carmaker," the first image that comes to mind is always their ghu-ugly early-90s minivan, the Lumina APV.
So what you're saying is that the taxpayers aren't going to see a return on their "stimulus" money loans? But Jay, we were told that this type of scenario was implausible, because, you know, a little research is justified before we get upset about the Stimulus Bill. I mean, honestly, "Has anyone here actually looked at the numbers and figured out a plausible amount of pork"?
Goodness knows, simply looking at the red in a balance sheet and understanding basic economics is like trying to understand particle physics without calculus. Adding another layer of government management won't add a dime to taxpayer liability, right?
I made my transition from GM to Ford twelve years ago, and never looked back. So... why is Ford solvent and Government Motors not?
If GM knew a multi-Billion dollar teat was not in the offing, they might have: A) Got their act together like Ford. B) Went bankrupt BEFORE bleeding us for $50B down the rathole.
Then again BHO has UAW debts to pay, and you still got some dough left, right? Hold on to what little money you got left, this Shiite storm is FAR from over.
Hoax and chains, that was what you asked for, wasn't it?
You forgot the Saab 9-7--With the typical GM attention to market segments, they buy a brand known as a mix of quirky, practical, economical and sporty, and give it a big, traditional SUV with a 6 liter 390 HP V-8 and the gas mileage of a semi.
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