GM Is On The Edge of Bankruptcy NOW
By Daniel at 17 November, 2008, 1:10 am
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
[poll id="10"]
Let the market do it’s thing. Filing bankruptcy is the way to go, just like every other company. The airlines have done it and they are still operating. GM is no different. The unions won’t reopen their contracts, well guess what in bankruptcy court they have no choice.
Lets give a grossly unprofitable and incompetent and uncompetetive company, in the midst of a bad recession, money to pay it’s employees until the loaned money runs out and then we do it again? Are there other options? No! GM in good times can’t even sell eneough cars to pay the interest on it’s debt. They are and have been bankrupt - yes it will have a devastating affect on the economy - I would suggest that we let them fail with fewer wasted tax payer dollars being flushed down the toilet. But the government can borrow more money and indebt our grandchildren with the debt to appease the incompetent masses if need be. It is quite evident that they have stopped listening long ago to the voice of reason.
“GM CEO warns of `devastating’ effect if automakers fail”
General Motors Corp. CEO Rick Wagoner warned that U.S. auto makers being forced to enter bankruptcy would have a “devastating” effect on the U.S. economy, Reuters reported on its Web site Sunday. In an appearance on a Detroit television station, Wagoner said “This is an issue of the whole auto industry, if that becomes under severe pressure, the impact on the whole U.S. economy will be devastating,” Reuters reported. Full story at http://www.reuters.com/article/ousiv/idUSTRE4AF1W920081116
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
No comments yet.