Originally Posted by Left Plate
I can give Obama credit for giving the order to take out Osama ! But it would have been beneficial had he given credit to those that layed the ground work to make it possible !
I still do not understand why they did not put GM through a structured bankruptcy ? It would seem to me that would have eliminated some of the garbage they produce (some not all) ? To me it seems that they have a false sence that thier garbage is ok and they do not have to improve thier product ?
How long untill they go under again ?
If you put GM thru a structured bankruptcy the creditors would be one of the first in line. With the amouint of debt they owed there would have been nothing left for an incredibly large voting block of the democrats,, the unions. The bankruptcy would have allowed GM to shed all liabilities to the unions and break existing union contracts, exactly what GM needed to do. I am not against unions, but the cost strucutre from the old contracts and defined benefit plans simply didi not allow GM to operate profitably. Instead the administartion literally broke contract law allowing the Unions to go ahead of the creditors and preferred share holders. The rule of business law is what seperates developed countries from undeveloped. With this action, the US was no better than an undeveloped (think Venezuala) country. GM would be profitable today if it went thru a restructuring, employees woujld hjave more secure jobs and benefits, and they would be the envy of the world again. But they are still a money losing, low profit entity that will most likely need to bailed out again in the fiuture.