That’s right. Yeah, it’s not the best time to declare bankruptcy but that’s like saying it wasn’t the best time for the hurricane to hit.
The fact of the matter is that GM is for all intents and purposes, bankrupt, and the sooner it acknowledges that reality through Chapter 11 the sooner the healing process can begin.
Our politicians do us no favors by portraying the BK process as punitive: “they deserve it” “Those fatcat managers” “that greedy union” and all that.
Leaders nead to LEAD, not provide color commentary like this was some goddamn NFL football game. This is serious people. Serious.
Chapter 11 will allow the company to reorganize in the short term. They can abrogate labor contracts as well as bloated MANAGEMENT contracts. GM retirees can go buy their prescription meds at Walmart like the rest of us.
And don’t get me started on those who would blame the UAW for GM’s problems. The UAW did not cause GM’s failures. They are a SYMPTOM not a cause.
The chicken littles running around crying about what will happen if American industry dies need to get a swift kick in the ass.
HELLO. We as a nation will still need cars. Economics dictates that a large portion of these cars will be manufactured on these shores.
HELLO. Americans will be working in the auto industry. Americans will be buying, selling, servicing, and investing in the auto industry. Only the owner’s names will change. We’re taught to believe as free market capitalists that this is a GOOD thing to ensure efficient deployment of scarce capital.
GM needs to be sold to new owners. The people working there need assistance to move into new lines of employment. [Infrastructure anyone? We’ve got some bridges and roads and power plants that need work, don’t we?] We the taxpayers need some assurance that our leaders will do what they can to expedite this process and not drag it out.
Call your congressman or congresswoman today. Their number is in the phonebook in the blue pages.
Do it now.
