It costs GM ten times more in unit labor costs to produce an American made car versus a Chinese made car. GM is a top seller in China (along with VW) and I would imagine that this upcoming BK (and let’s not pretend it isn’t happening) will allow them to shift production capabilities into the Chinese market, where they can produce far more for far less.
The fact that the Obama Administration is aiding and abetting this fiasco is unconscionable. However, after the major dicking that Obama gave to Chrysler’s bondholders, I guess I shouldn’t be surprised.
I am surprised that no one in the MSM is screaming bloody murder about a sitting US President actively pressuring banks and bondholders to waive their rights in direct contravention of BK laws. It is also interesting to note that the UAW collective bargaining agreement was left untouched, which is another example of how far to the left this Administration leans. The fawning of the MSM is sickening and the apathy of the American people is worse.
