2 Down, 1 to Go
Chrysler had already fallen into bankruptcy. GM is next, and is expected to announce bankruptcy tomorrow. 2 down, and 1 to go. Ford is hurting, what're the chances that it'll follow suit as well?
Troubling to me is that to help speed GM through and out of bankruptcy, the US government has a deal with GM to loan about $50 billion in exchange for 72.5% stake in GM. I don't know, but personally I find it unnerving for the US government to control that much of a major company - the largest auto company in the US. Others share this sentiment.
In any case, this does not bode well for many many people. Intimately tied to GM are the auto parts suppliers such as Delphi. When a major auto company dies, it takes a lot of others down with it. I can't help but wonder how badly hurt Michigan's economy, and verily the economy of a huge swath of the Midwest, will be by this bankruptcy. It's quite scary.
At this rate, even Canada won't want to annex Michigan. I also have to wonder, how the hell did it get this bad?! How the hell did GM lose about $90 billion in the last several years?!! It's pretty inconceivable to me.
Troubling to me is that to help speed GM through and out of bankruptcy, the US government has a deal with GM to loan about $50 billion in exchange for 72.5% stake in GM. I don't know, but personally I find it unnerving for the US government to control that much of a major company - the largest auto company in the US. Others share this sentiment.
In any case, this does not bode well for many many people. Intimately tied to GM are the auto parts suppliers such as Delphi. When a major auto company dies, it takes a lot of others down with it. I can't help but wonder how badly hurt Michigan's economy, and verily the economy of a huge swath of the Midwest, will be by this bankruptcy. It's quite scary.
At this rate, even Canada won't want to annex Michigan. I also have to wonder, how the hell did it get this bad?! How the hell did GM lose about $90 billion in the last several years?!! It's pretty inconceivable to me.