At least you'll finally be able to buy that Trabant you always wanted, at least if you're willing to wait ten to fifteen years for it. Pray that Geithner doesn't do anything to help the bicycle or motorcycle industry, or we'll all be walking.
Seriously, if the government wanted to do something horrible to General Motors, they could hardly have done better. Government and the UAW controlling 90% of the board of directors? The guys who can't figure out that hybrid cars are a money loser are running the business? Gettelfinger, who can't figure out that labor at twice the cost of what Toyota and Honda are paying is NOT cost effective, is going to be working the numbers for GM?
My prediction; tens of billions of dollars more down the rathole in subsidies, and at least one of the "Detroit 3" goes through Chapter 7 bankruptcy within five years.
I am holding out hope that stockholders will vote this one down, allowing GM to go through Chapter 11, but that hope is pretty dim.
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