The American Spectator : The Spectacle Blog : GM Only a Few Nations Away from Viability

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The Spectacle Blog

GM Only a Few Nations Away from Viability

By Joseph Lawler on 3.31.09 @ 2:53AM

For all Obama's grandstanding on the automakers, I wonder what the administration hopes to accomplish. It is hard to look at GM's numbers and not sense inevitability. In 2008 GM lost $30.9 billion, or roughly Kenya's nominal GDP. It also has $86 billion in negative equity. In other words, if all 153 million people in Bangladesh sent along a year's worth of their production to GM right now, GM's creditors would still be about $3 billion away from breaking even on the deal.

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Pingback| 3.31.09 @ 3:00AM

GM Only a Few Nations Away from Viability — But As For Me links to this page. Here’s an excerpt:

…grandstanding on the automakers, I wonder what the administration hopes to accomplish. It is hard to look at GM’s numbers and not sense inevitability. In 2008 GM lost $30.9 … → Read full article… GM Only a Few Nations Away from Viability { 0 comments… add one now } Leave a Comment Name * E-mail * Website You can use these HTML tags and attributes:

Pete| 3.31.09 @ 9:37AM

The silliest thing I read yesterday was about the great one implying that bankruptcy was an option. Yes, a bankruptcy where eveything but their main problem, namely their union labor contracts, gets addressed. I can't wait to see it - it will be sad and funny like most things these days originating from our ruling class.