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.
Notice to Readers: The American Spectator and Spectator World are marks used by independent publishing companies that are not affiliated in any way. If you are looking for The Spectator World please click on the following link: https://thespectator.com/world.