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It's not worth it in the long-term. GM, like Ford, will send more jobs to Canada and primarily Mexico. It's the only way to keep costs down to a reasonable level.

ShnickyShnack wrote:

GM may be saved, but all kinds of smurf is on the table ... further union concessions, outsourcing, and now selling the corporate headquarters (and leaving Detroit?).

So at which point does it become not worth the effort to save the company? Considering the immense sums involved, will the "saved" company be too diminished to have been worth the effort? Where is such a point, anyway?

As far as I'm concerned, we were there last year. All the crap since has been as depressing as it was predictable.

I wonder how many pensions could've been funded with the $12 trillion bailout program ...?

Both good points.

-mark

Yeah, I'm beginning to think we'd have been much better off if they'd just given everyone in the US a couple grand and called it a day...

robco wrote:

Yeah, I'm beginning to think we'd have been much better off if they'd just given everyone in the US a couple grand and called it a day...

It certainly would've been a hell of a lot cheaper ...

I believe the current loans, bailouts etc. total something like forty grand per American.

$40 large would have probably paid most people's credit cards off, possibly their cars, or put a dent in their mortgage. With less debt, folks would have gone out and spent more (because Americans are hopelessly retarded when it comes to spending)

This would have probably lifted not only OUR economy out of the crapper, but probably a few other nation's economies as well.

Instead, we (as a nation) own a significant, and worthless, percentage of a couple of car companies.

DETROIT (NYT) - General Motors’ bondholders finished voting Saturday on the company’s plan to exchange their debt for an ownership stake as high as 25 percent in G.M., the final obstacle to an orderly bankruptcy for the ailing carmaker.

Bondholders with slightly more than 50 percent of G.M.’s $27.2 billion in bond debt agreed to support the plan by the deadline of 5 p.m., according to people briefed on the matter. Among the backers was a committee of large investors holding about 20 percent of G.M.’s outstanding bonds.

G.M. offered the bondholders the opportunity to take a larger stake in the company after they had overwhelmingly rejected a previous exchange offer.

GM bankruptcy plan clears bondholder hurdle

I think it's put them in a better position to emerge from bankruptcy as a viable company.

ShnickyShnack wrote:

resedit wrote:

ShnickyShnack wrote:

I wonder how many pensions could've been funded with the $12 trillion bailout program ...?

I wonder how many jobs could have been saved/created if that $12 trillion (er, whatever it really is ...) had been left in the private sector where it was earned.

Where it was earned? I thought it was imaginary money?

It's imaginary money that will have to be paid back with real money, earned by producing real things.