Socialists and Unions are great at burning through other people's cash.
Let GM declare bankruptcy and restructure. The first order of business should be new contracts with the unions.
I, for one, am not interested in buying a Government Motors 0bama-mobile. Maybe ACORN will make some flett purchases (with OUR money!).
You are going to lose the entire domestic auto industry in bankruptcy...already suppliers are on the ropes. Both Ford and the transplants are stocking up on now more expensive parts because they think many suppliers will go bankrupt in this process. Those of us in manufacturing understand why bankruptcy was never a good option for this industry...restructuring out of court would work and cost less in the end...it’s a crap shoot in bankruptcy.
My husband’s plant is already on the ropes because of supplier issues and it will get worse. As for GM burning through cash of course this is the case. No one will buy a car from a company they believe may go under as I have stated many times. Obama really screwed this up when he supported bankruptcy for Chrysler and GM. There are so many jobs at stake here...not just the suppler and plants either. Steel, tech, paper...the list goes on. There are between eight and ten related jobs associated with one domestic auto job...we are looking at the loss of perhaps 8-10 million jobs if we lose the domestic auto industry...we could even lose Ford due to supplier bankruptcies and even the transplants. If this happens, a recession could very well turn into a depression.