I've been on the road the last two weeks, speaking, and man, what happened? The Dow has nose dived, Obama and cronies have promised to double the deficit (and blame it on Bush, even though he is gone), the North Koreans are going to fire an intercontinental ballistic missile, our brilliant intelligence people now say Iran may be able to build up to 50 nukes ... the world went to hell at light speed, and I was entertaining people in Nashville.
As I noted earlier, GM was going to go bankrupt. Its inability to strip the generous programs for its unskilled labor union members, and its failure to totally shut down plants that produce vehicles that do not sell, has led to this. The bailout money it received last fall was used solely to shore up the health care and retirement funds for its unskilled labor employees, and had zero dollars slated to what it was supposed to be for: restructuring its Neanderthalic auto designs. I mentioned then that every economist (there's another group on unskilled people) had said, after the fact, that GM would need about $150 billion just to say afloat for a year, not to mention that did not say make a profit.
We all know that the bailout money given to GM and Chrysler was a payback to the union thugs who voted 99% Democrat. Now, hopefully, our Congress will see the errors of their ways and let this beast die a natural death. There is no reason to waste future taxpayers' money on the auto industry if it refuses to change its antiquated ways of employee benefits and auto manufacturing.
My only question is how they lasted this long. They started their descent in 1970 with the end of the muscle car and beginning of the plastic, throw away car.
