Having to buy hundreds of thousands of cars that you didn’t want in the first place. Who would do such a thing? You and me baby. Today is the day GM files, or filed depending on when you read this, for Chapter 11 bankruptcy.
Chapter 11 bankruptcy, for those that don’t know, basically means GM still remains in control of it’s business, but is ultimately at the mercy of the courts…AkA…the government. As of today, fellow taxpayers, we took ownership of America’s largest car manufacturer. I read this little article that gives the low down on what’s going on. Here’s some excerpts…
“It didn’t have to be this painful. By the time this is over the government will have spent $100 billion of taxpayer money and to what end? Is there any guarantee of a viable or competitive company? No.
“The only winner in this that I can see is the union. The taxpayer is not a winner. Bondholder rights have been trampled. And our system is a loser because we have reconfirmed — as we did in the Chrysler bankruptcy — that this administration will rewrite the rules of bankruptcy when it sees fit.”
So, I’m thinking I’m gonna cruise on over to my local dealership, use the bathroom, write my next blog from one of the employee’s computer terminals, maybe take a Hummer or two for a joy ride. Afterall, I now own part of that toilet, I’m paying for their internet, and I own a piece of that Hummer. I’m not necessarily claiming to have an ingenious idea that can cure the economic woes of the US, but I do not think taking control of GM is in our best interest. I mean, I don’t know how to cure world hunger, but I sure as heck know that world hunger is bad.
It’s gonna be interesting to see how this whole thing pans out. Maybe I’ll eat my words a couple years down the road and all will have worked out for the better…maybe. What do you think? Oh and, who wants to join me on my afternoon joyride in an H2?