Today, as everyone on this planet and possibly those on Jupiter knows, GM filed for Chapter 11 Bankruptcy protection. President Obama agreed to give another $30 million dollars to them, because apparently the first bajillion bailouts weren’t enough. Quoting a few comments from Digg, it seems that GM no longer stands for General Motors- it stands for Got Money?.
Frankly, I’ve tied myself up in knots trying to decide whether or not I’m for this. In the one hand, GM is as American as apple pie and baseball. Many people see the company as more than just a car manufacturer. I think that a main concern is that this would lead to more people losing confidence in American companies, not to mention what it would do to our turbulent economy if a giant like GM suddenly went bye-bye.
But so help me goodness, I just can’t stand up for GM. They went for years thinking they could do whatever they pleased and just sit idly by while watching the armored cars come by and shovel money into their bank accounts. I can’t say I know anything for sure, cause I don’t, but I feel their business practices were crappy and shady, and I strongly feel that they cared much more about money than the products they were selling or the people they were selling them to. If it were a smaller company, nobody would think twice about letting them sink. What goes around comes around, like it or not. Everything catches back up with you in the end.
But, I’m just talking out of by butt. What do you think? Should we support them any longer? Did Obama make the right calls? I don’t really think so, but I’d love to hear from you and hear what you have to add.
As always,
Nathan