Thursday, May 28, 2009

I get so confused at times

I get so confused. For the past 24 hours General Motors is reported to have decided to declare bankruptcy this coming Monday. This was brought about by the General Motors Bond holders being unwilling to accept 4 cents on the dollar for their investment.

Then this morning they are reporting that the bond holders had agreed with the consideration of larger bond options in the future. Discretion is the better part of valor. But stay tuned because as my friend Yogi used to say, "It ain't over until it is over."

Something else that confuses me. General Motors decided to dump Saturn and Oldsmobile and Hummer as a bad deal. The makes will cease to exist. In the meantime Saturn is running ads saying that if you buy a new Saturn and lose your job they will make the car payments for you for a while. General Motors is now saying the same thing but they will not make the payments but send you a check for $250 a month for several months. It is so bad that they can't even give the cars away.

One other thing in this deal is that General Motors is shutting down all of their production for several months in order to sell existing inventory at their plants and at their dealers.

Being the flaming liberal that I am I keep thinking about the workers and what happens to them. They will all be out of work for months and maybe forever. We need to keep thinking about them and all of the leaders of the union and General Motors can go to hell for what they have wrought.

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