Adios GM: A Lesson on the Powerlessness of the Middle Class

[MannyGoldstein]

We've now seen the Predator Class get hundreds of billions in direct cash payments (the amount of TARP money used so far remains classified by the Obama administration), and upwards of ten trillion in loan guarantees. And that's before counting the latest episode of the Paulson/Summers/Geithner Banker Bailout, which will give the Predator Class more trillions to bet with under "heads they win, tails we lose" rules. No changes in management or operating plan required.

Poor GM! Looking for a few tens of billions to save hundreds of thousands of primarily middle class jobs - probably millions of jobs considering the entire GM food chain - and they get the finger.

Only once the Middle Class bands together and votes in their own interest will this economic sodomy end. We need a union for the Middle Class, and we need it quickly; it will soon be too late to prevent ourselves from becoming mere serfs to the Predators.

[high density]

1. GM has had their own share of bailout funds

When do we stop pouring money down the drain? Nearly every business would love help from the government in this environment.

[Mass]

2. So did all these other companies that are not forced out, and got a lot more than GM.

Apparently, union jobs are not worth helping.

I have no issue with Wagoner forced out. I wished they had thrown out others. But the fact that GM can be sent to bankruptcy, but not these investment banks is what bothers me a lot. How many millions will we give to the banks in TARP money before we stop helping them.

[Mass]

5. delete

[Romulox]

4. We've given AIG $180 Billion and counting, Mr. Fiscal Conservative. Your selective outrage is noted

[girl gone mad]

7. But the money we've given to AIG and the insolvent banks..

is a sound investment in our future?

Interesting.

[high density]

8. Having a functioning financial industry is a good investment in our future

Having good union jobs is great as well, but at what point do we realize that the US government is not going to nationalize every industry? GM can create a business plan that the White House likes or they can founder on their own. They've had many months to come up with a solution but their actions are more akin to a drunk college student who keeps procrastinating on studying for his final exam.

[Romulox]

10. You're not as good at talking out of both sides of your mouth as the President.

One gets the distinct impression that not even you believe what you're posting! :hi:

[BobRossi]

12. Without a sound middle class who needs banks?

Who will buy homes and cars, the bankers?

[high density]

14. So GM is now the entire middle class?

They can get a decent business plan and survive or they can fail like everybody else in this environment. I do not understand what is wrong with demanding that GM get a sound business plan before the government dumps more money their way.

[Mass]

16. May be this graph could cue you on where the problem is?

For the last 30 years, this country has been moving from an industrial society to a financial society. Do you really think this did not hurt companies like GM that money and talent have been pushed toward easy and quick profit rather than building something? And now, rather than balancing it again, we pushing in the same direction.



Do not think I am blind to the fact that GM helped themselves going down, but how is it going to help the country slashing thousands of jobs? Without a manufacturing industry, the gambling system that our financial industry has become is just betting on itself and it is a losing proposition.

[high density]

18. Manufacturing is good

But GM has to be competitive. They've had their ass handed to them by Japan and South Korea, and their response a few years ago was to expand the Hummer brand. Talk about not getting the picture. I am glad the White House is trying to get them to change their ways.

[Mass]

19. We do not disagree on that, but then put a CEO in charge in exchange for the loans

which is exactly what a bank would do (rather than the protege of the exiting CEO).

Do not shut down the company and deepen the more general problems of the economy.

[SemiCharmedQuark]

21. That's what they're doing, isn't it?

[we can do it]

15. Nice Moronic Response, Millions of Good Middle Class Jobs Depend on GM

[high density]

17. So we keep GM going even if they don't have a realistic plan for the future?

In that case let's just have the federal government start making cars and get rid of this inefficient middleman. Hopefully they'll be better than the communist crap from the Soviet era.

[Dinger]

3. Concise And To The Point Manny

I give this a rec, sadly.

[Mass]

6. I agree and have to give you a 5th recommend, that I wished I did not have to give.

[BobRossi]

9. Queue the Obamabots.

"GM had it coming, my Hyundai came with matching Birkenstock's"

[natrat]

11. um, didnt the middle class vote for a democrat,,,,oh yea i forgot it's all a nightmare

[BobRossi]

13. Not any more.

Dems just waved bye-bye to 2012.

[geek tragedy]

20. Yes, the NeoNaderites now sticking up for inept CEO's like Wagoner.

Anything to bash Obama, of course.

Liberal Freepers.

[natrat]

22. oh come on trillions to goldman sachs and force gm into bankruptcy to bust the union

what part of that big picture can you not see

[geek tragedy]

23. GM lost $38.7 BILLION in 2007, $2 BILLION in 2006, $10 BILLION in 2005

And then lost $31 BILLION in 2008.

You think that company has a decent business model.

[Kokonoe]

29. Its GM North America that lost money.

And GM sells more cars to Chinese millionaires etc. than all cars sold in the U.S.
Also GM had a 2006 adjusted net income of $2.2 billion with 207 billion revenue.
Breaking a million union contracts will not fix the recession.

[MannyGoldstein]

28. Not At All What I Intended

Wagoner should absolutely go. It was the disparity I wanted to point out: we're giving trillions away to the Banker Class, zero strings attached - this is the problem. Why is it that the CEOs who bankrupted the Earth should stay, and get paid trillions more out of your pocket and mine?

[Windy]

24. News Flash... the techies at GM WANT Wagner out! They are thrilled!

My brother in law is a very VERY high up engineer at GM who is working on some of the new technology they are developing for alternative fuel vehicles. Wagner was a hinderance. They are GLAD he's gone.

[WinkyDink]

25. Too many of the Middle Class vote with the rich. If it didn't occur in 2008, it was an aberration,

IMO.
Americans wan to BE rich, not eat them.

[comtec]

26. Nationalize GM

That way the money we've already put in does something aside from evaporate.
And... we make care for and by Americans.
Just like there are some banks we should nationalize, and create the REAL Bank of America, along with the US Health & Welfare Office.. oh wait that already exists!

I have noting against competitions, even for the evil insurance agencies.
I think if you want to pay a billion dollars, or whatever they charge, for mangled health care you are FREE to do so...

the rest of us will goto the public health.

Yes you have to wait in line, and for an appointment... but hey it's free, and there are no "disqualifying pre-existing conditions"

I've been on public health, it's called county care in California, and honestly... it was as good as the Premium care I was paying for when I was employed.

I wasn't afraid that any medical condition i have or discovered would come back to haunt me, as far as premiums.

Yes I had to call for an appointment before 7am, or after 7PM, and yes I had to schedule my life around MAKING that call... but I got the meds I needed, I got medicine, and I felt taken care of. I got sound medical advice from a REAL doctor, and that alone improved my mental health, which improved my physical health.

I felt taken care of.

When i went back to work, I looked into if I could just pay to continue the county care, sadly, when i work, I make far too much money to qualify.

I have never had a situation that required me to test the emergency room's queing system (bleeding bits get taken care of first) but it's reasonable. If you are hurt badly, you go in, if not, you wait.

most people who are in this situation understand.

We have to become a more patient society. While I don't agree with a lot of how things are done over here, I do think that the European's laid back attitude (in general) is one we should adopt.


and if we nationalize GM... we get access to their vault of secret technology! That's right super efficient motor designs they have sat on, and no that isn't a conspiracy theory I'm afraid.

[Barack_America]

27. Nationalize health care in Michigan.

That's the bailout GM needs and the rest of the country could learn a lot about whether or not nationalized health care would work in this country.

If GM fails, the majority of Michiganders are going to be on Medicaid anyway, so you might as well make it official.