It comes with a bit of irony that Chrylser corporation inches inexorably toward extinction and General Motors Corp, which is receiving scores of BILLIONS of dollars in federal subsidy, will soon be bankrupt and facing receivership.
http://apnews.myway.com/articl…
The reports, which GM will neither confirm nor deny, could mean trouble because GM is supported by $15.4 billion in U.S. government loans, largely due to the Obama administration’s desire to preserve the company’s 90,000 U.S. jobs.
The United Auto Workers charged last week that the Detroit automaker intends to almost double over the next five years the number of vehicles it imports to the U.S. from Mexico, South Korea, China and Japan.
“GM should not be taking taxpayers’ money simply to finance the outsourcing of jobs to other countries,” Alan Reuther, the union’s Washington lobbyist, wrote in a letter to U.S. lawmakers.
The carmaker, which was in danger of running out of cash early this year, faces a June 1 government deadline to cut costs and complete other restructuring measures or go into Chapter 11 bankruptcy protection. It also has requested another $11.6 billion in government loans to make it through this year, and faces the prospect that the government will soon be its largest shareholder.
Many Americans pointed fingers at the autoworkers management stating that they were consumed by greed by taking fat salries and the workers received nothing in return; however, recent history has revealed that the UAW as well as American automobile manufacturers rewarded themselves handsomely ultimately at the expense of the American taxpayer. Now blame is being laid at the feet of management stating that they should have been far more aggressive in their collective bargaining agreements and “not given away the store”. And now we are witnessing the demise of the American auto industry. The dreaded Detroit Capitalists and the blue collar workers are all about to drown by their own hand of greed, ignorance, and outright theft.
More troubling, China will benefit many times fold by our stupidity. America is on the verge of transitioning from being a sick patient to a dieing patient. We now produce virtually nothing, the most significant part of our national debt is owned by China. Over half of our consumer goods are imported from China. We produce little of our energy needs. Does no one see this Sword of Damocles over our necks. We go merrily down the path whistling Dixie with a complete absence of premonition that the end may be near. Does anyone not think that the USA is surrounded by those who wish us ill and would love to have a home in San Clemente and a farm in Iowa? No one has to fire a shot. We dieing of exanguination, aided and abetted by we—-the victim.
is that our “government ” is talking about housing sales rebounding on the West Coast but fail to tell the sheeple that the buyers are our new noveau riche Chinese masters buying up American property and wealth….America is being sold out for some big screen TVs and “free” government everything….