The mammoth taxpayer-funded bailout of General Motors at the start of President Obama’s first term was a slap in the face to the many other companies and businesses that were struggling financially. While there are those who say that it helped the auto industry survive, it also prevented the overextended GM corporation from declaring bankruptcy and restructuring to shed itself of unreasonable union rules and personnel and hoary labor regulations. And the U.S. corporate tax structure, highest in the developed world, ensured that continuing to do business in the U.S. would be difficult, at best.
The claim now is that GM paid the loan back and all is right again. But that is an overstatement of gigantic magnitude. The bailout was a huge giveaway to organized labor which now owns a significant portion of the company, and the coming release of the Buick Envision, a luxury crossover vehicle in summer of 2016, is sure to have many politicians and workers crying “foul” and demanding a replay.
Why Envision is a problem, page 2:
F**k GM !
Of course.
That bailout was a mistake from the beginning
Jane Ellifrits ,they could have used the old plant in okla city,built in 1978.
Jane Ellifrits how many of those old plants do you think are still GM owned? And even if they use old buildings, they would have to be completely retooled and modernized to build the new platform… or is it more fiscally responsible to continue using the existing production facility, even in China, and just ship them to the US? Sure, if the glass is half empty, they should have taken those existing jobs and moved them over to the US and build the new/remanufactured facility to produce this model that exists in China already…
yup, lets put about 400,000 people out of work… great plan!
JUST DON’T BUY ANYTHING MADE IN CHINA!!!!!! WE COULD TURN THIS ALL AROUND VERY QUICKLY, BUY MADE IN THE USA!!!!!!
there was once a time in america where the largest employer was GM,a company,while not perfect,had a well paid,well benefitted and union represented workforce churning out everything from cars,to traucks,busses,apliances,aircraft engines,locomotives and all kinds of related components.now the largest employer is walmart,treating most of its workers like el-crapo with little to no benefits,paying them peanuts to sell cheap,inferior and sometimes unsafe chinese made goods.
DON’T FORGET THE STIMULUS PACKAGE TO BIG BANK( MONEY USED AS BONUSES) WHILE ORDINARY PEOPLE ARE STRUGGLING. FANNIE MAE, FREDDIE MAC & OTHER BIG BANKS.
WOW, THEY MADE A WHOLE 11,000 JOBS HERE AND TOOK THOUSANDS AWAY????????????
wow… just wow… guess you all will just see how dirty the half empty glass is… pshht