SEATTLE, Washington - It's looking more and more likely that GM will fire for bankruptcy, in spite of the fact that they've gotten tens of billions of dollars in aid and have been essentially taken over by the allegedly brilliant inner circle of the Obama administration. I was beating the drum for bankruptcy back in November. In fact, it was so obvious back then that a bankruptcy filing with no taxpayer aid was the correct path, even some politicians knew it.
A couple senators mentioned in November that a government cash infusion to GM would just put off the inevitable. Jon Kyl (R-AZ) knew the truth:
Mr. Kyl, the Senate's second-ranking Republican, added, "Just giving them $25 billion doesn't change anything. It just puts off for six months or so the day of reckoning."Those were tepid comments compared to Richard Shelby (R-AL):
"Companies fail every day and others take their place. I think this is a road we should not go down," said Mr. Shelby, the senior Republican on the Senate Banking, Housing and Urban Affairs Committee.Normally every word out of the mouths of politicians is nonsense, but note that the Times article is dated November 17, right after the election; you have a window of a couple weeks there where the politicians of the losing party will make sense, before the whole bullshit cycle revs up for the upcoming (i.e. two years in the future) election.
"They're not building the right products," he said. "They've got good workers, but I don't believe they've got good management. They don't innovate. They're a dinosaur in a sense."
"It's not the General Motors we grew up with. It's a General Motors that is headed down this road to oblivion," said Mr. Shelby. "Should we intervene to slow it down, knowing it's going to happen? I say no, not for the American taxpayer."