"RG" wrote in message ...

One of the financial experts interviewed on CNN commented on this. He
said that even if GM received the full requested government bailout ...
*plus* an additional 50-75 billion that he figured will be necessary in
the future, GM will still be an insolvent, bankrupt company.


Which is why the debate about whether or not to allow them to fail is so
absurd. The point is that they have already failed, big time. The debate
now should be about how to deconstruct and see if some sort of Phoenix can
rise from the ashes. Under the right circumstances, I believe such a
re-birth is possible and would have a reasonable chance of success.

RG


I agree 100%. At first blush many people think of "saving jobs" which is
nice, but not reality. Those jobs have already been doomed, bailout or no
bailout, economic meltdown or no economic meltdown.

Eisboch

I agree 100%. At first blush many people think of "saving jobs" which is
nice, but not reality. Those jobs have already been doomed, bailout or
no bailout, economic meltdown or no economic meltdown.


Right. It's not about saving jobs in the short run, it's about saving the
domestic auto industry in the long run. Trying to save jobs without
radically dealing with the employer's viability as a global competitor is a
fool's errand. That only results in the scenario of "The surgery was a huge
success. Unfortunately, the patient died". For the first time in history,
there is an opportunity for GM to definitively address the baggage that they
have refused to deal with for so many years. Unfortunately, senior
management appears even still to be reluctant to do so. Enter the bk judge,
stage right.

"Eisboch" wrote in message
...

"RG" wrote in message
...

One of the financial experts interviewed on CNN commented on this. He
said that even if GM received the full requested government bailout ...
*plus* an additional 50-75 billion that he figured will be necessary in
the future, GM will still be an insolvent, bankrupt company.


Which is why the debate about whether or not to allow them to fail is so
absurd. The point is that they have already failed, big time. The
debate now should be about how to deconstruct and see if some sort of
Phoenix can rise from the ashes. Under the right circumstances, I
believe such a re-birth is possible and would have a reasonable chance of
success.

RG


I agree 100%. At first blush many people think of "saving jobs" which is
nice, but not reality. Those jobs have already been doomed, bailout or
no bailout, economic meltdown or no economic meltdown.

Eisboch


Where were the bailouts when thousands lost their jobs when World Com and
Enron folded. Probably as many jobs lost as GM would suffer. We survived.
Maybe they will bailout enron and Worldcom retroactively.

"Calif Bill" wrote in message
m...

"Eisboch" wrote in message
...

"RG" wrote in message
...

One of the financial experts interviewed on CNN commented on this. He
said that even if GM received the full requested government bailout ...
*plus* an additional 50-75 billion that he figured will be necessary in
the future, GM will still be an insolvent, bankrupt company.


Which is why the debate about whether or not to allow them to fail is so
absurd. The point is that they have already failed, big time. The
debate now should be about how to deconstruct and see if some sort of
Phoenix can rise from the ashes. Under the right circumstances, I
believe such a re-birth is possible and would have a reasonable chance
of success.

RG


I agree 100%. At first blush many people think of "saving jobs" which
is nice, but not reality. Those jobs have already been doomed, bailout
or no bailout, economic meltdown or no economic meltdown.

Eisboch


Where were the bailouts when thousands lost their jobs when World Com and
Enron folded. Probably as many jobs lost as GM would suffer. We
survived. Maybe they will bailout enron and Worldcom retroactively.

And no one is bailing out main street's 401k.

Makes me wonder who is really calling the shots at the top. This is going
down like a trial where the verdict is known before it starts. The trial is
nothing more than a rouse, a pony show. Face saver for the government to
appear to be in the interests of the people. When in fact this has nothing
to do with it.