The best way to make a fortune is going out of business. Auto executives see bailout as legal robbery. They’re not interested in rescue. I thought that bankruptcy’s would eliminate unions and make car companies competive. I now feel they will fail. History has rescued Chrysler before so they could make tanks for war. GM might be saved if the military needs Hummers. Perhaps another far flung ‘freedom’ skirmish in North Korea. Otherwise, bye to domestic manufacturers.
I wonder – was greed the downfall of GM?
I’m talking about their financial side, GMAC.
I understand GMAC was formed in 1919 to finance car loans – but that they got into financing homes in the 80’s – right?
And then in the 2000’s they started buying up bad mortgages just like Fanny Mae, Freddy Mac, INDY Mac, AIG, et. al. Correct?
Or am I way off? (I really should do a little more research I guess)
The best way to make a fortune is going out of business. Auto executives see bailout as legal robbery. They’re not interested in rescue. I thought that bankruptcy’s would eliminate unions and make car companies competive. I now feel they will fail. History has rescued Chrysler before so they could make tanks for war. GM might be saved if the military needs Hummers. Perhaps another far flung ‘freedom’ skirmish in North Korea. Otherwise, bye to domestic manufacturers.
‘The best way to make a fortune is going out of business.’
You nailed it!
I wonder if they will bring back the AMX, that car kicks ass.