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GM, like most other American car manufacturers, is dead in the water. I don’t understand why anyone even consider giving any more money to this financial blackhole. Though I frown upon government bailout of the financial systems due to bad loan, I do not understand why anyone would even consider helping this ailing industry.

Mark Cuban said this the best: if I buy a new car and drive it off the lot (when my new car is worth a couple of grand less), should the gov’t bail me out too? 

This is ridiculous.

We need to let GM and Ford go bankrupt, release all of its pension liabilities, and de-unionize. American cars are great. The American labor force that produces them, not so great. This is the 21st century people. We can’t make progress with 20th century notion of pension, job security, etc. In times of globalization, we need to be quick + efficient, just like China. Don’t believe me?  Just ask a 16 year old kid in China or India who’s doing a job that a 40 year old union member American employee would do… he would do it for 1/10th the wage and no benefit whatsoever (forget pension.. he doesn’t even get coffee breaks!)

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I’m no Bernanke, but I do understand what balance sheet means. And GM’s balance sheet as of June, 2008…. well… SUCKS:

This company’s balance sheet NEGATIVE $58 BILLION dollars. To me that company’s worthless…

This company that needs to die. Just like homeowners who are under water (i.e. owe more than what the house is worth) foreclose, this company needs to declare bankruptcy. Screw the pensions! Why tax us hard working people so we can fund the pension plans of others?

President Obama, let inefficient companies like this die and let natural markets take its course. Don’t bail them out! (Again!)

I get so riled up. Ok.. BREEEATHE….

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