I take the stance that General Motors should be allowed to fail and declare bankruptcy. I am against giving the auto makers my money for a failed business plan.
Bankruptcy would allow GM to either sell or close a variety of unpopular product lines, reorganize the company, and dump ridiculous union payment contracts. Then they can come back (as themselves or in other incarnations) smarter, more focused, making products that match the times and that people actually want to buy.
I believe GM needs to fail, so that we can rejuvenate that industry from its ashes.
What I am 100% against is simply throwing money at them so that they can continue with their business as usual. If there are no changes, they'll just burn through that money and fail a little later. No, if they get anything from the government, I would insist that they deliver a new business plan that re-evaluates their product lines, their leadership and planning, their finances, and also that secures from them a firm and fiercely aggressive investment in the development and production of fuel-efficient/alternative fuel/green technology. Only then would we offer the loan (which they would be expected to pay back).
If you're going to take my money, you better have something to show for it, you better give me back something in return, and you better use it not only to improve yourself, but to improve the country we live in.
I'm sick of just throwing up money without a plan or any expectations.
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