mage67 (mage67) wrote,

GM will declare bankruptcy today

Click here for the article

OK GM isn't completely done, but there was so many ways they could have avoided this years ago. High School dropouts were earning over $20 per hour 30 years ago for manual labor. Executives were robbing the company routinely. All employees were getting ridiculous benefits. Some employees were receiving retirement benefits for over 50 years.

The business practices were bad and short sighted. We knew all these problems didn't have a real hope of getting addressed until there was no other choice. GM will probably survive in some form, but it won't be the company we knew. They will make inelegant efficient cars and have employees who make much more modest wages.

It makes me wonder if this is a precursor to our own US economy. That we won't see anything but optimism until everything crashes. All the danger signs are here. Can we ever act before the problems fully hit?

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