GM Should Have Gone Bankrupt 6 Months Ago

GMcrashed

As you may or may not have heard, GM recently declared bankruptcy this past Monday to become the fourth largest bankruptcy in U.S. business history. The General obviously had way too much debt on the books. Over $172 billion worth!

But what’s the problem? Well, GM should have gone bankrupt much sooner than Monday. It should have gone bankrupt six months ago. But it was unpatriotic to let GM fail. It was un-American to let GM go bankrupt. Too many jobs would be lost. It would send a catastrophic wave throughout the auto industry. But yet it happened. GM went bankrupt.

So why delay the inevitable and spend $20 billion in taxpayer money (and counting) in the process? We might as well call it “Government Motors”. Even after billions in government bailout funds, GM went under. 21,000 jobs will still be lost. Dealers reduced by 2,600. Plants still shut down. What did we get for $20 billion but a poorly-run company which should have failed months ago?

Saturn was sold off to Penske Automotive Group on Friday and Hummer is reportedly being sold to China’s Sichuan Tengzhong Heavy Industrial Machinery Company.

Why do I have a feeling that this country is moving towards socialism? Failure needs to be allowed. Without failure, there’s no motivation for success. Without failure, how can we learn from our mistakes?

So what can we learn from the GM bankruptcy? Get out of debt!!! Debt will make you bankrupt. And vote for someone who actually has your best interests in mind. America doesn’t need socialism. It needs a return to the foundations that this country was based on: a faith and trust in God and a free market. Let freedom ring.

Which of the big three U.S. automakers is your favorite?

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3 thoughts on “GM Should Have Gone Bankrupt 6 Months Ago”

  1. I agree with this post wholeheartedly. Why we were conned into thinking a bailout could help GM is unknown. When we look back on our history, I’m sure we’ll make a case study of this whole mess surveying the amount of emergency powers the government took advantage of.

    I like Ford the most. Not because I believe that they’re any less in danger of failing, but because they’re trying at least. They’re focusing on better cars, a better product and most importantly, winning sentiment with the people.

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