The best part of the unshockingly bold crony-captialism Matt ferrets out is that it won't work. GM is suffering from a cash flow problem in the same way I'm suffering from old age arthritis: it isn't. The company is still paying a stock dividend, their CEO still got a $2.5 million bonus this year, and they've got $20 billion in on-hand cash. The company's got money, the problem is nobody buys their cars. And that's not because of retiree health care costs or unions, it's because they make poor-quality automobiles that are totally unsuited for today's gas prices.
So GM, I'm sure, can get Congess to bail them out. But it won't do them any good. GM's problem isn't in their bank account, it's in their product line. Pumping up the former won't do them a damn bit of good; it's the latter that needs an overhaul. And they're going to have a hard time doing that with a furious workforce and congressional oversight. Reacting with cries for help, as they are, is so wholly pathetic, so obviously unsuited to the situation, that it's left me ashamed of my wimpy domestic ubercorporations. That's why I, for one, welcome our new Toyota overlords. Maybe they'll give us back some of that can-do American spirit.
