The NYT published a column by Edward Niedermayer, the editor of the Web site The Truth About Cars, which claimed that the government was unlikely to recoup much of its investment in General Motors. The piece dismisses the idea that GM stock could ever reach the $66.9 billion level needed to recoup the government’s investment: "Sorry, but that’s a pipe dream: G.M. has never been worth more than $57 billion, and that was in the salad days of 2000."
In 2000, GM had a large debt both in the form of formal debt and more importantly in the form of liabilities for its workers pension and retiree health care benefits. It has been relieved of these liabilities by bankruptcy. This would make a huge difference in its share price given the same underlying level of profitability.
I’m writing to you today with a sense of urgency that I haven’t felt since I began my journalism career. As executive editor of The American Prospect, I’ve witnessed firsthand how independent journalism serves as a crucial bulwark against the erosion of our democratic institutions. Today, that role is more vital than ever. Can you step up today and show your support?
The winds of authoritarianism are blowing stronger. We’re seeing alarming signs of a coordinated effort to silence critical voices and undermine the very foundations that support progressive causes. As Bob Kuttner presciently wrote in our August 2024 issue, a weaponized IRS could attack the very foundations of the progressive movement. We need readers to step up and help us dig in for the long haul.
We’re falling behind in our spring fundraising campaign, and with so much at stake we can’t afford to come up short. If you value fearless, independent journalism that holds the powerful accountable and defends democracy, now is the time to step up. The American Prospect depends on reader support to stay in the fight. Pitch in today and help us close the gap. Please consider making a donation today.
–David Dayen, Executive Editor
Copyright 2025 | The American Prospect, Inc. | All Rights Reserved
