As GM Goes, So Goes the Nation
Bruce Springsteen touched on the future of the U.S. auto industry in his classic "Glory Days."
My old man worked 20 years on the line
And they let him go
Now everywhere he goes out looking for work
They just tell him that he’s too old
I was nine years old and he was working at the
Metuchen Ford plant assembly line
Now he just sits on a stool down at the legion hall
But I can tell what’s on his mind
Glory days yeah goin back
Glory days aw he ain’t never had
Glory days, glory days
Brilliant article. Thanks for posting investorzzo
Yes, that was a brilliant article. I agree that the best course of action is for "GM to enter a pre-packaged bankruptcy with financing provided by the U.S. government if bank financing is unavailable". Of course GM is resisting this because they claim folks won’t buy cars from a company in bankrupcy. But as it is, less and less people are buying their cars, and under the current cost structure, GM’s making little, if any, profit on the cars they do happen to sell. It’ll be interesting to see how Congress and the Obama administration handle this going forward.