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General Motors produces a bailout video that threatens to take down the economy. The YouTube public isn’t buying it.
GM’s plea for a $25 billion taxpayer bailout for the American auto industry has gone from Congress to YouTube. If the comments are any indication, the public does not support it. It has 216K views and 1,920 comments as of this post.
4 responses so far ↓
1 David // Nov 22, 2008 at 10:54 pm
Wow, that is one bold move. I am not buying it either – if anything, they should let them declare bankruptcy and dig back out. If we just give them money, they will blow it in no time and come back asking for more. It’s time they retool to match the progress of the Japanese and German manufacturers if they want to stay alive.
2 rishi kshettry // Nov 22, 2008 at 11:12 pm
PLEASE SEE AND FORWARD. WE WNAT TO SAVE GM!!!
3 GoingGreenConsulting // Nov 23, 2008 at 6:48 am
The whole basic premise of capitalism is either produce and compete or you are in the wrong business and inevitably will fail. GM will inevitably fail for many reasons. The UAW is probably the biggest hurdle for GM to get back on their feet. One of the reasons that GM has not been innovative is that they have to manufacture vehicles with the highest profit margin in order to pay the huge pensions, health care, and salaries of its UAW work force. How can you operate a factory if you have to pay 95% of a worker’s salary if you lay him/her off? If you look at their product line, you will see they do have hybrids and e85 vehicles. But these vehicles are the same old heavy gas guzzlers with just a “green” marketing name attached to them. It is interesting that at the same time that the big three are begging for money, their competition (foreign) are expanding their North American operations in such states as Alabama, where three additional factories are currently being built. I agree with David that the big three will only come back for additional money 6 months from now. Ford is in the best shape of all of them, but I think they all need to get into bankruptcy as fast as they can and start discharging and renegotiating their debts and obligations, just as the airlines did a few years back.
4 Mike @ Ecosalon // Nov 29, 2008 at 1:00 pm
Perhaps it would taste a little better if the auto industry explained to the public exactly and specifically what went wrong, and showed how that money would get them back on their feet. And then put everyone’s mind at ease that it could never happen again…
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