GM always needs UAW concessions, even when making money hand over
fist.
GM is not making money hand over fist. Its core US auto business is
losing money and GMAC took a huge hit on subprime. Its stock is worth
less than half what it was five years ago <http://finance.yahoo.com/q/
bc?s=GM&t=5y> and its survival is far from certain.
Doug
^^^^^^
CB: Yes, GM's gigantic losses over the last few years are in the headlines
of the Detroit papers many days. I've sent a lot of those headlines to
PEN-L.
Ford and Chrysler are failing as well. There is a one state depression in
Michigan. Do any of you economists have something to say about a "one state
depression" ? This term is used in the bourgeois media to describe the
economic state of Michigan today. The state budget is in extreme crisis. Has
a state every gone bankrupt in history.
Doug, do you consider this PEN-L recession panic to point out the grave
economic circumstance of the companies that were the leaders of the American
economy 30 and 40 years ago ?
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