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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Lizzie Tudor who wrote (162926)11/9/2008 9:52:49 AM
From: Dan3Read Replies (1) of 306849
 
Re: personally I would have liked to seen GM go under years ago.

A social contract was developed in this country in the 50's that blessed/cursed American Auto producers with a monopsony labor supply and a monopoly in the auto market. Moving into the 70's, their monopoly market was taken away, but their monopsony labor supply remained - but only for them, not for their competitors.

That they've done as well as they have while facing competitors that had much lower capital costs, much lower labor costs, protected markets from which to launch and subsidize their American products is nothing short of a miracle.

GM executives have not followed the practice of the Silicon Valley and Bond market swindlers of embezzling multiples of their company's earnings as "bonuses" while shafting their investors and production workers.
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