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Politics : The Trump Presidency
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To: Wharf Rat who wrote (20198)6/1/2017 12:19:22 AM
From: i-node1 Recommendation

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TimF

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>> That shows why all management should die. They are the ones who make the decisions that run companies into the ground.

Unions had too much power when those horrible contracts were created. Which is why the entire American auto industry ended couldn't withstand the economic downturn. Couldn't even stand the first couple months of it. Management made bad decisions, too, in caving to union pressure. And other things.

Unfortunately, when it comes to government, there is no management to cave. So unions get whatever it is they demand, particular the godawful teachers unions.

>> There was every chance. No banks stepped up to loan money.

Right. Which means GM wasn't creditworthy. It was up to the Chapter 11 court to insist on viability or liquidation. Liquidation keeps the jobs, but sheds the horrible contracts. DIPs cannot always get financing. That's how it is supposed to work.

Clearly, you don't get that. The purpose of Chapter 11 is to see a viable corporation come out the other side of the process. That means a company that is creditworthy. Obama didn't do that. Foolishly. Total liabilities from 2012 through 2016 (these columns are backwards from standard presentation, so 2012 is the leftmost).
The point is that while they're making money liabilities have already increased 58% over the last five years. This trend is likely to continue, particularly in light of the coming revolution in autos.

If you read it in HuffPo, you probably want to check other sources.

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