GM is NOT too big to fail?
Posted in :
(update) CNNMoney appears to agree with me. When did I sound like MSM (main stream media)?
Obviously, that’s how the US goverment thinks. When bailing out the AIG, they were saying AIG is a systematic important institution, and they just could not let it fail. And here is the bailout (handout details).
As many people already noticed, Goldman and some European banks got more than $10 billion, notice that’s a B. Not the silly $165 million bonus the media was all over in last 2 weeks (keep in mind 1 billion = 1000 million, or 1 million = 0.001 billion).
Back to GM, I don’t have much sympathy for its CEO Rick Wagner (whom I think will do much better than most working people anyway). But how about the retirees, who have worked while life at GM and now counting on the pension for living expense? Now the US goverment bailed out the well-to-do bankers (both domestic and allies), but not want to bail out the retirees from car makers? I bet the the retirees can use money much better (like buy food and medicine) compared to the bankers.
WOW. I don’t feel so great to live in so called greatest nation on the earth any more.