GM is going to file bankrupcy. This was not expected 6 months ago. But it’s a reality now. Many people blame the UAW, the management for the problems at GM, which I think only tells part of the story. GM was doing fine after Sept 11, remember the 0% “Keep America rolling” Ad campaign? (Paula Gardner opinion, Nov 20, 2008 ) The main problem, I think, is GM increasingly dump cars like cabbage, while trying to make money from the finance division (GMAC). This business model is not sustainable because it’s mostly relying on cheap credit (and arguably GM car buyers have worse cosumer credit compared to foreign make buyers). When credit dried up after Lehman bankrupcy last fall, GM’s car sales plummeted.
Note this is not directly related to GM. Tonight marks the last Tonight Show with Leno on NBC. Incidentally Leno is an enthusiastic car lover (collector). For me watching Jay Leno helped me learn more about America pop culture, while enjoying some of the humor/entertainment there. I think it is also important to watch Jay Leno or David Letterman, in addition to NPR (which is more formal) I listen to over the years. Both helped me learn more English 🙂
Good thing is Leno is not going away, he will be hosting a new show on NBC this fall.