Thursday, November 11, 2010

GM Posts $2 billion Profit

AP: "DETROIT - Strong profits on new cars and trucks helped General Motors Co. earn $2 billion in the third quarter, enhancing the company's appeal as it nears next week's initial public stock offering."

I grudgingly supported the automaker bailout, and I'm glad I did so. Letting GM sink wouldn't have just ended that company -- it would've taken thousands of jobs, not just from GM but from the company's suppliers. The trickle-down effect of that would've been disastrous for a fragile economy. Critics like to point out that the UAW got a pretty sweet deal out of this -- and, sure, it absolutely did. The deal was messier than most people would like. But it worked. And as bad as the economy is, it would've been worse if the Bush and Obama administrations had sit back and watched it happen. All of us are better off as a result.

1 comment:

KhabaLox said...

Obama even fails at socialism. If he can't keep GM nationalized, how does he expect to nationalize the rest of the economy?