Quote:
Originally Posted by Skyman 08
Just wondering if you ever thought of all the people that would have lost their jobs if GM had not filed bankrupsy and had completely folded? ALL the dealerships, ALL the employees, many more suppliers and even the suppliers of the suppliers could have gone under. It would have just started a chain of events that who knows how far it would have reached... those that actually closed and lost their jobs were really a small percentage of who would have lost their jobs if GM had completely closed...
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That's a good point. Bankruptcy does happen from time to time, especially with businesses with complex finances. I'm simply saying it shouldn't be hailed as a responsible act of kindness they bestowed on the American public or something.
And a "bail out" allowed the government to come in and start making high level decisions that circumvented current bankruptcy laws. This is why bankruptcy law was ignored in this case. and share holders, and people with actual money invested in the company went to the back of the line, while people with less or no ownership moved up in line to benefit from the deal..
It was a bad deal all around.