This blog posts about aviation, automobiles, electronics, programming, politics and such other subjects as catch my interest. The blog is based in northern New Hampshire, USA
Tuesday, December 16, 2008
And, while on the subject of Detroit
Ignore UAW's Ron Gettelfinger when he whines that only the union has been asked to make sacrifices. The stockholders have already lost heavily, GM stock is down to a couple of dollars a share. Banks and bond holders were willing to forgive 70% of GM's debt. But the wily and well connected UAW knew that Bush would cave to them even if the Senate Republicans wouldn't.