Let's recap, shall we? Taxpayers were tapped to provide bailout money to cover for GM's poor decision making. Then bondholders and pensioners were pinched to cover for GM's unsustainable union contracts (and potentially as a political "thank you" from the previous election). Then taxpayers were hit up again to subsidize the Volt program specifically, whether they wanted to pay for an electric car or not. After all of this, we wind up with a car that still costs about $10k more than its target market and randomly catches on fire. Da Komrade, the system is working fine!
http://www.bloomberg.com/news/2011-11-29/gm-s-volt-battery-fires-threaten-to-knock-moon-shot-off-target.html
Wednesday, November 30, 2011
Government Motors Wins Again
Labels:
bailout,
crony capitalism,
GM,
government,
subsidies,
technology,
unions
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