Quote:
Originally Posted by Number 6
Do I think GM should have been allowed to fail? Absolutely!
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Who would letting them fail punish more? The stockholders and executives of GM, the suppliers who go bankrupt and cause a ripple effect for other American and foreign car manufacturers, the employees on the line, the devastating effect on communities that have auto plants in their community, the increase in foreclosures in those communities?
A good example of this would be Sterling Heights, Michigan. It is a suburban community just north of Detroit. It is home to GM, Chrysler, and Ford plants, along with numerous suppliers. Definitely a middle class community. In 2000 the median income was $77,873. In 2009 it dipped to $51,545. That is a 34% drop in family income to the 4th largest city in the state. Where we live in the summer months it went from 84k to 61.5K.
So I don't understand the rationale to let such a huge business fail. I understand that management has made poor decisions for decades. However, the residents and businesses communities nearby suffer even more.
Yeah, that would teach em a lesson.