Is GM headed for bankruptcy again?
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Readers!
My annual February birthday fund-raising drive for Behind the Black is now over. Thank you to everyone who donated or subscribed. While not a record-setter, the donations were more than sufficient and slightly above average.
As I have said many times before, I can’t express what it means to me to get such support, especially as no one is required to pay anything to read my work. Thank you all again!
For those readers who like my work here at Behind the Black and haven't contributed so far, please consider donating or subscribing. My analysis of space, politics, and culture, taken from the perspective of an historian, is almost always on the money and ahead of the game. For example, in 2020 I correctly predicted that the COVID panic was unnecessary, that the virus was apparently simply a variation of the flu, that masks were not simply pointless but if worn incorrectly were a health threat, that the lockdowns were a disaster and did nothing to stop the spread of COVID. Every one of those 2020 conclusions has turned out right.
Your help allows me to do this kind of intelligent analysis. I take no advertising or sponsors, so my reporting isn't influenced by donations by established space or drug companies. Instead, I rely entirely on donations and subscriptions from my readers, which gives me the freedom to write what I think, unencumbered by outside influences.
You can support me either by giving a one-time contribution or a regular subscription. There are four ways of doing so:
1. Zelle: This is the only internet method that charges no fees. All you have to do is use the Zelle link at your internet bank and give my name and email address (zimmerman at nasw dot org). What you donate is what I get.
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Not really. It just this week posted $1.5B in profits for the third quarter, or $0.89 return on a share. Analyst expectations were 60 cents a share. By the way, its the 11th straight QUARTER that it has posted profits. Any weakness in its financial report, which is hard to find, is due to Europe sales, which is down for all firms including Ford. Hardly a company looking to go bankrupt.
The same thing that brought GM down in the first place was NOT corrected by the Obama buyout.
Union healthcare coverage and retirements.
Obama just stuffed cash into the union coffers.
Inside 10 years they will have the very same problem they had before the buyout.
Ford fixed this problem by paying (3 billion) the union itself to take over the retirements and healthcare coverage or its members.
Now the union is crying that they will have to cut back on those very same retirements and healthcare coverages or raise rates on the members.
GM could have made the same deal but the union did not agree and before they would have been forced into it Obama stepped in to “save” them.
I bet Obama in this term will either dump more cash into their system or will offer to take over the retirements and force all the members into Obama care.