UPDATED – GM: How Many Bailouts Will It Take?
Mickey Kaus: “[I]s the Obama Administration really planning to cut off GM’s intravenous drip of federal billions, if when the $50 billion doesn’t put the company back on its feet? It doesn’t look that way…”
Yikes. Well – when you think about it – now that the UAW will own such a large chunk of GM, I suppose no Democrat in his right mind would ever allow it to go belly up. So GM will in fact be like – analogizing to the old SNL Shimmer skit – both an auto manufacturer and a redistribution of wealth.
UPDATE: I wish I could take comfort from this pie chart Megan McCardle generated (via her guest post here) but if anyone can throw billions of dollars down a tiny, little, itsy-bitsy bottomless pit – which is the way GM looks within the big picture of Corporate America – it’s Obama.
