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Is GM worth saving?

By Steven S. Brooks Published: November 25, 2008

There is an old saying, "As GM goes, so goes the country". That was a time when General Motors was the largest company of any kind in the world and it had hundreds of thousands of employees in the U.S. alone. Now, GM isn't even the largest car company in the United States, it's sales and workforce are shrinking daily and it is saddled with huge overhead and a plethora mediocre product lines. To say that the General is not what it used to be would be a true masterpiece of understatement.

Having said that, as a car guy, I was 100% behind the efforts of Congress to help save our great American auto industry through the proposed 25 billion dollar financial bailout. As I said, I was, until I heard the testimony of the big three CEO's before Congress. The arrogance and total lack of any plan other than "business as usual", especially from GM's Rick Wagoner, made me seriously question whether throwing billions of dollars at GM would achieve anything positive. Obviously, GM declaring bankruptcy would have major ramifications, but not all would be negative. Is GM worth saving?



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