The only way I would approve the use of my money to bailout GM would be the following:
- Re-tool the entire operation within 5 years to accommodate the building of non-fossil fuel vehicles
- Retain and retrain its workforce
- The guarantee that you and I own a piece of GM
Bailing out GM will not solve their problems nor the larger problem of Global warming being caused in large part to the use of petroleum based products. Don't forget when GM was forced to, it stopped making cars during WWII and built tanks and aircraft instead. Funny, they knew how to re-tool 65 years ago when it meant making money from the War effort. Bailing out GM is a short-term band-aide that will only provide short-term protection.
I for one am so opposed to bailing out large corporation when there are thousands upon thousands of us who would like nothing more than to be bailed-out of our own financial crisises. When will it end? If I rename my business and call it Katlin's Bank then and only then would the Fed step forward and say, 'here, take as much money as you need, we'll make more. Oh, and by the way, we'll let you monitor yourself to make sure that you don't take advantage of our generosity and spend $53b anyway you like. Wink, wink.'
What ever happened to the meaning of "risk"? When you take a risk you better be sure that you're prepared to lose everything. I say, GM change or get out of the car making business.