To me, that's like cutting off your foot to collect your accidental death & dismemberment uinsurance. Sure, it's a great payoff, but you can't f&*$ing walk anymore. And to carry the metaphor a little further, unlike private citizens, GM hasn't been paying it's premiums the last little while.
If GM was a car, it'd be an uninsurable wreck. To even
write a news story about them, it's now mandatory to preface the phrase "automaker" with the word"struggling".
Would you consider buying a GM(or Chrysler) vehicle at this point, knowing that Chapter 11 protection is probably weeks away? Even if either company had a desirable vehicle, it'd be a no-brainer.
Governments on both sides of the 49th parallel need to stop pouring buckets of cash down the stinking, clogged drain that is the North American auto industry, let them die their much-deserved death and let everyone get on with their lives. Out of the ashes, phoenix-like, something better will arise.
This "stimulus package" money that has been bandied about by Obama and Stephen Harper like some sort of saviour has done the sum total of nothing to stimulate the economy. No one in the auto industry has learned anything. They've had 33 years since the Honda Civic was introduced to catch up, and the best they can come up with is the Dodge Caliber, Ford Focus (2008 version) or Chevrolet Cobalt. Put the cane away, guys, the horse is dead.
It's time to stop this horrible waste of money. How about incentives for ordinary folks to actually buy vehicles? How about incentives for Toyota, Honda, Mazda, VW, Hyundai, Kia, etc (you know, SUCCESSFUL auto manufacturers) to build more of their products in North America to keep at least some of the people who comprise the world's largest market employed at more reasonable rates of pay and without some of the more ridiculous union protection? Contracts need to be renegotiated to keep this kind of protectionism out of the language of all labour contracts.
There's a reason this nation is failing, and throwing non-existent money around like some sort of drunken moron who just won the lottery is not going to save it.
Arrivederci, GM and Chrysler.
(I considered saying "It's been a hell of a ride", but the K-car, the Chevy Vega, the Dodge Durango, the Pontiac Aztek, the Pontiac Sunfire, the Pontiac Acadian, the Pontiac Sunbird, the Pontiac Grand Am - hell, the Pontiac AnyF$%&ingthing pretty much put a nail in that coffin.)