casey00001

GM Stock: People Still Buying Despite Probable Bankruptcy

Obama is all about image. Rule number one is that he doesn't care about how much money he spends in his first term as long as he gets re-elected. So he has appeased the Unions to vote for him again. He has very little to lose by throwing the bondholders a last minute bone to try stop bankruptcy and be a HERO, another accolade for "himself" .
In reality the bondholders are not that much of a stumbling block if you go along with the premise that Obama is going to spend the money anyways, its not his money. The real reason for the bankruptcy is that it is now the only way to get rid of the dealerships who in my opinion should stay is bankruptcy. The dealers and are in the same lifeboat as the bondholders. I think GM is crazy because if all these cancelled dealerships sell used cars or another brand they further reduce their market share. I am not going to drive 50 miles just to look at a new GM car in person.