A Sad Day for GM

Though posting often, and sarcastically, on GM no pleasure (or surprise) comes from reading this bit of news. It's a sad day for GM's employees, most of whom did not directly crater the company but were microscopically part of a vastly dysfunctional organization concerned far more about the care and feeding of labor and management than customers.

As our government contemplates yet another lifeline for the company (rest assured someone important in either the White House or Congress is doing just that) consider the futility and waste. Just yesterday the president promised to scrub the budget of $40B which of course will be found money for another pointless bailout of GM. But in a political calculus pain deferred is pain denied.

Federal cash possesses no magical power to resuscitate GM. The myth that smart people with good intentions and buckets of other people's capital can bring life to the dead undoubtedly lives.