GM, which has been surviving on $13.4 billion of government loans since the beginning of the year, has until June 1 to prepare deep cuts in debt, labor costs, dealership network and brands to prove that it can return to profitability. The Obama administration has said the alternative would be bankruptcy.
The cuts add to the thousands lost in the downturn for U.S. automakers that began in 2005 and has driven both GM and Chrysler LLC to the brink of failure with the added weight of the recession.
via GM cutting 1,600 U.S. salaried positions | Reuters.
SHANGHAI — After a century in which American tastes largely set the course of the global automotive market, China is poised to increasingly take on the role of global trendsetter.
via China’s Influence Grows Along With Its Car Sales - NYTimes.com.
When will people begin to see the results of corporate and governments’ greed? They restructured us right out of our industries and now we sink toward becoming a third world nation, while China soars to our old position in the world. They have sold us America! Our industries left in waves pushed by the greed of larger profits and our governments made their path easy to follow. We watched as wal-marts were shoved every 1.32 miles apart, full of goods made in sweatshops. We rejoiced at the low prices, showed no concern but for our saving a few dollars. As the jobs began to go away people said “well they are just blue collar jobs, those people should go back to school, who would want to work in a plant?” Then the white collar jobs began to get outsourced and just few years latter here we are. The majority of Chinese can not even afford to buy cars on what the wages of most workers is there, are we seeing a traffic reduction plan for America? Will we soon consider car ownership a luxury, reserved only for the select few? Can we look to China and see our future? We must wake America this global economic policy is devastating for the majority of people in our country and the world. As we continue to sit back only concerned with our own, those around us are already facing what is ahead for many more to come. We can stop this, but we must unite.
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