Leaner and meaner, and more able to compete
We're hearing a lot of Congressmen say that GM has to emerge "Leaner and meaner, and more able to compete."
Let me translate: "Middle class people who were promised health care and pension benefits must live to see those promises broken. However, our government will stand firm in not providing universal health care to supplement these broken promises. Meanwhile, every business person knows there is a great deal of value left in GM; GM must be freed of the promises it made to its retirees so that it can compete against countries whose workers receive health care on their government's dime." That is what "reorganization in bankruptcy" really means. Parse carefully, folks; we are in for what may be the biggest of 2008's BOHICA moments.