GM Fell Down a Well

“What’s that boy?”

“Woof.”

“Jimmy fell down the well?

“WOOF! Woof woof.”

“GM lost $88B since 2005 and needs our help because with their bond rating is one-step away from default, no non-lobotomized person, credit crisis or not, would lend them anymore money and they’ve already burnt through something like $22B in the first 5-months of 2009?”

“Woof.”

“What’s that about the media and market capitalization? Comparing GM to Honda and the S&P 500 since 1978 points to a long-term deterioration of GM’s value as compared to the ‘party line’ about the current credit crisis, higher oil prices and lower sales are the cause of the current problem?


“Woof, woof!”

“What? If you add up the dollars spent and committed so far by the U.S. and Canadian governments, money to GMAC, and GM’s share of the original $25B ‘loan’ promised by Congress last year to update old factories, the ‘loan’ will be closer to $90B which is approximately the same amount as the GDP of Iraq, Vietnam, or Morocco and more than the GDP of 119 counties in the world seems obscene to you?”

“Woof.”

“Go get my check book. Good boy.”