After a 75 year run, the car giant, an icon of successful US businesses, has gone bankrupt. People like to blame the manufacturer for 'making cars people don't want.' That's not quite how i see it. Just two years ago, massive beasts like Hummers were all the rage. Then, mysteriously, gas prices rose to insane levels last year, and all of a sudden, America's appetite for gas-hogs vanished overnight. The country dove into recession, and GM was expected to switch the types of cars it made overnight. Well, that's pretty much possible. Throw into it the overburdening costs of union benefits, such as getting paid even though you've been fired and lifetime health care for retirees, an wallah! You get an insolvent company within months.
It's really too bad, but what can be done? I think forcing dealerships to close is TOTAL BS, as those companies had contracts. What kind of fascist country to we live in that contracts are no longer respected by law? None the less, check out some stories of the company's history and demise.
GM Goes Bankrupt; U.S. Injects $30 Bil And Will Own 60%
GM files for largest industrial bankruptcy in U.S.
Inside GM's bankruptcy filing
Our Car Company