“[GM’s] pride, [the celebrated] Chevy Malibu, was outsold in June not only by the Japanese competitors and the Ford Fusion but even by the Korean Hyundai Sonata. . . . GM has some fine vehicles, but it is working uphill against public resentment. Here are the people who don’t like it: the stockholders who got wiped out, the bondholders who got moved to the back of the creditor line, the dealers who were dumped, the workers who lost their jobs, the retirees who are at risk of losing some of their health benefits, the owners of orphaned brands (Pontiac, Saturn and Oldsmobile) and the several million taxpayers who think government support is just wrong” — veteran Forbes Magazine auto writer Jerry Flint
HKO comment- it is interesting to note that the American consumer may have less hostility to a foreign owned car company than to a domestic car company owned largely by the government. A foreign car company is just an exercise of free trade; a government owned car company is just an exercise of fascism. GM’s chances would be much improved if the government would sell its stock if the union portion of the ownership is kept minimal.