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In mid-2008, General Motors was a failing company. Unable to unload their product line of gas guzzlers, the wrong cars and trucks to be trying to sell at a time of record high gasoline prices, the company's high union-driven high labor costs were combined with the extremely high pension and health care costs it had awarded its unions in better times, the company was quickly heading for bankruptcy and quite possibly for liquidation.
In that environment, GM decided to bet big on a new mass market production car, one that could deliver 50 miles per gallon - more...
Barack Obama: Crony Capitalist in Chief? Part 2