General Motors Is Headed For Bankruptcy -- Again

Forbes

• The company is once again losing market share, and it seems unable to develop products that are truly competitive in the U.S. market.
• GM is unlikely to hit the wall before the election, but, given current trends, the company could easily do so again before the end of a second Obama term.
• In a recent speech, Dan Akerson admitted that GM’s powertrain technology had fallen behind that of competitors in some cases.
• Under the leadership of Ferdinand Piech, who is kind of like a German-speaking, automobile industry version of Steve Jobs, Volkswagen is determined to become the biggest and most profitable car company in the world. And, right now, they are eating GM’s lunch.
• Uh-oh. While Dan Akerson is busy rearranging the deck chairs on GM’s Titanic, Martin Winterkorn is leading VW to world domination via technical excellence.

Obama thinks his bailout was successful because people are working.  But that is not the intent of a business.  The intent of a business must be to make money.  It can be nothing else or it cannot survive.  Does Obama understand this?  I think the President is an ignoramus about business and economics.  But it may not matter.  The people get the leaders they deserve.