Oh, where to begin? This priceless excerpt is from page 7 of the “Restructuring Plan for Long-Term Viability” sent to the Senate by General Motors (GM).

Indeed, GM’s “Keep America Rolling” sales campaign, following the September 11 attacks, is credited by many as having prevented an extended recession in 2001.

Right, and the Federal Reserve sending interest rates down to 1% - in the process creating the largest credit bubble ever - had nothing to do with it. The transparent grasping for patriotism is sickening.

How this document could possibly result in GM being entitled to $18 billion in government financing (especially without wiping out the stockholders and seriously dent the existing union contracts) is beyond me. I’ve turned in case study analysis papers for my Financial Policy class that are better. But by all means, read their proposal and judge for yourself.

Position: None - although I believe that GM common should be a zero, even if Congress is not yet inclined to allow that to happen.