It used to be said that what’s good for General Motors is good for America, but in those days nobody expected it would come to this: General Motors Acceptance Corporation (GMAC), the people you had your car loan with the last time you bought a GM car (back before that string of Volvos and Toyotas, remember?) is trying to get itself declared a bank so it can get cut in on Mr Bernanke’s trillion dollar bank bailout.
This is a silly way to save GM and its jobs. Remember we have two crises on our hands, both caused by economic excesses, operating on different time scales; the one financial and the other environmental.
I’ve been despairing of making lemonade out of these two lemons, but my good friend Howie Richey has pointed a way out of this thicket. What we should be doing is to tell GM they can’t be a bank, but we’ll give them a $10 bn contract to develop carbon neutral transportation, please and thanks.
Then maybe what’s good for America will be good for General Motors, for a change.