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I find it hard to believe that GM can avoid bankruptcy. They have a huge number of laid off workers which they are obligated to pay full wages and benefits to until they retire. Their pension and health care obligations are huge. Much like the airline industry, they have to eliminate their legacy costs in order to compete with the young upstarts.

They can at least make it until the next UAW negotiations in 2007. Based on what has been started at Delphi, the auto world will have changed by then. UAW pay has been uncompetitively high for years; things are set to change.

It is worth noting that because of this, GM has no incentive to appear financially strong heading into 2007.

- Jeff
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