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"There was no money to keep GM operating during the months (and years) it took to reorganize. "


There were assets that could have been sold off.
There were pieces that could have been divested.

Frankly, Korean and Japanese management and interests might have
even been better sources to invest in facilities in the US rust-belt.

Once a decision is made you can't go back and say "well, if only"
- so the discussion is really a mute point. But government
intervention comes at a cost which must be recognized ---- and
that cost is an exclusion of ideas that can come from the abandoned stakeholders,a retention of the old guard and to a degree retention of
the prior failed practices.

"If GM had gone through bankruptcy there would have been no GM at all. "
GM has a chance to come back and be an inventive successful auto
manufacturer. But what if there were no GM at all?
A smaller - more nimble company or three might have really been a
real step toward a return to innovation in Detroit autos.

Course, government intervention did not have to leave GM as an
overgrown industrial giant - but people at the time were too
focused on the downsides to see opportunities. I can't say that
a split of GM would have generated much better performance - but
I wonder what might have come from smaller companies working to
satisfy a less "universal" market.

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