[DeTomaso] NPC: REALLY NO PANTERA CONTENT, US Auto Industry Bailout OPINION

[michael at michaelshortt.com]

This just off the wire, I love the first half of the last sentence.

*"GM, which is now committed to making car consumers want to buy "*


Duh!  Shouldn't that have been the plan all along??????




General Motors (GM <javascript:stockSearch('GM');>: 4.83, +0.75, +18.38%)
needs $18 billion from the government and taxpayers and wants the American
people to know why.

In an open letter titled "GM's Commitment to the American People" which ran
in Automotive News, a trade journal ready by industry executives, lobbyists
and other insiders, the beleaguered car maker candidly acknowledged it has
disappointed U.S. consumers and pledged to do better. It said recent strides
to improve the company have been hurt by the economic downturn, which is why
it needs the loans.

"We are in the midst of the worst economic crisis since the Great
Depression," said GM in the missive. "Just like you, we have been severely
impacted by events outside our control. Despite moving quickly to reduce our
planned spending by over $20 billion, GM finds itself precariously and
frighteningly close to running out of cash."

Still GM acknowledged that while the economy is hurting the car company, it
has made missteps it only has itself to blame.

"At times we violated your trust by letting our quality fall below industry
standards and our designs become lackluster," wrote GM. "We have
proliferated our brands and dealer network to the point where we lost
adequate focus on our core U.S. market." What's more GM said it wrongly
focused on pick-ups and SUVs over other brands and as a result "paid
dearly."

Indeed last week GM reported that sales fell 41% in the month of November.

GM, which is now committed to making car consumers want to buy, said its
restructuring actions should enable the company to start repaying taxpayers
in 2011.