We know that as General Motors Corp. goes, so goes America. At least
that was the old saw, according to one of my old newspaper friends. But
all the headlines blaring about a possible GM bankruptcy, and whether
it would be good or not, have become maddening. News organizations
everywhere are guessing, bankruptcy or bailout, and are reaching out
for any so-called expert they can find.
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Here's a sampling:
"Is Bankruptcy So Bad? G.M., With Dire Warnings, Seeks Bailout, But Skeptics Point to Benefits of Chapter 11, " said a New York Times headline.
"GM: The Threat of Bankruptcy; GM's senior management, business experts, and some members of Congress think letting the automaker go Chapter 11 would be a disaster," a BusinessWeek headline said.
"Why GM can't survive bankruptcy," CNN stated in its headline.
Bloomberg News has said, "GM Bankruptcy May Mean Liquidation for Former Parts Unit Delphi " and "Wilbur Ross Says GM Bankruptcy Filing Would Be a `Total Mess' " in its recent stories.
The media has been divided, some saying GM would be helped by bankruptcy, others suggesting it would ruin the automaker, but one thing is clear: Everyone is watching to see what GM will do next, and until it makes its move, the media will be busy writing more attention-grabbing headlines about the possibility of its bankruptcy.
For the record, we wrote about a possible GM bankruptcy first -- in July 2005. - Jamie Mason
