GM chops and chops and chops and chops

Lots of news headlines related to GM and none of is good. Their stock price is less than a quarter of its 52 week high. Besides job cuts and salary cuts they are also looking at eliminating health coverage for US salaried retirees. What a slap in the face to those people who worked there. My father worked for an old rust belt industrial company who also did this. He retired with health insurance and not long after, the company started to ask him to contribute. Then it was more and then it was all of it and of course we know how much those costs have increased. Retirees have a fixed income and insurance can easily be $5000 or more and that's for a high deductible. How in the world do retirees whip up a spare chunk of change like that?

This market is about to hit another rough patch that will make us forget about the initial hiccup. The only positive spin on this is that it's happening today and ought to force political leaders to speak about critical issues such as health care, unemployment and whether we need more risk in our society. We also need to step back and look at how well a select few have done in recent years compared to the bulk of the population. People like McCain and Gramm are hardly able to understand if they can't even see how poorly their economic model is working. Forget about McCain's dismissal of the "whining" remark and listen to the rest of the story. These people are 10000% in favor of more of the same. More of the same that brought us to GM chopping and banks on the edge of bankruptcy. We've seen enough, haven't we?