17 April, 2009 Socialist Project | The Bullet The Live Bait & Ammo #128
If you believe the Motley Fool and other ‘stock advisors’ in the business press, 90% of General Motor’s (GM) losses can be attributed to the United Auto Workers (UAW) which accounts for 10% of a vehicle’s cost.
The math may seem a bit obtuse but the politics is clear as fizz. The UAW’s disproportionate responsibility for the automakers’ unprofitability is based on the same sort of accounting whiz that led GM to claim they lost $39-billion in November 2007 due to ‘deferred tax credits.’
If it smells like b.s. and it looks like b.s., trust your common sense and skip the taste test.