Turbulence, and Obama's GM survival plan
Reported US$82.3 billion in assets but US$172.8 billion in debt. General Motors did the inevitable: File for bankruptcy under Chapter 11.
The news was confirmed just about the same time an Air France A330-200 dropped off the radar screen in turbulent weather. Times Online calls it a no-hope incident.
With awkward immediacy, Obama went on air to declare US government's commitment to invest US$30 billion in the failed company.
He said the plan is viable and achievable.
But Washington and Wall Street must quickly realise that it is huge lesson for the whole US economy.
China and vast parts of the world had been bankrolling and financing Uncle Sam, whose job had been issuing bonds and printing paper money. Do we still owe them a living in this changed, flat world?
Meanwhile, Telegraph UK says it is extremely rare for turbulence to be so bad that it causes a large passenger airline to crash.
Got the drift, Mr Fritz Henderson?
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