GM and the union

So, what just happened between GM and the union? GM got rid of an enormous future commitment. The union got some empty promises from the company that currently calls itself General Motors. The health benefits of retries cost GM an arm and a leg. Well, not any more. It is the union's problem now. Caterpillar did this a couple of years ago and the money ran out in four years.

With the dollar so low, GM gets the better part of any cash deal today. I predict that in the next several years, GM will declare itself a foreign company or sell out to someone else, or go private, or move everything over seas, or switch stock exchanges. Something like that. This was just one step toward that goal.