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For this iconic enterprise that was once the symbol and glory of American industry, the Obama administration and the former Bush administration have all tried to take measures to actively rescue them. Before and after, they jointly invested about 20 billion U.S. dollars in rescue funds. However, with the overall deterioration of the financial situation, the US auto market has shrunk dramatically and the credit market has been completely frozen. The GM, which can’t sell cars and borrow money, can’t afford bankruptcy protection.
The challenge of GM's application for bankruptcy protection to the US economy will be far-reaching. The first and foremost problem is the possibility of a new wave of unemployment. As a pillar industry in many Midwestern states, GM employs approximately 90,000 people directly. According to the statistics of the American Automobile Research Center, GM's application for bankruptcy protection will additionally lead to the unemployment of 1.3 million people in the relevant industry chain, which may push the US unemployment rate up by one percentage point. Employment is the foundation of people's livelihood. The Obama administration has launched a series of stimulus measures. The primary goal is to increase employment, and GM's application for bankruptcy protection has largely offset this effort.
Second, GM's application for bankruptcy protection will hit the entire US auto industry. As the king of the world's auto industry, GM once occupied half of the US auto market, and its every move affected the trend of the US auto market. With the bankruptcy reorganization of GM in the middle of the industry chain, a large number of upstream auto parts dealers and many downstream auto dealers in the upstream had to follow up. In addition, considering that Italy's Fiat Auto Company intends to acquire Chrysler in bankruptcy protection, and many auto brands of GM and Ford are about to change hands, the overall strength of the US auto industry has been greatly weakened, and it can even be said that it is at its lowest in a hundred years. point.
Furthermore, GM's filing for bankruptcy protection will inevitably damage the US economy as a whole. The automotive industry is an important part of the US real economy. The sluggishness of the auto industry, the rise in unemployment and the GM reorganization will definitely hit the US economic recovery, which will put pressure on the consumer market and ultimately affect the US economy as a whole. Judging from the US economic trends in recent months, the sharp decline in the US economy is slowing down. Some economists worry that the general bankruptcy reorganization will end this benign development and trigger a new series of crises.
Although the general bankruptcy reorganization has an impact on the US economy in the short term, it may not be a good thing in the long run. Because the US government can continue to maintain the GM life if it continues the previous "blood transfusion" rescue method, it is equivalent to throwing huge amounts of money into the bottomless pit. The GM's bankruptcy reorganization has enabled the government to unload the burden and give GM a fresh hope.
According to the current plan, GM will complete the restructuring under bankruptcy protection. The “new GM†that removes some debts and non-performing assets will inherit the “old GM†quality assets and re-operate. The US government will provide this government-controlled enterprise again. $30 billion in rescue funds.
This "surgical" reorganization is painful but efficient. Although it is fierce but practical, some economists believe that this move will enable GM to achieve a comprehensive and complete transformation. The "new universal" will appear in a clean and new face. In the face of the world, we can hope to make breakthroughs in a series of new technologies and products.
At a critical moment when high oil prices and the financial crisis have caused the global auto industry to “shuffleâ€, GM and Chrysler will seize the opportunity to make a complete transformation, which will help the US auto industry win opportunities in the more fierce competition in the future and regain its glory. . The auto industry is a major pillar of the economy, and the revival of the US auto industry will also help accelerate the recovery of the US economy. In this sense, bankruptcy reorganization will become an opportunity for the US auto industry to make a major strategic layout in response to future challenges.
Of course, for the Obama administration, the general bankruptcy reorganization is a helpless move, but also a step in the game. Bankruptcy reorganization may take a long time, and lose a lot of talents in the shock and combat consumer brand confidence. In addition, even if the “new GM†is reborn, it may still face the risk of weak auto market and intensified competition. Whether “New GM†can stand firm and regain its glory is yet to be tested by the market.
It can be expected that the US government will not give up GM in the unlikely event that the US government will not give up GM. The current bankruptcy reorganization and temporary nationalization are the "killers" of the Obama administration's overall dominance of the auto industry reform. The government will take various measures to ensure bankruptcy and reorganization. Going smoothly. According to the Obama administration, the United States “can’t and won’t let the US auto industry simply disappear, and GM’s call for bankruptcy protection marks the end of “old GM†and the beginning of “new GMâ€.
GM's application for bankruptcy protection reflects the challenges and opportunities of the US economy
The US General Motors Corporation, which has long occupied the top spot in the world's auto industry, officially filed for bankruptcy protection on June 1, becoming the largest bankruptcy protection case in American industrial history. If the bankruptcy of Lehman Brothers in September last year was regarded as the full beginning of the US financial crisis, then GM's call for bankruptcy protection may be a sign that the financial crisis has entered a new stage and has seriously affected the real economy.