"General Motors Corp and the United Auto Workers have agreed to a new restructuring plan that would give the union a significantly smaller stake in the company and leave the U.S. government owning as much as 70% of the car maker." (Emphasis added.)
Such a government take-over would have been inconceivable just a year ago. The cryptocracy seems to be in a hurry to transform the economy into one its sees as more risk-free. The cryptocracy via Obama's auto task force has made significant strides in humbling General Motors and Chrysler. Costs have been cut on all fronts. Whether the cuts are enough to satisfy the bank owners remains to be seen, but it's dubious.
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