Here is the problem…

General Motors, these companies are not that big anymore.

Do you know that in terms of stock price, Bed, Bath and Beyond has a larger market cap than General Motors?

The automobile industry is not going to go under because the United Auto Workers will not be allowed to go under.

What’s going to happen is the UAW is going to end up owning it.

After the government invests and nationalizes the auto industry, the Obama administration, out of a sense of compassion, will transfer ownership — free of charge, just transfer the deed — to the United Auto Workers.

It’s a shame. But however there are a lot of people like myself who are still madly in love with the American automobile companies and what they have given us through the years.

This notion that General Motors is making cars that nobody wants and is making cars that are worthless is simply absurd.

They have revitalized the Cadillac line, and they’re getting no credit whatsoever for it. They have remade that whole brand.

I wish ’em luck in doing the same thing with other brands. There are some fascinating Chevrolets out there. You wouldn’t think they’re Chevrolets based on what they looked like ten, 15, 20 years ago. To say that they’re making cars that nobody wants is crazy.

If people had the money, they would keep buying those SUVs and pickup trucks. There are all kinds of cars General Motors is making that people want.

But they’re being forced to make cars that people don’t want with all these ridiculous CAFE standards.

General Motors has 96,000 direct employees and over a million retired people being paid by General Motors. They’re former employees, and GM is paying their health benefits.

Now, at some point, it’s gonna implode. It doesn’t matter how quality your cars are.

It’s a mysterious business. I think, basically, General Motors and Ford and Chrysler have become retirement homes; and they have a subsidiary business, which is manufacturing cars.

That’s how Mark Steyn characterized it in a column on Friday. It makes total sense when you look at it.

We’ve even had Rick Wagoner. He said,

“I didn’t know when I took the CEO job here that I was gonna become an expert in health care.”

But it is what it is. All these mandated standards — requirements, emissions, mileage — all this crap put on by a bunch of lug heads like Barney Frank and Nancy Pelosi who haven’t the slightest clue what they’re doing, other than to punish successful American corporations.