President Obama bailed out GMC to the tune of billions in order to make sure his union votes stayed bought and paid for. While doing that he stiffed GMC's bond holders (along with your pension fund?) and lambasted American corporations doing business overseas as part of the overall globalization of trade. Now we discover that American auto icon GMC is rapidly becoming a predominantly Chinese vehicle manufacturer, giving its American manufacturing and car design technology to the Chinese, and preparing to do the majority of its manufacturing and business there. All this while leaving a rump stateside manufacturing capability manned by uncompetitive overpaid union workers here to make over-priced cars and trucks for Americans. It would have been better for the country to allow GMC to go through bankruptcy, letting its creditors dispose of its assets, and simply send every union member a check for votes properly cast. Maybe next time.
(cue a distant voice from the past, 'What's good for GM is good for America.')