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The Truth on GM

By Jim Cramer

 About this article:
 Does anyone think that GM isn't a giant jobs program? Where else could you get, for $50 billion, an employment program that keeps about 2 million people in business? How much would it cost the government to retrain those people to do something else? You have an existing jobs program that gets a fresh infusion of capital and union leadership so if it fails the fault goes to the union; you really pay for the program by a combination of U.S. government money and the money that would normally have gone to the bondholders (who in the end were either speculators or clueless -- excuse me while I tell the truth); and you stave off 11% unemployment under which a lot of other models will go bonkers. We simply can't solve the banking problem if the unemployment rate exceeds the extreme stress test levels, and...

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