General Motors now has a market valuation about a third of Bed, Bath And Beyond, and no one says your Swash 700 Elongated Biscuit Toilet Seat Bidet is too big to fail. GM has a market capitalization of just over two billion dollars. For purposes of comparison, Toyota’s market cap is one hundred billion and change (the change being bigger than the whole of GM). General Motors, like the other two geezers of the Old Three, is a vast retirement home with a small loss-making auto subsidiary. The UAW is the AARP in an Edsel: It has three times as many retirees and widows as “workers” (I use the term loosely). GM has 96,000 employees but provides health benefits to a million people.
Read the rest of Mark Steyn's essay on Detroit, newspapers, California, and Caroline here.