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Here’s the latest on America’s auto industry:

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 than previously envisioned, and leave the U.S. government owning as much as 70% of the car maker.

….The union — concerned about the GMs prospects — sought the lower stake in exchange for preferred shares that provide annual income as well as a $2.5 billion note from GM, said people familiar with the situation.

I know this is only “temporary.”  I know that the followon problems from a collapse of GM might be devastating.  Maybe we have to do this.  Maybe there’s no choice.  But I sure don’t like it.

Banks are one thing. They’re systemically important in a way no other industry is.  When they go broke the government has to either arrange a fire sale or else take them over.  But owning a car company?  Especially one that’s in such bad shape that there’s a good chance we’ll never be able to re-privatize it?  Which means that we’ll probably keep it on life support forever because it’s politically impossible to shut it down?  Jesus.  This whole deal just keeps getting worse and worse.

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This feels like the most important fundraising drive since I've been CEO of Mother Jones, with staggeringly high stakes and so much uncertainty. In "News Is Just Like Waste Management," I try to unpack the reality we all face and how we can rise to the challenge. If you're able to, this is a critical moment to support Mother Jones’ nonprofit journalism: We need to raise $400,000 to help cover the vital reporting projects we have planned, and right now is no time to pull back.

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