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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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We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

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