Instead, Waggoner yesterday rolled out a suite of pitifully inadequate steps such as reducing the salaried work force, eliminating discretionary bonuses, delaying paying certain bills . . . well, you get the idea.
Rick Newman of U.S. News & World Report and I are of a like mind about what Waggoner has to do forthwith:
* Dump the Hummer brand and consider axing one or more of its "redundant badge jobs" -- Buick, Pontiac and Saturn.More here.
* Concede that market share will continue to shrink -- all the way down to 20 percent or so from 35 percent when Waggoner took over in 1992 -- and adapt to that reality.
* Build the kind of competitive small cars that Toyota and Honda are selling in droves while further ratcheting up the much improved quality of its offerings.
* Be patient. The huge savings from the deal it reached last year with its unions won't kick in until 2010.