If I know Sam Gindin at all he is less than elated about today’s announcement by GM. Nevertheless Sam and many CAW activists have long argued that givebacks do not save jobs. It was a little churlish of officials with the CAW to point to the Feds as part of the problem. GMs announcement today was simply a confession that management had made huge errors in betting so much on large gas guzzling autos. The FT reports that GM is even considering spinning off the Hummer Brand. Ten cents off the Canadian dollar will not remedy the problem.