GM Speeding Towards Bankruptcy?
Posted by the912project on April 7, 2009 · 94 Comments
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94 Responses to “GM Speeding Towards Bankruptcy?”The Restoring Honor Rally August 28, 2010
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I agree. I just wonder by screaming socialism if we are losing some of the more moderate leaning people? Obama supporters seem to get their backs up against the wall when the "s" word is mentioned.
I am just trying to point out we spent billions to prevent GM from filing bankruptcy and we are going to wind up there anyway. More people can relate to flushing money down the toilet than they can to grasping the fact that the government is gobbling up private industry.
maybe if its not to late we can bail out amc kinda miss the amx ,javelin rambler ,gremlin, pacer ect. maybe edsel too!!
You see they had to give them the money in order for them to set up plans to pay the retired people and set up for the health benefits also, you can't go bankrupt on the feds, you got to pay them BACK!!!! the feds are goin to be holding a company that won't make profits because they own it, SINCE WHEN DOES THE GOV make MONEY????? NEVER!!!! they only spend it. it will take 50 years or more before its paid back tooo many obligations!! People will hold on to their old vehicles from this day foward because of the spending the government is doing in other areas that WE have to pay back, so hold on to your old car/truck and save!!!! that is the key thing to do!!!!
Exactly Free!!!! You see thats why prez bush didn't want to give them anymore money, he wanted them to restructure( bankruptcy) Pelosi and the rest wanted to bail them out for a reason $$$$$$$$$$$$$ & power!
maybe it not to late we can bail out amc kinda miss the amx ,javelin ,gremlin, pacer ect. maybe edsel too!!
good thing im a ford lover sucks for you chevy!!
I own a Chrysler. We had already decided that our next car is a Ford
Let me see if i get this straight GM wants money we give it to them. Then we fire the CEO and now talk well maybe GM should go Bankrupt now. Is this not a half A$$ed approcah? Does anyone have a real plan? I see none. If the bank plan is this good better start using the Dollar as toilet paper and start flushing it now!
It is time for GM to file bankruptcy and reorganize. The reason they are broke is the UAW and if they don't get rid of them they will never be able to compete with the world car market. JUST WATCH OBAMA'S ADMINISTRATION WILL FIND A WAY TO KEEP THE UAW IN THEIR BANKRUPTCY PLAN. HE HAS TO PAY THEM BACK FOR ALL OF THOSE VOTES! EVERYONE THAT IS THE PROBLEM PAYBACKS!!!!!!!!!!!!
It wasn't wasted on nothing. Just look at how much power the feds grabbed. Now that crisis did not go to waste. So what if they spent billions of tax dollars, the ends justified the means.
Maybe that was the point of the bailouts in the first place.Logically it doesn't make sense to bailout companies in order to help the economy.The companies are bankrupt for a reason and bailouts do nothing to fix the problem.This leads to the thought that those who were for the bailouts when they started were either illogical,misled,or misleading others.So the bailouts must be a power grab and nothing else for they accomplish nothing else except for delaying the inevitable.
RE: General Motors
WHY? Why does the government think it’s their place to help private industry? Why does GM or Chrysler for that matter think their entitled to taxpayer dollars? The majority of company’s in this country are small businesses “like mine”. If a small business fails it either files bankruptcy or closes. This is what the bankruptcy courts are for.I think this is nothing more than the government protecting the UAW and its 140,000 or so votes. If GM and Chrysler file bankruptcy all the union labor contracts will be void and they would need to be renegotiated to contracts more in line with other manufacturers. If Washington was serious about helping to repair the economy they would have let them file. Let’s be serious, it is absurd to think that this would be unbearable unemployment. If GM and or Chrysler fail another company will step up and fill the void, the demand for vehicles and parts will still be there. The argument for “made in the USA” is also ridiculous, there has not been an “American made” car in this country in a long time.
PLEASE use some common sense, any company manufacturing an automobile in this country would need employees and would pay taxes!
RE: General Motors
WHY? Why does the government think it’s their place to help private industry? Why does GM or Chrysler for that matter think their entitled to taxpayer dollars? The majority of company’s in this country are small businesses “like mine”. If a small business fails it either files bankruptcy or closes. This is what the bankruptcy courts are for.I think this is nothing more than the government protecting the UAW and its 140,000 or so votes. If GM and Chrysler file bankruptcy all the union labor contracts will be void and they would need to be renegotiated to contracts more in line with other manufacturers. If Washington was serious about helping to repair the economy they would have let them file.
Looks like we wasted $10+billion on nothing.All it did was delay the bankruptcy of GM.The bailouts will probably have the same effect-delaying what would have happened anyway,which in this case would be a recession?,depression…………?
Order up ! One defacto bankruptcy, coming right up…..
GM now stands for "Government Motors" But don't think that the government will let GM fail now that it has a vested interest in it. I work in the oil refinery business, our CEO sent out an e-mail saying the we're looking at a potential tax increase of 860 million dollars in additional taxes for 2010. This of course will be passed on to the consumer. If you liked paying 4.50 a gallon for gas you'll love 10.00 a gallon.
The government wants GM to make Hybrid and electric cars and will tax the oil industry to raise fuel prices to make us buy them.
Back last December I felt, and continue to feel that the goverment should not have Bailed out GM.
I would have let GM go into Chapter 11 Reorganization Bankruptsy! That way everything would have been reopened to negotiations, including Union contracts! I feel the only thing the government should do is back the new car Warranty! GM would have had years to put GM back into a new leaner, competitive car maker!
Tens of Billions of our Dollars were wasted, to prolong the obvious that will happen! Trilions of dollars wasted on everything except opening debt to flow again, which has not happened yet! Trillions dollars to go to the Democratic sponsored elections across our country for Obama and his ACORN Cronies!
I have been on this project for over three weeks now, I still feel we are on to something. But let me tell you, if you really want to get educated fast as to what is going on in our goverment, go to http://www.ourcaucus.com and watch the videos they have there that explain how our federal government has changed, but more importantly,how it actually works. I guarantee you will come away with a whole new understanding of government. Like Glenn says "it'll make blood shoot out of your eyes. visit the site,you absolutely won't regret it, then pass on the website or the videos to your e-mail list.
Thanks for the link kgeorge…I am finding it very educational!! A definate "pass-along" link.
The GM Board of Directors should have forced the GM management to develop and execute a business plan to shrink, maintain or grow revenue and profit. The key is to maintain a healthy profit in terms of $ and %. Zero or negative profit equals death. This is Business Basic 101. Thefore the GM BOD should have forced the GM management to restructure and get rid of unprofitable business units, operations, products, etc. when GM had their first annual loss (2005). If the GM BOD would have done their job, we, the US tax payers would not be bailing out GM and giving a tax dollar cash transfusion to a dead business entity. I am also concerned that President Obama will fund the UAW pensions, health care, etc. with our tax dollars as a "thank you" to the union. The union was/is the biggest contributor to the GM debacle, and should share GM's fate. I can see another bailout coming , the UAW.
The union were also contributors to OBAMA campagin. He will take care of them!!!!
He did. But just for a couple of months. There are many that supported Obama and are now wondering why? The UAW is getting what it wants through the check card. That's why it is being pushed so hard. Many union jobs will be lost, but that is part of living in this nation.
There is a scorpion (union), sitting on the banks of a river when a frog (GM), comes hopping up. The scorpion asks the frog to take him to the other side. The frog tells him no, because he fears the scorpion will sting him. The scorpion tells the frog, "now why would I do that, because than both of us will parish". So the frog agrees and the scorpion hops on his back. Well, halfway across the river, the scorpion stings the frog. As the frog starts to go under, he asks the scorpion why he did it. The scorpion says "it's what scorpions do".
The unions had a chance to save their jobs by bending on the contract. They did not, now they will be busted and all contracts will be null and void when GM goes under the water.
He did. But just for a couple of months. There are many that supported Obama and are now wondering why? The UAW is getting what it wants through the check card. That's why it is being pushed so hard. Many union jobs will be lost, but that is part of living in this nation.
There is a scorpion (union), sitting on the banks of a river when a frog (GM), comes hopping up. The scorpion asks the frog to take him to the other side. The frog tells him no, because he fears the scorpion will sting him. The scorpion tells the frog, "now why would I do that, because than both of us will parish". So the frog agrees and the scorpion hops on his back. Well, halfway across the river, the scorpion stings the frog. As the frog starts to go under, he asks the scorpion why he did it. The scorpion says "it's what scorpions do".
The unions had a chance to save their jobs by bending on the contract. They did not, now they will be busted and all contracts will be null and void when GM goes under the water.
I bought a Toyota this weekend in defiance of the bailouts. Sucks.
Glenn has always told us to look beyond the news to the real truth, and I think I found one…
I came across this info last month when considering a re-fi through GMAC – I declined the loan based on this information. (Note that I am NOT a financial person at all, I had to do a lot of research just to find out what most of the terminology meant in all this).
I found the Financial Stability Oversight Board meeting's minutes for Jan 2009 indicating that GM's shares in GMAC were the collateral for their bailout loan from TARP. Those notes have been subsequently removed from the treasury's website, but I found a copy here (I also copied and pasted the text on to my home computer): <a href=”http://www.treasury.gov/initiatives/eesa/docs/FINSOB-Min…” target=”_blank”>www.treasury.gov/initiatives/eesa/docs/FINSOB-Min… target="_blank">http://74.125.47.132/search?q=cache:hqZd-EUP50AJ:... target="_blank">http://www.treasury.gov/initiatives/eesa/docs/FINSOB-Min...
Here's the deal: GMAC was just the financing arm of GM until it merged with Cerebus, who used to own 51% with GM owning 49%. When GMAC needed a bailout last year, the government put them on the fast track to become a Bank Holding company. GM was SUPPOSED to reduce it's shares to 10% and Cerebrus to 33%. While Cerebrus did that, GM was not forced to reduce it's shares, remaining at 49%. In Jan, GM bought more shares of GMAC, now making it a 59% shareholder of the Bank Holding Company, GMAC – they bought these shares with TARP money, AFTER their shares in GAMC were put up as collateral for their TARP loan. Here's the reference on that: <a href=”http://www.mlive.com/business/index.ssf/2009/01/g…” target=”_blank”>http://www.mlive.com/business/index.ssf/2009/01/g…
The president/Treasury Secretary can deny EVERY supposed effort of GM to "restructure" because it WANTS them in bankruptcy, so they default on the TARP repayment so they will OWN a Bank Holding Company (GMAC). In my research I found that a Bank Holding Company is allowed to: "… take advantage of the greater financial flexibility this corporate and legal status permits. Becoming a bank holding company makes it easier for the firm to raise capital than as a traditional bank. The holding company can assume debt of shareholders on a tax free basis, borrow money, ACQUIRE OTHER BANKS AND NON_BANK ENTITIES MORE EASILY (emph. mine), and issue stock with greater regulatory ease. It also has a greater legal authority to conduct share repurchases of its own stock."
Sooooo The Federal Governement owns a bank holding company which can acquire banks and other non-banking entities rather easily. I submit that this was the initial plan rather than giving Geithner king status. They knew that would fail through congress, and already had this plan in place. The GM stuff, as well as giving Geithner king status are BOTH just smokescreens for them doing something completely within the banking laws.
teh Treasury minutes link is here:
<a href=”http://74.125.47.132/search?q=cache:hqZd-EUP50AJ:http://www.treasury.gov/initiatives/eesa/docs/FINSOB-Min... target=”_blank”>http://74.125.47.132/search?q=cache:hqZd-EUP50AJ:…” target=”_blank”>www.treasury.gov/initiatives/eesa/docs/FINSOB-Min…
the text of the minutes from Jan 8 2009 FINSOB that states that the GMAC holding are the TARP collateral (page 3):
Treasury officials reported,
among other things, that the TARP had
fully funded the $4 billion loan to
Chrysler and the first $4 billion of the
$13.4 billion facility established for GM.
Members and officials also discussed the
objectives, structure and timing of
TARP’s purchase of $5 billion in senior
preferred equity with an 8 percent
dividend from GMAC and an additional
loan of up to $1 billion to GM in support
of GMAC’s reorganization as a bank
holding company. Members and officials
also reviewed the collateral for the loan of
up to $1 billion to GM, which will be
secured by the GMAC equity acquired by
GM in the rights offering that GMAC will
conduct, and which will be exchangeable
at any time, at Treasury's option, for the
GMAC equity acquired.
So the way I read this is, this is a non hostel takeover of one of the largest corporations in the country..
With so-called taxpayers money..
right on, this govt, along with state and local,govt's dont do anything unless it puts money and power in thier pockets why do you think the stimulus act puts most of the money in thier pockets
You need to get this to Glenn…pronto. I hope the moderator can get this back to him. If all of this is true and can be verified, we have a mess on our hands waiting to happen.
This is the kind of issues that make me believe that BO is just a front man for something bigger than we know about or can comprehend . Maybe after BO’s term in office is over. Their are going to be a whole new bunch of very wealthy people that will be controlling the world economy, inside and outside of office .
Its almost seems that their is a master plane and its happening right under our noses.. That will explain a lot of the secrecy and unexplainable actions of BO and the administration that have be happening up until this point.. Hey! hows that story for a best selling novel…
I sent it to glen on the insider e-mail, i tred to post several times after lat Thursday's broadcast on Fox with the "online chat" thing he does, and e-mailed to both Michelle Malkin, as well as Glenn' fox e-mail address. Haven't heard anything. He probably thinks I'm a tinfoil hat type.
A Government Motors bankrupcy that means Union members will lose there jobs will simply not be allowed. The Obama Statists-Marxist-Socialists owe to much to them. Some sort of financial shenanigans using evern more of OUR tax-money will be engineered to "save" Government Motors. The rational will be that too many jobs (Union of course) would be lost and this will be deemed to be unacceptable. This save will result in Union ownership/overview/control.
I'm reading all of your posts and Freeontheinside's research really flabbergasted me. A question: if NO one buys a GM car, what happens to the bank holding companies? If they fail, then the answer is: do NOT buy GM. Maybe some new tea parties after this one coming up should be:
Unions: get out of America
Fire Gettlefinger
Do not buy GM
What's the name of OUR bank holding company Tim?
We seem to gorget that the UAW contributed more than $ 55 millions dollars to the Obama campaing. Now there they are saying: "IT IS PAYBACK TIME" !!. Good luck with the Nancy Pelosi's cars that GM is mandated to build. When you sleep with the devil; guess what happens ?? Pelosi can offer $ 10,000 dollars rebate witha purchase of a GM or any other "green car" , but you know what she can do with it. Who needs a glorified "golf cart" that will give you an 80 mile range, per charge. The "brain deads" that voted the liberals in, deserve whatever they get.
So how many billions did it cost us to wind up exactly in the same boat as we were in 5 months ago?
you are going to wind up in a much smaller boat that you were in five mo. ago dont you understand that this is not a bailout, it is a buyout. and they are buying with your money, and they will run these co.'s with your money, and you will bend over for them with a smile on your face. stand up for your rights, they are disappearing fast
OH Well
In the real world, sometimes you eat the bear and sometimes the bear eats you.. GM can thank the unions for closing them down.. Shame on them for allowing this to happen.. I think after they fold, a new and better company will emerge with a fresh start. . Let the unions and government support all the X brain surgeons that were employed there. Chrysler watch out, you might be next..
Hey Taxpayers we can kiss our bucks goodbye.. I guess little Timmy and the administration knows nothing about the automobile business . If they did, they would have know from the start it was a looser. Just think of all the tax dollars the government would have saved..
I guess now, we will never get to see : the new 2010 Polosi compact car..
oh yes they will, and it will be built on your buck, so now stupid you can not only pay dearly for your car, you can pay extra for the govt allowing them to build it for you. oh yes, you can also pay extra for the govt allowing japan to import thier cars and causeing more unemployment. isnt it great how YOUR govt. works?
my guess is all of them. That bailout money went somewhere and I'm sure there will be more to come, they can't afford to admit that it failed after they "helped".
The government will help with re-structuring and GM will become mostly union owned and operated as a payback to those who helped in the elections. That's when the real bleeding will start.
I drive a Jeep and love it. But eventually I'll have to buy a new car. I worry that the stinking government regulations and union gravy boat won't allow for me to remain brand loyal.
right if i were you i would remain loyal to a car company owned by italy. thats the very best way to support your country. are you all nuts but me?
In a free market, it's not about supporting the goods of any particular country. It's about supporting a product you like. I believe in the Jeep brand. It does for me everything I believe a vehicle should. BTW, I don't know anything about it being owned by Italy. I know Fiat is and I don't know how that unresolved deal will settle. My problem is that I don't trust the government to act in the automakers best interests… which is to make the most money possible by selling the best products possible that can be purchased. Am I still nuts?
What business does the US government have to do with private business? GM should never have gotten into the same bed as the bureaucrats of DC. The new GM CEO is awaiting orders from the Treasury, who gets their orders from NObama. Is there any reason that any thinking individual believes that this is a good thing? This is a slippery path that the business world has started down. GM should declare bankruptcy and even though so many will be affected by the layoffs, the result will be a company that either will be lean and mean and aggresively market the products that the public want or they will be remembered as something that could have been.
GM is not speeding toward bankruptcy. The government won't let that happen. They are now coasting toward bankruptcy instead.
they should let gm just go into bankruptcy and quit giving them bailouts then after they go bankrupt the government should help them through it !!!!!
They best way to help them through it would be to leave them be
they wont file bankrupcy untill after they have been paid for thier company. and after that we will have a lot more overpaid govt, employees. if you think the union was bad, wait till the govt. gets done with you
Bye, GM. Time to pay the piper for your collusion with the UAW. Arrogance always exacts a price.
Collusion? For the love of God! Are you Joking!
Goo, you hit it right on the head…. why there is just no WAY that a company WOULDN"T want to pay the outrageous wages and benefit packages that the UAW has demanded. I mean, the contract bargaining must have been… A GM Rep walks into a room and says where do I sign. Have you ever notice that Businesses are formed to make a profit? In doing so they generally try to minimize cost (hence outsourcing?).
Nobody really can argue that GM has been a well run Corporation as of Late, but to suggest that they were happy or encouraged to pay the UAW enormous sums of money is ludicrous. Unions have run their course, and Are now not just a burden on the industries forced to bargain with them, but the working class who are forced to join. We/They pay Guys in ties to barter contracts that force their employers to outsource or scale back operations to effectively manage cost.
Oddly, it seems that your are happy to see your neighbors lose their jobs, investments and/or retirement. What is wrong with you?
No, I'm not joking, and nothing's wrong with me.
GM didn't have to agree to the egregious terms exacted by the Unions, which are nothing more than protection rackets. They have unfunded liabilities in the billions, because they were too scared to stand up to these criminals at the outset. I'm sorry, I don't have sympathy for GM. Maybe through bankruptcy, they can negotiate to something that is in their favour, and they can be competitive again. Until then, GM will continue to slide into obselecence.
dont you get it, g.m. can sell thier auto company to the govt., the govt. will pay for it with your money, and then G>M> official will collect big money for running the govt.'s auto company. sounds like a plan to me…
…and that is textbook Fascism.
What are they waiting for?
I wonder how many UAW workers are still happy that they voted for the Obamanation.
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Most of the bailouts will fail and end up in bankruptcy anyway. What will be exposed is that what has actually transpired is the largest scale money laundering fraud in history. This was done in order to expand the American economy to a level that will reduce the threat from global cabals of wealth holders that can, and I think have, attempted to act in concert to bring the USA to it's knees by attacking us on the economic level.
Joe Biden said Obama would be tested, and that what he would do in response would seem wrong – but really would be right.
Here is the flaw, in order to consider this action correct, one has to place the very basic tenets of freedom this nation has held must be relinquished. We are in serious trouble folks and I think many do not realize how serious it is.
The UAW and management has destroyed GM. Over the years the unions have demanded more and GM has bent over every time. They keep passing the cost on to the consumer and now it is dying,thank god. As a world economy we can't pay union prices when the world workers are not receiving unions wages.
yep, why dont we just join the E>U> the new world order. you people are insane. why do you think that they havnt said anything about the bonuses for chrysler corp C.E.O. because chry is owned by a forgien govt.. now o bumer says we wont give them bailout funds unless they split the company with fiat, another forgien govt company. and then we have the PATRIOTS, that drive forgien made vehicles. you people have to wake up, stop believing the news media and govt they are professional liars they tell you that american auto workers make over 70.00 per hour, they dont however tell you that over half of that goes for taxes health care unemployment ins ect, ect. do you think that bill oriely or glen beck works for 30.00 dollars per hr. i have to get off here before you drive me as insane as you seem. you bitch about the mess we are in, and then you buy products made in forgien countrys and undermine this country even furthue, all in the name of saveing a buck.. sorry about the spelling, but what do i know, i am just another white ni–er
While I have never dealt with the auto unions, I have dealt with the trades unions. never in my life have I seen such a bunch of overpaid, lazy spoiled people. I would go into detail but apparently you drank the union kool aid and it would be like talking to a wall.
No different then the airlines, GM needs to declare bankruptcy. They need to re-organize and lower wages so that they can become competitive. The union may not agree, but that needs to be done.
I agree that is the only way that gm can recover !!
Its about time, wipe the slate clean and restart in a more stable position.
GM should have done this before the government got their hooks into them and gave them OUR money. It's time to face the music and get it over with before anymore money is sent down the drain. It's evident that the bailout failed miserably. Gotta hand it to Ford. They are still around and even managed to pay down some of their debt. It's amazing what you can do when the government isn't breathing down your neck every day.
I agree ford is amazing. They saw this coming it is funny a lot of so called experts called ford crazy for closing plants and refocusing there company. Well who is crazy now. That is what is great in this country. you see 2 different ideas of how to run a company.
well now all of a sudden they have to approve what we say, well I knew it was going to come to this eventualy I,m done with this site same as the fox nation if they dont like what you say it doesnt appear!
Is there anyway I can kickstart the bankruptcy? It's probably the best way for GM to get out from under the government's thumb and to overhaul some very painful contracts.
What a waste of all those billions. I live in Michigan and it will hurt this State tremendously but this state has been democrat for decades. Pull that D lever some more.
Can we all exhale a collective sigh of relief and say, "FINALLY, no more government bailouts"?
Or is this just wishful thinking on my part?
Well, it's about time- The bailouts only delayed the inevitable and opened a worse can of bureaucratic worms when the government stepped in to actually run the company. Bankruptcy may save GM but I'd rather see it fail entirely, if just to underscore the how wrong the illegal government takeover was.
GM just needs to file for chapter 11, sooner the better.. Dont let the gov buy them.. We dont need our goverment taking care of something else they wont be able to handle. File and start from scratach.
This seems to be their only hope to continue, in any manner. This could be the only alternative for all American Auto manufactures, in order to get out from under the rule of the UAW. There was a point in our histoy when unions were a good thing for workers, but now that Uncle Sam is watching the way that workers are being treated, there is no place for the unions. No industry can last by paying workers far more than the norm in salary. In doing so, and by having to follow the more stringent Govt. standards, they have their prices so high that the average person can not afford.
This is a joke. They want to keep blaming the CEO's and turn a blind eye to the UAW. Something has to give.
It's true. And the more he repays his union buddies the harding he has to be on the CEO's which in turn makes Chaper 11 more likely which in the end won't be for for either the CEO's or the UAW. Atlas will shrug.
It's true. And the more he repays his union buddies the harder he has to be on the CEO's which in turn makes Chaper 11 more likely which in the end won't be for for either the CEO's or the UAW. Atlas will shrug.
Something did give – The US Congress.
What was given?
Tax dollars from people not even born yet.
GM's only viable option has been Chapter 11 restructuring for a long time now. Only the federal bankruptcy courts will be able to reign in both the unions and the bondholders. Not to mention that if GM would have realized this sooner, the government would not have had a platform to exercise the power over private companies that it now does. GM was the first company the government tested its new power grab on, and would have not had that opportunity if GM would have filed bankruptcy long ago.
Once more thru blatant stupidity and avarice our government has wasted $17 Billion of OUR dollars by sticking their noses and our money somewhere it did not belong. The problems at GM were a long time in coming and the company refused to make hard decisions and do the right thing for the past ten years. The company allowed the unions to take control. The company missed the consumer's desires and the market. I hope GM does file Chapter 11 Bankrupcy and I hope they learn from the experience and emerge a leaner, smarter and successful company but the taxpayers should not pay one dime for their salvation.
It's too lte for them to learn from this now. The only hope is that other companies will learn from what they have seen. I also don't believe they will be allowed to go bankrupt, it would cause everyone who pushed this bailout to lose face.
I can foresee them becoming more and more of a government run entity and all employees becoming civil servants and reaping a new set of union benefits.
hey GM, how is that bail out money working out for you, i hope you are spending my money wisely. have you figured out that you sold your soul to the devil yet. welcome to the hell that is government intervention.
I have only owned gm vehicles and work for an automotive supplier and I never understood why the government bailed out the auto makers. I thought it was only delaying the inevitable and hear it comes. I also wonder why the auto makers have not started puting solar panels on hybrids. Even if it is only a small increase miles per gallon, it would help.
As far as I'm concerned they can't get there fast enough. It's what they should have done before taking our money!
Looks like my next new car will be a FORD
That car has been doing doughnuts in the parking lot for some time. Everyone knew that they where bound for bankruptcy months ago, at least all those that weren't trying to payback the unions did. That's why I bought a Dodge. I still make payments, even though I sense a backlash by the feds to anyone that can pay on time.
That car has been doing doughnuts in the parking lot for some time. Everyone knew that they where bound for bankruptcy months ago. At least all those that weren't trying to payback the unions did. That's why I bought a Dodge. I still make payments, even though I sense a backlash by the feds to anyone that can pay on time.
As many of you here may have noticed I am a great admiror of the Late General Patton. A no non scense leader of real men. I have entered a link below of a current parody of General Patton in 2007. I want it to be known that I am not a person who promote's war, however, if it comes down to it I will be their worst enemy. This parody is a serious eye opener at least for me. I hope you enjoy it and it makes you think.
http://www.youtube.com/watch?v=xyUX6wV1lBQ
With out a doubt, with them still needing to cut thousands of Union workers. Buy them out i should say, GM is still looking at BILLIONS to get rid of the leaches they have employed. Bankruptcy WILL happen to GM unless they get more money.
They would have been better off to have filed Chapter 11 , it was advised by many before the first bailout funds were given. (Greed, Pride and arrogance protection of the UAW stopped them from doing the right thing.)Too big to fail?.
How many billions later of our tax dollars ? they are being forced by Government to remove their Board, C.E.O., Government guarantees on their vehicles warranties.
Governmental Protectionism, was invited into a free enterprise by all the bailouts.
The same Government which has no business whatsoever being involved in Privately held Companies to begin with.
not quite Boopster – Paulson corerced the banks for instance with threats of 5 year audits if they did not take the money whether they wanted or needed it or not – you can rest assured that ferret Geightner is using the same tactics, we just don't know the details yet
Hi Gringo Bob,
Our Government should stand accused of extorting the “Banks” that did not request nor need funds from the Government. However this will not happen. ,they are legally the only entities that can make this charge against them. They are afraid of the implied consequences for non compliance.
The healthy banks are now facing the reality the Government does not want the funds returned. Their (Government) reasoning is it will further erode and collapse the “stock prices” of the larger banking establishments..
If you sleep with the devil expect it to be
H. E.L.L……..
This is what should have happened to begin with. Why do they always second guess the financial sector? Now GM will have a fighting chance. They simply put off what pretty much every financial expert had said months ago. They gave out ridiculous compensation and it simply caught up to them. Now at least they can come back down to earth.
If they Chapter 11, if they go Chapter 7 it's all over.
I would offer that fatcats did have to agree to egregious union terms – IF- they wanted to keep their own millions upon millions gravy train for executives.
And hat is exactly what they did.
Not exactly. Those people that were costing them too much could have been released on early retirement, like other companies have, and continue to do. They already were on the hook for the retirement benefits.
I really don't care one way or the other, because the facts are clear…GM did this to themselves. The foreign companies build superior products for nearly half the cost in labour. This isn't a difficult equation.
I know right and i looked a little further down and someone said that even with those bailouts they are going to just keep asking the government for more !!! Which means more of our money going to something that will not work.
Something still stinks, besides your lack of concern for a large sector of our economy.
GM executives of the past certainly have to shoulder some of the blame, but do you think that the Presidents Reagan, either Bush or Clinton would have stood buy and watched Detroit shut down to strikes? Similarly to the way they let Airlines strike endlessly right. No, there would have been even more intervention with the industry then there already has been, and I mean before President B.O. started firing people at GM. The fact is unfavorable taxation to domestic automakers, paired with a high price and extremely well (to a fault) organized work forced produced a environment were domestic automakers were more concern with cost prevention and control then R&D and Quality.Now, IS that our governments fault? The Union's? GM's? or is there a fair amount to be spread around.
Goo, I think your frustration and lack of care is misdirected solely at one target, you half to recognize that those foreign companies that produce those "superior" products are and have been receiving subsides and tax incentives from their governments at a far greater rate then what we the American people are now giving to automakers to try and play a game of globalization catch up.