MERGED: Has anyone read this (bankruptcy) about GM?

[MrIcky]

Originally Posted by The_Blur

We could teach GM to fish if only our public officials knew how to run a business. You know as well as I do that elected officials are basically Americans who win popularity contests—I mean elections—based on political affiliation, name recognition, and a little bit of policy. They don't know how to run a big company, so we can only hope that professionals who have done this all their lives can do a better job.

I like your idea of a tax deferment. That could make an enormous difference. I don't like the idea of printing money. That's part of what got the Weimar Republic in trouble after WWI. It creates enormous amounts of inflation.

I strongly believe that we need to support large American companies that dominate the market if the US intends to stay a dominant economic power. GM is one of the largest. If another enormous car company pops up and a market crisis hits the world, I'll support protecting that company in the face of a depression.

I understand your frustration with the GM of the 1980s. I feel that period of time is a large black streak on GM history. Fortunately, the same executives that "don't know how to keep" their jobs are the ones that designed critically acclaimed cars like the Malibu. They know what they're doing. This market crisis prevented that from shining through. If this crisis happened in 2011, then we would have seen the successful profit from this year, next year, and the year after that; GM taking back the number 1 spot from Toyota under positive market conditions; successful product releases, including the Volt, Cruze, and Camaro; cost reduction in 2010; working within EPA and CAFE regulations. GM is doing its job. For us to accept government involvement in industry at all, we would be hypocrites to reject government loans to companies that keep America running. I guarantee you that GM can get through this with great success if we just help a little bit. We'd be doing a whole lot less than the rest of the world, if that makes anyone feel better.

Man I hope you're right. I completely agree that GM has some desirable cars in the pipeline. If Wagoner just published some sort of comprehensive plan saying "we'll be doing this, we'll be cutting x line, we'll reduce platforms to ____" etc. I'd feel a lot better about it. New cars will help, but there are deep problems here.

On top of that, anything Barney Frank puts in writing is bound to be a disaster. How that man came to be in charge of the House Finance Committee is a mystery to me. And that's not a political statement, I mean Barney Frank as an individual does not understand the subject on which he is in charge.

[Mr. Wyndham]

Originally Posted by MrIcky

If Wagoner just published some sort of comprehensive plan saying "we'll be doing this, we'll be cutting x line, we'll reduce platforms to ____" etc. I'd feel a lot better about it.

Seriously, though -- what company spells out their business plan to the public? They'll be outlining it to Congress who will ultimately decide their fate...and I hope they get the hint.

[Her455]

Tell you what - if GM files for bankruptcy - Hell, YEAH I'd buy a camaro and ask them to throw in a Vette to sweeten the deal!

Heading to the dealer this weekend to order 2SS/RS black - adding to current collection consisting of 1976 Trans Am, 1980 Chevy Monza, and 1997 Vette 6-speed!

[Evotion]

Was going to post this in another thread but didn't want it getting lost in the negativity.



By JULIE HIRSCHFELD DAVIS, Associated Press Writer Julie Hirschfeld Davis, Associated Press Writer – 52 mins ago

WASHINGTON – The White House on Friday threw its support behind a plan to speed release of $25 billion in existing loans to the Big Three automakers but rejected a Democratic proposal to use money from a financial bailout to help the troubled industry.

The $700 billion financial rescue package was never intended to help automakers and shouldn't be now, White House spokeswoman Dana Perino told The Associated Press. But since Democratic leaders in Congress are pressing forward with a proposal to carve out a piece of its for the auto industry, she said the White House has decided to pursue a different approach: accelerating the availability of federal loans Congress first approved in September.

Those loans were approved to help automakers build more fuel-efficient vehicles and become more competitive companies in the global marketplace. The administration now supports allowing the loans to be released more quickly than the original legislation prescribed and to be used for more urgent purposes as the companies struggle to stay afloat.

"Democrats are choosing a path that would only lead to partisan gridlock," she said. "We are now actively calling on Congress to amend the loan program."

[Supermans]

This is more like it Glad to hear GM is going to survive until the next crisis..

[TJ91]

definitly some good news!

[DMX]

I don't think GM's share of that $25b alone will be enough to keep them afloat. They still need more, ****************

[Kyle2k]

Gotta love the tone of this article. Quit being partisan you partisan partisans, this article isn't partisan. I'm curious if this was even talked about in congress before the white house called the "p-word."

[AlaskaZ06]

You bet I am and I may do a ZR1 also.....

[zzz28zzz]

I will buy I will buy I will buy I will buy I will buy

[zforce]

Originally Posted by Scott@Bjorn3D

Saw some posting on CNN saying that 80% of Americans would not buy from a car company in bankruptcy. Would you still get your Camaro if they filed?

I would. And no I did not do a poll because we have way to many of those around here.

It depends. From a Company that has held our country together for over 100 years. YES! From a company that has little significance on our heritage and history, than the answer is: NO.

[xl1200r]

Just about anything you read in the media is going to have a leftist spin unless you seek out a right-sided outlet.

That said, I'm really glad to hear this. I've really been on edge about this, not because I want my Camaro, but because I know the American economy would go to hell with the fall of GM.

Okay, maybe it's a little becasue I want my Camaro.

[Shifty 6]

Dude its totally because I want my car!!!

[detroitboy]

I just watched the NBC news tonight and they talked about how much of the whole of the money set aside for the program was already squandered on bonus money for "executive compensation" for Wall St execs.... GRRRRRRRR!!!!!!! These guys should be hanging from the street signs like Blackbeard was.
Sorry...did'nt mean to hijack the thread (as I probably have to others in the past two days). I apologize, but this whole thing affects so many people in my life that it I actually feel bad for being financially stable and unaffected by it.