GM Reports Q2 Earnings: $1.3 Billion PROFIT

[CRANKYPANTS]

great news.

[syr74]

I understand the love from the home team but to be blunt these are disappointing profits considering the near total lack of debt GM has. New product should be turning more profit than this, especially with that kind of operating volume. If they don't get this train moving a bit faster the competition is going to continue to pull away where it matters, particularly Hyundai, VW, and Ford.

[jrc1122]

A loan is one thing, a bail out because of a failing business strategy is another.

If you go to the bank and take out a loan and you have a job and can prove you have the means to pay it back,, you are simply completing a business transaction.

If you go to the government and say I (GM) need money, or we will close the doors.. And if you give us money we promise to cut dealerships, destroy jobs, and careers, cut factory lines, that make Saturn, Pontiac, Saab, hummer) and hopefully I can repay you. Well, you see, that isn't a traditional loan. A Traditional loan is where you get money advanced to you on your good name (credit rating) and great business practices. (proof of a profitable company, thus being able to pay back the loan) . In this case GM got it because you can't survive without it.

I've always liked GM vehicles, (or at least some of their line up) This isn't some fanboy Ford guy.. I only recently bought my two ford vehicles (both in 2010)

I believe in standing on your own merits, limited government, and strong personal responsibility

This is why I am so disappointed with GM.

If they pay back ALL of it to the government with Interest, (because we owe China interest) That is great. I really hope they do.. Because it is OUR money, not some fictitious person.. The Government taxes us,, They spend our tax dollars. Without our money they don't have any money to bail out these companies. The sad news is, even when it gets paid back. It doesn't reduce the national debt, Because we are still spending into the red each month.. And that is scheduled spending, not even "emergencies"

We are sooooo screwed as a nation.


I wish I could dictate that all my taxes that I pay get sent straight to China.. (What a sick thing coming from my mouth)--- but hell we owe it to them, and I would rather have the Commies paid off, than to owe them, and have the basically hold the US dollar's fate in their hands.

Who would have thought that after the cold war, we would let another communist nation have the potential to ruin us.


Rant over.

[LOWDOWN]

A couple of thoughts, based on these posts:

1) Ford, to their credit, avoided the stench of "bailout" money. Part of their market share increases since last year are entirely due to NOT having taken Gov't aid, and avoided shutting down plants for a month or two. They produced more, so they sold more, proportionately...and there's NO stigma to buying Fords...

2) If you owe $50,000, and can't pay, YOU have a problem. If you owe $5 BILLION, THEY have a problem...

[Mr. Wyndham]

How do all of these threads manage to get turned into the same old argument?

It's like people don't WANT good news.....

[DGthe3]

Why is there so much talk about Ford in this thread? I coulda swore it said GM in the title ...

[jrc1122]

Because ford took out a traditional style loan from the government (not to save it's company,)

[DGthe3]

Originally Posted by jrc1122

Because ford took out a traditional style loan from the government (not to save it's company,)

Its about GM posting a profit, not loans/bailouts

[jrc1122]

Yes but to talk about the miniscule profits and not mention the 80 Billion they lost over the last 5 years or the government bail out seems alittle short sited, and not the entire story.

and (someone else brought it up)

[DGthe3]

Originally Posted by jrc1122

Yes but to talk about the miniscule profits and not mention the 80 Billion they lost over the last 5 years or the government bail out seems alittle short sited, and not the entire story.

and (someone else brought it up)

Ah, I didn't realize that accomplishments of the 1 year old General Motors Company had to be tempered with the failures of the 100 year old Motors Liquidation Company (formerly General Motors Corporation).

[LittleMT]

some of us are thrilled that GM atleast posted back to back quarters in the plus... a step in the right direction...

[Kyle2k]

Holy Off-Topic batman

[FenwickHockey65]

Look at what people drive.

Interesting correlation.

[jrc1122]

Originally Posted by DGthe3

Ah, I didn't realize that accomplishments of the 1 year old General Motors Company had to be tempered with the failures of the 100 year old Motors Liquidation Company (formerly General Motors Corporation).

My wife changed her name when she married me, but she is still the same person.

You can change you name, but you can't wash away the past.

Not to mention that people in earlier models GMs, still take their car in for service to the "new GM" for warranty work. Why because its virtually the same company.


Another example: If you personally go bankrupt, and then decide to change your name legally.. And you go out and apply for credit.. You are still going to get denied.. Just because you changed your name, and went bankrupt, doesn't mean that stuff just goes away.