GM to pay back US & Canada loans in June

[Fraxum]

Originally Posted by Number 3

Dead ducks?
I appreciate your opinion, Fraxum, I read it and hear it all the time. But it is basically 20/20 hindsight to say what they should have done.

So as you want to blame GM execs. Oh wait did you hear the one about all the execs that had been retired for years and had the pensions basically taken away? Oh no you didn't because you wouldn't have made your statements.

So as an American, you whine about the downfall of the big 3 and blame managment all you want. This story has so many parts and you could probably teach many classes on business, sociology, government on it.

So was GM stupid for always believing they could get back to ridiculous levels of market share? Maybe.

Look this is a tragic story for GM workers and families and for our country. But to blame "fat cat executives" as the only reason isn't getting at the whole story.

Why do you think we no longer have a textile industry in this country? Why do you think Big Steel lead the auto industry in this same downsizing? Why do we not have an electronics industry here? Heck we invented nearly every major electronic convenience, but for some reason we don't build any of them.

Again, I appreciate your thoughts on this topic. I know where it comes from. But the story is just wayyyyyyy bigger than what you want it to be.

I think you misunderstand what I am saying. Sell those trucks while you can and invest the money in new product. Eventually the American people will wake up or something will wake them up and the big truck will be dead. Get ready for that day.

GM is building some better cars today. But for the last 30 years they have been building a great many crappy cars. Why is that? Why did GM essentially concede the car to Honda and Toyota? Yes they have some financial disadvantages but why did it take them 30 years to get the message? So now they are focused on building better cars? And not all those cars you mention are home-runs.

The car industry is different than many other businesses. We do not have strong lower priced competitors from emerging markets in the car business. The competition has been apparent for quite some time. GM had a chance to compete, but GM management came up small. Who else is there to blame? They run the show and they were not paying attention.

Like most large corporations executive level GM management is not dependent on pensions. They work under contract and have clauses that demand large payouts no matter how they part ways with the company. These guys win no matter what. You see there are two kinds of people in this country. The 1% that hold 98% of the wealth, and the rest of us. Then they use the media they own to brainwash into thinking they are doing us a favor.

I hope for the your sake and everyone else working for GM now that things will improve. I might buy another GM car one day. But I will never buy one more share of GM stock. What was I thinking? Doh!

[dannkimmel]

#3 as a retiree i am VERY glad you work there.
you sound very smart and if your co workers are as good as you then
i beleave that gm will return to the top were they/we (if you may)belong.
good luck to you your family and every one that reads this.

some day you will be mine....2010/2011...1lt....red?or orange?

[LOWDOWN]

Number 3, as a still-on-the-scenes guy, you MUST be personally aware of a multitude of folks walked out GM's door who are literally irreplaceable...with skillsets and passion and aptitudes and results that will be sorely missed. And, by the same token, you're aware of folks still on the payroll who never should have been hired and for some unexplainable reason(s) still show up every morning...

The same is certainly true within the former and current Dealer body...

My main point here is, true "merit" had little/nothing to do with many of these decisions. And the General, for better or worse, will pay the price.

There are simply 1,000s upon 1,000s of consumers who will NEVER grace the doorstep of a GM Dealership again...PERIOD.

To the topic of payback, until GM is CONVINCED they have a total portfolio of "winners" through MY 2016, what's the rush in depleting cash reserves in ANY way at the possible expense on World Class Product? They will NOT have an opportunity to "dip" again...

And to have closed demonstrated HIGH QUALITY/LOW COST plants (i.e. Oshawa Truck, THE highest quality lt. duty truck plant in the world, regardless of Manufacturer) makes one legitimately question their TOTAL commitment to World Class Product, let alone to "World Class Dealers"... "Collateral damage" is no excuse for plowing under the garden...

For those concerned about GM's "dependance" on lt.duty trucks, you cannot tow 6000#-plus trailers or carry a cord of wood with Malibus or CTSs...or Priuses... Silverado/Sierra sales make it THE most often purchased/leased vehicle on the continent, still. When the profits were handed back as rebates from Spring -'08 forward, the writing was on the wall that Chapter 11 was inevitable, sadly. Hybrid versions are only a start. A new version is a dire requirement, as GM is now TWO "freshenings" behind Ford...and Dodge, for God's sake... Where's the 4.5 DuraMax? How come there's no current DuraMax production? Who's at fault for Distribution problems where trucks are rammed down over-stocked Dealers' throats while those with demonstrated abilities to sell trucks cannot get them??

Let's hope the "new business model" is apt, the money is invested wisely in new product...and the population at large has short memories regarding bailouts... The anger directed at the the Banks is only slightly greater, in certain circles, than the anger with(in?) GM.

IMHO

[DGthe3]

In addition to being a high quality plant, it needed extensive (and expensive) upgrades in order to continue operating.

As for GM's money situation, they have reduced their costs by billions compared to what they had a year ago. If they can payback roughly a billion dollars per month while sales are ~25% below normal they will be very profitable when the US market returns to sales levels from a couple years ago.