GM to cut 1/3rd of remaining workforce! (10)
I always doubted if M should be saved based purely on the fact that they build crappy vehicles. I owned a couple in my life and the last one was the car from hell. 
But at the same time I know what will happen if GM collapses and that is the only reason I even considered supporting the bailout for them. Now it looks like they may fail anyway.
But at the same time I know what will happen if GM collapses and that is the only reason I even considered supporting the bailout for them. Now it looks like they may fail anyway.
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Paradox67: I always doubted if M should be saved based purely on the fact that they build crappy vehicles. I owned a couple in my life and the last one was the car from hell.
But at the same time I know what will happen if GM collapses and that is the only reason I even considered supporting the bailout for them. Now it looks like they may fail anyway.
But at the same time I know what will happen if GM collapses and that is the only reason I even considered supporting the bailout for them. Now it looks like they may fail anyway.
So, if GM fails and we are out $20B or so, what was the net sum gain? We still lose the jobs and we lose the money?
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toranoga: So, if GM fails and we are out $20B or so, what was the net sum gain? We still lose the jobs and we lose the money?
Just think how much money we will save by over-inflating the scrap value of the machines that we will sell to China.
zee
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toranoga: So, if GM fails and we are out $20B or so, what was the net sum gain? We still lose the jobs and we lose the money?
My guess is bit and pieces of it will be bought by other auto makers. There will be first a bankruptcy hearing for investors to to get the 1 cent on $1 invested. After they take anything of value, then the rest is open to the market for purchase.
There are different kinds of bankruptcy...Chapt 9 and Chapt 11
so depends on that as well.
I hate to see them fold all of GM. You got to admit the Hummer line.....even though it drinks gas like water.....is a neat and unique vehicle.
Beside where will we get movie Hummers for action flicks?
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No matter what happens the private bond investors are screwed big time. So many of them bought the bonds for their retirement.
GM has been in dire straights for some time - between $4/gallon gas last year and this recession they really don't have a chance. Hate to see any worker starve but throwing taxpayer money at the problem will just delay the end of GM as we've known it.
GM has been in dire straights for some time - between $4/gallon gas last year and this recession they really don't have a chance. Hate to see any worker starve but throwing taxpayer money at the problem will just delay the end of GM as we've known it.
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Don216: No matter what happens the private bond investors are screwed big time. So many of them bought the bonds for their retirement.
GM has been in dire straights for some time - between $4/gallon gas last year and this recession they really don't have a chance. Hate to see any worker starve but throwing taxpayer money at the problem will just delay the end of GM as we've known it.
GM has been in dire straights for some time - between $4/gallon gas last year and this recession they really don't have a chance. Hate to see any worker starve but throwing taxpayer money at the problem will just delay the end of GM as we've known it.
Hailing from Michigan and knowing a lot of GM workers, I can honestly say that GM has been on the brink since the 70's. They have always borrowed money to stay afloat. their business practices have always been questionable.... Time has finally caught up with them.
zee
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toranoga: So, if GM fails and we are out $20B or so, what was the net sum gain? We still lose the jobs and we lose the money?
Well, if we dump another 20b in it, then what do you do in 3 months when it is out of money the next time....??????????
The structure of the business isn't any good, and the UAW sucks what little profit they could be making, as do foriegn manufactures, they don't have all the liberal standards to run a business by, so GM can't compete. The only way they can compete with the unfair trade agreements we have is to pay there workers, min.wage and get rid of their benefits... ALL of our manufacturing base here in the US is selling out or have sold out to cheaper labor costs, and less emmission standards places... The congress and the laws the are what hurt our economy, and the greed of big business is killing it too...JMO..
I say we don't bail out any of them, not home owners, not companies, and not the banks...period will it bring a depression.....yes, it will. I look at it this way we are the generation that screwed it up because we all have to have this and have to have that. So we should have to suffer the consequences for our own actions.. I know it isn't all of our faults, It is the congress's and stupid greedy people who knew they were making bad decisions, when they went into debt, but I would rather suffer now then to pass the suffering down to our kids....JMO
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Tater:
I say we don't bail out any of them, not home owners, not companies, and not the banks...period will it bring a depression.....yes, it will. I look at it this way we are the generation that screwed it up because we all have to have this and have to have that. So we should have to suffer the consequences for our own actions.. I know it isn't all of our faults, It is the congress's and stupid greedy people who knew they were making bad decisions, when they went into debt, but I would rather suffer now then to pass the suffering down to our kids....JMO
I say we don't bail out any of them, not home owners, not companies, and not the banks...period will it bring a depression.....yes, it will. I look at it this way we are the generation that screwed it up because we all have to have this and have to have that. So we should have to suffer the consequences for our own actions.. I know it isn't all of our faults, It is the congress's and stupid greedy people who knew they were making bad decisions, when they went into debt, but I would rather suffer now then to pass the suffering down to our kids....JMO
Amen. When did we become the everyone deserves anything they want society and the government will pay for our greed?
My poor grand kids and their kids will be paying this debt off long after I'm gone. Not the thing to do IMHO.
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Created: Apr 2009
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Bondholders will be asked to take 1% of their bond value as payment for existing holdings. Taxpayers will see their investment in the automaker diluted by 50% with additional stock issueance and the UAW will see their stake in the company remain at 20%. Common stock holders will be at the mercy of the open market.
If only 40,000 jobs remain at GM, the average cost to the taxpayer per job "saved" will be about $67,500 if there is no further reduction in the value of the taxpayer's position.
Is GM still worth saving and if so, why?