gm filing chapt 11

[wrecking-crew]

yea......i knew it was gonna happen but so soon after chrysler? dont mention anything about ford though.....you dont want to jinx them do you?

http://blog.cardomain.com/2009/05/27/gm-to-chapter-11-next-week/

 

[mentalbreakdown00]

this is the second bail out for ceysler, dad said the government had to step in on them in the 60's or 70's. When GM goes down the UAW will take it over and give themselves all raises and wonder why they can't be competitive. Heh, they should just consolisate the two companies and call it Government Motors Corporation. Oh, and while you have some free time look up government owned car companies from around the world and thier sales, you'll chuckle.

 

[Shran]

It is a pseudo-bankruptcy. So was Chrysler's. 6 months ago everyone was saying that if either one went bankrupt then the entire economy was in serious danger. Now they're saying that a bankruptcy will help fix things.

Whatever.

A few companies will shuffle around a lot of debt to make it look like things are fixed but nothing will actually change.

 

[mentalbreakdown00]

debt is Dumb cash is king and the only way to finacial peace is through the prince of peace! LOL

 

[willied]

I think it sucks for GM, but I don't feel the same so much for Dodge. The economy sucks.

 

[mentalbreakdown00]

I do not think it suks for either of them. They waaay over pay the workers, build things that don't sell, and over extended themselves in debt. Why should you have one guy to sweep the floor and one guy to mop both making $40 plus an hour?!?!?!

 

[willied]

I do not think it suks for either of them. They waaay over pay the workers, build things that don't sell, and over extended themselves in debt. Why should you have one guy to sweep the floor and one guy to mop both making $40 plus an hour?!?!?!

I'm not saying they did things right, I mean that's why Ford is still alive and well without government intervention and what not. I just think they have some nice cars, but they just didn't make the right decisions.

 

[mentalbreakdown00]

What really makes me mad is we apparantly no longer have a free market system. Unless you are a small fry like me. If I make bad decisions I can't go crying to the government in my own personal ride (not like I have my own plane) and beg for some money, nor would I for that matter. I think we are at a tipping point in america where everyone has become dependent on the goverment, which is not how it's supposed to be. If we go to socialized health care say good bye to me cause the government will let me die because I will cost to much to keep alive.

 

[Mac]

What's going to really hurt is all the small suppliers that feed GM and Chrysler with their little parts. I spent a Summer working on an assmebly line, yes, it's hard work, but sure not worth what they were getting paid. I bet I adjusted 3000 torsion bars that Summer, hated the big Dodge wagons with the 440's.
Dave

 

[arw1451]

It seems to me that we should let companies that make bad decisions fail. Chrysler hasn't been a stand-alone car company for a many number of years;Fiat is just using them to gain access to the dealer network(what's left of it) and sell their little junkers to us! By the way, did I mention we bailed out a RICH private equity company.(Cereberus) Now onto GM: If we sold everything they own right now you'd get about 90 billion or so(according to CNBC), but they have over 170 billion in debt, not including the government loans. You and I are never going to get paid back and now GM will be owned and run by the government! I don't know about anyone else, but I'm not sure that you and I the taxpayer are really getting a good deal here.
I know this all sounds pretty bad, but it needs saying.
Now, I feel for everyone in the industry. Even my personal friends and family are suffering, but we have to let these companies go. WE just can't afford it anymore.
Let's reward the companies that do the right thing. Ford is making it on their own and I say more power to them.

 

[rangerbert]

Ok I've read what's been said about GM and Chrysler to a point they shouldn't get a bail out. The big 3 had to go to congress and beg for taxpayer money. The banks on wall street didnt have to beg for taxpayer money. The big 3 was asking for far less money. Citi group paid 400 million dollars to the N.Y. Mets for the naming rights for the new baseball stadium. So If everyone is upset about what GM and chrysler got they should be upset about the banks on wall street and what they've done too. Not many people are complaining about what they've done.

 

[Shran]

Ok I've read what's been said about GM and Chrysler to a point they shouldn't get a bail out. The big 3 had to go to congress and beg for taxpayer money. The banks on wall street didnt have to beg for taxpayer money. The big 3 was asking for far less money. Citi group paid 400 million dollars to the N.Y. Mets for the naming rights for the new baseball stadium. So If everyone is upset about what GM and chrysler got they should be upset about the banks on wall street and what they've done too. Not many people are complaining about what they've done.

The car companies are just a small piece of the puzzle. The problem is that almost EVERYONE is guilty and somewhat responsible for what is going on to varying extents. But nobody wants to suck it up and take responsibility. The average American just wants things to go back to the way they were. It sucks too because those of us who were smart enough to live within our means are the ones who will pay the price. Everyone else will just get their own bailouts, ie welfare

 

[LittleHorse]

Ok I've read what's been said about GM and Chrysler to a point they shouldn't get a bail out. The big 3 had to go to congress and beg for taxpayer money. The banks on wall street didnt have to beg for taxpayer money. The big 3 was asking for far less money. Citi group paid 400 million dollars to the N.Y. Mets for the naming rights for the new baseball stadium. So If everyone is upset about what GM and chrysler got they should be upset about the banks on wall street and what they've done too. Not many people are complaining about what they've done.

there was plenty of complaining about the banks when it happened and I dont think anyone here would disagree that it's even more ridiculous, but the automaker bailouts have been more recent so the sting is sharper, and this is a auto-focused web forum.

 

[daniel3507]

I dont know about other cities but here GM has way too many dealerships. thats probably why they are in so much trouble now. ford had the same problem but they actually noticed it many years back and started doing something about it.

 

[85_Ranger4x4]

I do not think it suks for either of them. They waaay over pay the workers, build things that don't sell, and over extended themselves in debt. Why should you have one guy to sweep the floor and one guy to mop both making $40 plus an hour?!?!?!

They did build things that sold very well, then everybody changed their mind on what they wanted fast. 9 years ago GM stock was at an all time high, right in the middle of the SUV boom, it had never been worth more since the dawn of time. Now at less than a buck it has never been worth less. The imports that had only really made cars at that point and were still trying to crack the SUV/Truck nut and got a huge windfall out of the deal when gas milage all of the sudden became a selling feature again. A couple more years of SUV/Truck dominance and they would have been caught in the same trap.

I like dealerships close by, if I couldn't weasel my rebadged Eclipse thru the Chrysler dealership under its "Plymouth" nameplate I would have had to drive over an hour to get dealer only parts... which is no fun when your only car shreds the dampener pulley.