Author Topic: GM bankruptcy !!!  (Read 22807 times)

compig

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GM bankruptcy !!!
« on: June 01, 2009, 10:37:59 AM »
Just heard the news here in the UK of GM filing for bankruptcy ! That is truly shocking ! Out of all the bad news during this global financial crisis that has had more impact with me than anything else. I'm aware that they were in BIG trouble and this was almost expected but to actually hear of the one time biggest auto manufacturer in the world collapsing into a worker / government coop is epic !!

Whats the mood over there guys ?
« Last Edit: June 11, 2009, 05:30:19 PM by compig »
DON'T STEAL , THE GOVERNMENT DOESN'T LIKE COMPETITION !!!
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GuyFawkes

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Re: GM bankrupcy !!!
« Reply #1 on: June 01, 2009, 12:12:09 PM »
Just heard the news here in the UK of GM filing for bankrupcy ! That is truly shocking ! Out of all the bad news during this global financial crisis that has had more impact with me than anything else. I'm aware that they were in BIG trouble and this was almost expected but to actually hear of the one time biggest auto manufacturer in the world collapsing into a worker / government coop is epic !!

Whats the mood over there guys ?

Biggest auto maker in the world? At one time they were the biggest company on the planet.
Total assets last year were 91 trillion US$

Don't be fooled by the dead cat bounce, the economy has a long way to go yet.
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carlb23

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Re: GM bankrupcy !!!
« Reply #2 on: June 01, 2009, 12:28:35 PM »
This has been a long time coming. The brass at GM just didn't get it, they keep building monster trucks and "SUV's" that on a good day got 8 mpg in the city and 17 on the highway.  The unions have been bleeding the US automakers dry for the last 40 years (average wage and benefits cost the manufacture over $70 dollars an hour) and now between the Union and the morons running GM it was inevitable the sh*t hit the fan.

Carl

compig

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Re: GM bankrupcy !!!
« Reply #3 on: June 01, 2009, 12:33:57 PM »
Don't be fooled by the dead cat bounce, the economy has a long way to go yet.

I'm under no illusions about the economy. I predicted a massive crisis more than 18 months ago , mind you , that didn't need a genius !!  Various friends were deterred from buying a house , cars etc by my warnings , they are quite grateful now !!  Couple ignored me and are in deep trouble !  Thing that always amazes me are that the signs or impending doom are so obvious and people just don't see it !!
DON'T STEAL , THE GOVERNMENT DOESN'T LIKE COMPETITION !!!
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compig

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Re: GM bankrupcy !!!
« Reply #4 on: June 01, 2009, 12:35:28 PM »
This has been a long time coming. The brass at GM just didn't get it, they keep building monster trucks and "SUV's" that on a good day got 8 mpg in the city and 17 on the highway. The unions have been bleeding the US automakers dry for the last 40 years (average wage and benefits cost the manufacture over $70 dollars an hour) and now between the Union and the morons running GM it was inevitable the sh*t hit the fan.

Carl

Weren't they just making what the market wanted though ?  SUV's were the biggest selling vehicle in the world up until this crisis.
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billswan

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Re: GM bankrupcy !!!
« Reply #5 on: June 01, 2009, 01:14:28 PM »
This has been a long time coming. The brass at GM just didn't get it, they keep building monster trucks and "SUV's" that on a good day got 8 mpg in the city and 17 on the highway. The unions have been bleeding the US automakers dry for the last 40 years (average wage and benefits cost the manufacture over $70 dollars an hour) and now between the Union and the morons running GM it was inevitable the sh*t hit the fan.

Carl

Weren't they just making what the market wanted though ?  SUV's were the biggest selling vehicle in the world up until this crisis.

Yes that is where the profit was , in those large gas guzzlers. but when gas went sky high over here in the USA the car companies did not have enough small gas sippers to sell so sales went down. Now that GM stands for GOVERNMENT MOTORS my new 09 4 door gas guzzler 4X4 PICKUP will probably be the last GM vehicle I will buy. FORD here I come they did not take any government money to stay afloat.
 Now that OBAMA the FACIST is in charge of Govenment motors and has some thing to say about what is built + raised the corperate fuel econmy average sky high we will watch Government  Motors really flounder trying to sell small gas sippers to people that were use to buying what they wanted not what some liberal thought thy should be forced to drive.

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compig

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Re: GM bankrupcy !!!
« Reply #6 on: June 01, 2009, 01:22:21 PM »
Government Motors !! I love it !!  Will be interesting to watch developments , no government I've ever experienced can run a country so what chance will they have running an Auto manufacturer ??!!  Logic would suggest this has to be a bonus for GM's competitors ?
DON'T STEAL , THE GOVERNMENT DOESN'T LIKE COMPETITION !!!
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JohnF13

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Re: GM bankrupcy !!!
« Reply #7 on: June 01, 2009, 01:30:24 PM »
In Canada we are investing over $1,000,000 for every job "saved".  It's gotta take some really smart Government apparatchik to figure out that is a good investment  Let 'em go under, offer the money to offshore producers that have the expertise to produce good, exciting small cars.  G.M, apart from the big trucks (and even then, their diesel engines are pieces of crap) have been producing boring junk for many years now.

I'm a big vehicle driver, mostly pickups, but that's my lifestyle - I need them for the things I do.  The ONLY thing that has kept me away from Toyota or other foreign trucks is the fact that they don't come in diesel and I insist of being able to make my own fuel.
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compig

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Re: GM bankrupcy !!!
« Reply #8 on: June 01, 2009, 01:45:02 PM »
I wasn't aware that there were no  imported big diesel suv's !  That had to be a political thing , for a company like Toyota to miss an opportunity like that is strange ! Thing is ,recently, the UK has picked up the 'big' SUV and pickup thing with vehicles like Mitsubishi L200 , Toyota whatever and Ford something or other , not big by US standards but big for us !! We don't need stuff like that though , it's an ego thing for the majority of people that buy them. The govenrment has now slapped a big annual vehicle tax on gas guzzlers though , this won't really affect a new vehicle buyers choice as it's a very small percentage of the total price , until , that is , they realise  it will kill residuals as the second buyer onwards market doesn't like high running cost's. Was a time when people that needed a utility vehicle bought a Landrover with an 80 BHP NA diesel , now they want (or think they want) all the creature comforts of a car in a 300 BHP plus SUV , 4x4 off road package to throw the odd lawn mower or bag of cement onto !!
DON'T STEAL , THE GOVERNMENT DOESN'T LIKE COMPETITION !!!
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carlb23

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Re: GM bankrupcy !!!
« Reply #9 on: June 01, 2009, 02:03:00 PM »
Up until the big Gas price hike of 2008 it was almost impossible for me to drive through our little rural town and not encounter 25% of the the pickup trucks actually being used for the purpose they were built, 50% of the vehicles were BIG H2 hummers, Range rovers and ford Excursions with "Soccer Moms" driving with one child on board and having no clue just how big that vehicle is that they are driving is, and 25% regular passenger cars of all shapes and sizes.


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Re: GM bankrupcy !!!
« Reply #10 on: June 01, 2009, 02:51:30 PM »
Yah even my wife commented a couple of years ago that the n. american motor companies were going to be in trouble unless they started making smaller more fuel efficient vehicles.

Bill, isn't the automakers union (or their pension plan) a big owner in the new GM?  That's what was reported this morning on our local radio.  I haven't looked into it in detail myself.
Stan

carlb23

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Re: GM bankrupcy !!!
« Reply #11 on: June 01, 2009, 03:17:30 PM »
I think the union may own 20% of GM

MikeyT

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Re: GM bankrupcy !!!
« Reply #12 on: June 01, 2009, 11:10:17 PM »
Just heard the news here in the UK of GM filing for bankrupcy ! That is truly shocking ! Out of all the bad news during this global financial crisis that has had more impact with me than anything else. I'm aware that they were in BIG trouble and this was almost expected but to actually hear of the one time biggest auto manufacturer in the world collapsing into a worker / government coop is epic !!

Whats the mood over there guys ?

Biggest auto maker in the world? At one time they were the biggest company on the planet.
Total assets last year were 91 trillion US$

Don't be fooled by the dead cat bounce, the economy has a long way to go yet.

Hmmm, 91 billion maybe.

Doug

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Re: GM bankrupcy !!!
« Reply #13 on: June 01, 2009, 11:36:39 PM »
Its sad but its a sign of the times but don't blame the workers. Henry Ford something to the line " If I don't pay these men who will buy my cars ?" and cylce of productivity and wage gains began.

Now we live in a world where the productivity gains and real wages have become disconnected and automation and lean production creating a societly where we all have to extremely educated to get a ahead or are willing to make do with less and less. 

Short time ago I was making some good money and thought I was getting ahead and now I am cleaning out my locker too because my employer although proffitable has decided to lay off cut back and demand big wage, bennits and pension concessions.

Old Henry was right who will buy these cars, but the trouble is you don't need a lot of people  to make them anymore(  how many guys standing around on a line does it take a robot to weld a car lol ). Productvity gains are starting to create a society where we can produce more than we can aford to consume unless we are prepared to work well in excess of 40 hours a week or go deap into debt.

Well we did both for while and now we have a real problem we can no longer consume more and more and find ways to pay for it.

We all knew this would happen at some point didn't we?
We just didn't think it would happen to us......
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billswan

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Re: GM bankrupcy !!!
« Reply #14 on: June 01, 2009, 11:48:17 PM »

Bill, isn't the automakers union (or their pension plan) a big owner in the new GM?  That's what was reported this morning on our local radio.  I haven't looked into it in detail myself.
Stan

Stan
yes you are right same as chrysler at least I think that is right, the whole thing makes me so mad. The government pouring money they don't have into companys that are doomed because of poor management and prior government over reach with safety and CAFE standards.The free market would have worked this out but NO the government beholding to big labor had to stick it's over bearing NOSE it yet another business. FASCISM the OBAMA way.
 
I also am a big talk radio listener, 2 of my favorites last week have uncovered that when chrysler went into bankruptcy several weeks ago they sent out letters to there supposed weakest dealers telling them they will be closed soon as a way to down size the system. Well guess what many dealers that got the letter were not small or weak but they were run by owners that had direct political ties to the conservative party!! More OBAMA under handed politics at work.

Billswan
16/1 Metro  in the harness choking on WMO ash!!

10/1 OMEGA failed that nasty WMO ash ate it

By the way what is your cylinder index?