Comments on: GM Wants to Default on Bad Assets; Form New Company With Good Assets

By: chartingstocks1

chartingstocks1 — Sun, 15 Feb 2009 18:36:22 +0000

i think its time for a revolution!

By: Dead_in_Dayton

Dead_in_Dayton — Sun, 15 Feb 2009 15:58:27 +0000

I live in Dayton, Ohio which used be be called a GM Town. A half dozen manufacturing facilities employing ten of thousands and many suppliers employing tens of thousands more. Virtually all gone now. The region talks about re-vitalizing industry post-GM but it is an empty pipe-dream. I guess that all those abandoned buildings and the suppliers they still owe would be considered part of the bad assets they want to dispose of. Maybe we can use the buildings to house all of the homeless and soon-to-be-homeless unemployed folks.

By: Masdar

Masdar — Sun, 15 Feb 2009 15:45:23 +0000

Any thinking person would conclude that Unions are not the cause of the demise of the auto industry and if those persons were astute in their analysis they would conclude that the management and direction of these companies were under the control of management thus will be where the blame lies. The products that these companies produced were simply not in demand and haven’t been in demand for years as evident by the declining market share. Further trade imbalances created by government international trade policies and practices created an other barrier to a drop in sales. It is estimated that the labor cost on average to produce a vehicle amounts to about 7% of the overall cost of production.

By: jayjay

jayjay — Sun, 15 Feb 2009 15:34:41 +0000

72 Vega. Wow I used to have one of those. If you could keep oil in it it would run, but what a piece of crap. I too would dance on there grave.

By: Prinzowhales

Prinzowhales — Sun, 15 Feb 2009 13:49:55 +0000

Flint and Detroit Michigan…the barren wasteland of Big Steel and Big Steel’s pet union are ample testimony to the kind of society that finance and profit driven enterprise bring to the world…slag heaps a disintegrating society and ruined people…. General Motors could have been producing and selling electtric cars over ten years ago…but they opted to destroy their model and build SUVs…while the obliging swine in Washington provided green stamps for those who bought them–tax incentives for businesses–that was quite an energy independence strategy. I remember the 1972 Vega…and I will gladly dance on GM’s grave!

By: Prinzowhales

Prinzowhales — Sun, 15 Feb 2009 13:43:14 +0000

Excellent! The UAW’s membership is getting exactly what they deserve for betraying the Industrial Unionism for the sake of craft unionism and supporting Obama and his financier pay masters. Let them rot! “Smoke and Mirrors” wrote today that an uncle of his said that “Those who cannot hear must feel,” and these people of the “I’ve-got-mine” brand of unionism who split the labor movement and settled in with the Democratic Party shills will finally have the wolf at their door.

By: GrimFandango

GrimFandango — Sun, 15 Feb 2009 05:26:47 +0000

This is not the answer.

After GM ditches their debt, financially destroying their creditors in the process, they will emerge as a new company with the same old cars that people won’t buy in sufficient quantities to prevent the very same debt cycle from reoccurring.

I say, off with their heads.