GM enters bankruptcy protection

[Biggles]

http://news.bbc.co.uk/2/hi/business/8077255.stm

"Car giant General Motors (GM) has filed for bankruptcy protection, marking the biggest failure of an industrial company in US history."

Wow...this is pretty bad, huh?

[SteamWake]

So hows all that bailout, hope and change workin out for ya ?

[Jimbuna]

I shudder at the thought of up to 20,000 people losing their jobs

[GoldenRivet]

Originally Posted by SteamWake

So hows all that bailout, hope and change workin out for ya ?

Yay socialism!!! Three Cheers for glorious leader Comrade Obama

Obama is going to introduce a new national anthem since ours no longer describes our nation.

here are the lyrics... hope you recognize them

Verse 1

Soyuz nerushimy respublik svobodnykh
Splotila naveki velikaya Rus'!
Da zdravstvuyet sozdanny voley narodov
Yediny, moguchy Sovetsky Soyuz!

Chorus:

Slavsya, Otechestvo nashe svobodnoye,
Druzhby narodov nadyozhny oplot!
Partiya Lenina — sila narodnaya
Nas k torzhestvu kommunizma vedyot!

Verse 2

Skvoz' grozy siyalo nam solntse svobody,
I Lenin veliky nam put' ozaril,
Na pravoye delo on podnyal narody,
Na trud i na podvigi nas vdokhnovil!

Chorus

V pobede bessmertnykh idey kommunizma
My vidim gryadushcheye nashey strany,
I krasnomu znameni slavnoy otchizny
My budem vsegda bezzavetno verny!

[Biggles]

Was bound to happen eventually if you ask me...no matter the leadership...

[SteamWake]

Originally Posted by Biggles

Was bound to happen eventually if you ask me...no matter the leadership...

Problem is that with the bailout 'attempt' the federal goverment became the major share holder (along with the UAW) and are now running the show.

[GoldenRivet]

Originally Posted by SteamWake

Problem is that with the bailout 'attempt' the federal goverment became the major share holder (along with the UAW) and are now running the show.

Bingo

[AVGWarhawk]

Bail out, bankruptcy, or not...the writing is on the wall. GM will still fail. American's are not going to rush out a buy GM products. Some will not because they bungled a bail out that was crap to begin with. The GM products still have the stigmata of being crappy cars and quite frankly, not very good looking. Furthermore, most Americans believe once the factory closes there will be no parts for their car if the car breaks down. Not true but that is the thought if the factory closes. Also, they think 'what if' GM blows this also, what of my warranty? It is a big bungled mess and GM will not survive.

[SteamWake]

Originally Posted by AVGWarhawk

Bail out, bankruptcy, or not...the writing is on the wall. GM will still fail.

Well no kiddin, look whos running it.

Again name me one federal goverment entity that is run profitably, and efficently.

You think GM made crappy products in the past wait till they have to meet the mandates and 'controls' placed on them by their major shareholder.

Barry says he has no interest in running this company yet he fires the ceo, puts someone else in his place, demands they re-tool, streamline and produce eco friendly cracker boxes.

"I dont want to tell you what to do but here is what your going to do." paraphrased of course but thats it in a nutshell.

[ReallyDedPoet]

Originally Posted by GoldenRivet

Yay socialism!!! Three Cheers for glorious leader Comrade Obama

Obama is going to introduce a new national anthem since ours no longer describes our nation.

Don't forget that bailouts also started with the previous administration.

[Kapitan_Phillips]

Not only that, but GM contribute to, or own many European car makers too. Vauxhall for example, is rather nervous, but I believe the German company Magnum might make a move to buy them out before long.

[AVGWarhawk]

Even if left to their own devices...GM will still fail. GM does not need the government to help in their failings but it will certainly speed up the process.

As they say, 'It is good enough for government work.'

[SteamWake]

Originally Posted by reallydedpoet

Don't forget that bailouts also started with the previous administration.

Well I dont think they planned on the largest financial debacle in the history of mankind.

[ReallyDedPoet]

Originally Posted by SteamWake

Well I dont think they planned on the largest financial debacle in the history of mankind.

I am sure they had a pretty good idea but just did not want to say to much at the time, especially with an election looming, just look at what the bank bailouts did. They were in spin mode then, just like what is being done now. But that's par for politics right

[SteamWake]

Originally Posted by reallydedpoet

I am sure they had a pretty good idea but just did not want to say to much at the time, especially with an election looming, just look at what the bank bailouts did. They were in spin mode then, just like what is being done now. But that's par for politics right

Perhaps a grain of truth in that but it was never originally intended to be a hostile takeover as it is now.

As to the bank bailouts, where did that money go? They sure as hell aint loaning any out.

Remember these 'stress tests' ? Take my word for it the current administration has their sights set on the banks as well.