GM CEO resigns at Obama's behest

[The Coach]

If GM fails, then the suppliers will also fail - which in turn will cause Chrysler and Ford (who use the same domestic suppliers) to also fail.So, even if it means the suppliers, several cities, and the other Big Two faile - we should still allow GM to fail?

yes or no, 333386?

Just because you keep shoveling in money doesn't mean it will be better. Filing for BK reorganization would have been much better than taking billions of dollars of our money. Of course Obama want's the government to tak over, it's another open faucet for raising taxes. By filing BK it will force manangment to re-organize instead of falling back on $$. Obama isn't doing anything different than what BK would have done with the exeption of the government being in control.

[The Coach]

This is such garbage.  GM makes good trucks and there are two things I would buy with confidence from GM

1.  Corvette
2.  Tahoe/Denali/Escalade

We need to get the company to able to sell more of these vehicles since those are perceived as quality vehicles people wants.  

The rest is just garbage from politicians.  

Don't forget they even make a hybrid escalade.

[240 is Back]

Yes. 

okay.  You're okay with 3 million jobs in America - from the Big Three alone - disappearing.

We currently have 5 to 6 million unemployed Americans, and a 7% unemployment rate.  Do you want to bump it up by 50% by adding 3 million more unemployed folks to the list?

Do you want a nationwide 12% unemployement rate overnight?
(This doesn't even include the suppliers, waitresses, renters, and everyone else who has a job only to support the auto industry).

So what happens to state unemployment budgets (many of them already on pace to run out late this year) when they have 50% more people applying?

These state budgets fail, many of them almost immediately.

Federal govt has to print more $ to keep paying this unemployment - a helluva lot moer than the $billions that GM wants.

I don't think you are thinking that far ahead - to failed state budgets- as a result of bumping national unemployment by 50%.

[The Coach]

So you believe John kerry is a traitor, joe? 

Do you have the guts to come out and say it, as you did before?

I already said it in a previous post on here.......but if you would like me to clarify again then I will........YES, I think he's a traitor as well as Carter.

[240 is Back]

Just because you keep shoveling in money doesn't mean it will be better. Filing for BK reorganization would have been much better than taking billions of dollars of our money. Of course Obama want's the government to tak over, it's another open faucet for raising taxes. By filing BK it will force manangment to re-organize instead of falling back on $$. Obama isn't doing anything different than what BK would have done with the exeption of the government being in control.

Giving GM $50 billion is a LOT less that the hundreds of billions they'll have to give to failed STATE budgets as a result of the unemployment and welfare claims that occur when you introduce 3-4 million new unemployed to the mix almost overnight.

You either pay a little, or you pay a lot.  I dont think ppl here regiuster the strain that these 3 million (plus support and supplier jobs) that will go *poof* will mean they all get on unemployment, welfare, or other state benefits.

You're gonna pay either way, as a taxpayer.

[240 is Back]

I already said it in a previous post on here.......but if you would like me to clarify again then I will........YES, I think he's a traitor as well as Carter.

Wow.  you're a brave man.

[The Coach]

Wow.  you're a brave man.

If I ever had the chance I'd tell him that to his (their) faces.

[Soul Crusher]

okay.  You're okay with 3 million jobs in America - from the Big Three alone - disappearing.

We currently have 5 to 6 million unemployed Americans, and a 7% unemployment rate.  Do you want to bump it up by 50% by adding 3 million more unemployed folks to the list?

Do you want a nationwide 12% unemployement rate overnight?
(This doesn't even include the suppliers, waitresses, renters, and everyone else who has a job only to support the auto industry).

So what happens to state unemployment budgets (many of them already on pace to run out late this year) when they have 50% more people applying?

These state budgets fail, many of them almost immediately.

Federal govt has to print more $ to keep paying this unemployment - a helluva lot moer than the $billions that GM wants.

I don't think you are thinking that far ahead - to failed state budgets- as a result of bumping national unemployment by 50%.

So where is your end to this??

I agree with Schiff - the depression and recession is the cure.  

The government and the state govt are out of control and need to be reigned in and get out of the way.  

The government created this disaster and needs to back off.  

No more unions.
No more more EPA mpg regs.
No more union work rules for factories.

These things drive the price of the vechicles to insane prices that people cannot afford without taking crazy loans out.

Why doesnt Apple need a bailout?  Dell or microsoft?  Etc.??      

[LurkerNoMore]

[240 is Back]

So where is your end to this??

bail out the firms, renegotiate contracts, end union involvement, freeze salaries, and yes, kick out the CEOs until you find a guy that can turn a profit, or at least not lose $30 billion a year.

name any other firm or industry where a guy can lose $30 billion a year and be guaranteed his job?

[Soul Crusher]

bail out the firms, renegotiate contracts, end union involvement, freeze salaries, and yes, kick out the CEOs until you find a guy that can turn a profit, or at least not lose $30 billion a year.

name any other firm or industry where a guy can lose $30 billion a year and be guaranteed his job?

Those firms are in bankrupcty, just where GM should be. 

The bankrupcty judge will end the chaos imposed by the UAW work rules.

 

[240 is Back]

Those firms are in bankrupcty, just where GM should be. 

The bankrupcty judge will end the chaos imposed by the UAW work rules.

How do you spose the state budgets should handle 3-4 million new unemployment cases?
how should welfare, police, and the healthcare system handle them?

You're not seeing this.  The bigger mistake was ever letting a company become too big to fail.  if they had been the Big Fourteen or the Big 27 instead of the Big 3, you could let a few bad ones fail, and not impact the nation as a whole.

I'm saying the dollar could lose a big % of its value if GM fails, and takes 15 state budgets with it.  Ya see?

[Soul Crusher]

How do you spose the state budgets should handle 3-4 million new unemployment cases?
how should welfare, police, and the healthcare system handle them?

You're not seeing this.  The bigger mistake was ever letting a company become too big to fail.  if they had been the Big Fourteen or the Big 27 instead of the Big 3, you could let a few bad ones fail, and not impact the nation as a whole.

I'm saying the dollar could lose a big % of its value if GM fails, and takes 15 state budgets with it.  Ya see?

Its just all shuffling the chairs on the deck of the titanic.  Its going to happen either way. 


I know you want to believe in Hope & Change and all the garbage from your boy wonder, but it is obvious where this is going regardless. 

[shootfighter1]

You notice that Obama and the administration is saying the same thing today about the auto industry as they did when they gave their final warning with the deadline a couple months ago.  They said to receive more taxpayor $ they had to have a solid plan.  If the plan and actions taken didn't have viability, they must go through bankrupcy.  Well, the administration said their plans and action weren't enough....and yet is proceeding to give them another 60 days of public money to do it again....??  This administration gives empty threats unless its something that is part of their agenda.

240, under an organzied bankrupcy, the majority of people would be re-hired so it wouldn't be millions of people laid off.  Now, it may not be all of them and they may not have the same contracts, but the the company would need the workers again fairly quickly.  The point of an organized bankrupcy is to re-negotiate and re-organize under more viable terms but to also disturb the work as little as possible.

[Soul Crusher]

Like I keep saying, GM makes great trucks, SUV's, and vette's.

However, none of them fit into Obama's master plan to put us all in go carts.   

[240 is Back]

Its just all shuffling the chairs on the deck of the titanic.  Its going to happen either way. 

No, it's not.  it's like how much water the titanic is taking on.

Should the boat take on 50 bill gallons (by funding another year of GM's follies), or 2 trillion gallons (or more) to bail out the number of states who will declare bankruptcy because of unemployment?

You know the boat is going to take on some water because the last guy was more focused on the gannon cannon than he was on steering the ship.  Now, you're taking on water.  Do you make the GM move and take on a little water, or just say 'let her sink!' and take on the 2 trillion gallons??

[DeadSquatPress]

should i buy GM stock now?

[240 is Back]

should i buy GM stock now?

[Soul Crusher]

No, it's not.  it's like how much water the titanic is taking on.

Should the boat take on 50 bill gallons (by funding another year of GM's follies), or 2 trillion gallons (or more) to bail out the number of states who will declare bankruptcy because of unemployment?

You know the boat is going to take on some water because the last guy was more focused on the gannon cannon than he was on steering the ship.  Now, you're taking on water.  Do you make the GM move and take on a little water, or just say 'let her sink!' and take on the 2 trillion gallons??

That's fine, and of course I prefer these people working than on UE, but what they are doing now is only going to make sure that happens either way. 

The govt and unions are the problem here.  They need to back off and let GM sell products people can afford and want to buy like the vette, denali. tahoe, etc.

GM is never going to compete with Honda in the little compact car market. 
   

[Dos Equis]

This is disturbing.  (I'm running out of adjectives for this administration.)  No way should the president dictate who runs a private company.  The bailout issue is no excuse.  Recall that the salary cap started with bailout companies and is now expanding to non-bailout companies.  The power grab by these folks is downright scary.   

[shootfighter1]

Another point...how can we have capitalism if we allow small companies to fail but bailout larger companies?  Is that fair?  If GM did go under, there's huge opportunity for another company to arise.  Americans will always need cars.  I'll bet if GM and Crystler go through organized bankrupcy, they will be in a better position in 12 months.

[240 is Back]

This is disturbing.  (I'm running out of adjectives for this administration.)  No way should the president dictate who runs a private company.  The bailout issue is no excuse.  Recall that the salary cap started with bailout companies and is now expanding to non-bailout companies.  The power grab by these folks is downright scary.   

GM could say "Thanks, but no thanks" and keep their guy.  The fact is, if the company fails, he's out of a job anyway, right? 

[Decker]

Because he has nothing else to fall back on with his constant whining.

He's the president.  The company in question owes its ongoing existence to the president and the US taxpayer.

Seems to me, as president, he make as many suggestions as he wishes under the circumstances.

And until the president does something at odds with our constitution, laws or the like, you must bow before his power. 

[BM OUT]

He's the president.  The company in question owes its ongoing existence to the president and the US taxpayer.

Seems to me, as president, he make as many suggestions as he wishes under the circumstances.

And until the president does something at odds with our constitution, laws or the like, you must bow before his power. 

Where in the constitution does it say the federal government can take over private industry?WHERE DOES IT SAY THEY CAN DICTATE HOW MUCH PEOPLE CAN MAKE?The government has done MANY things that are at odds with the constitution.

By the way,why isnt the head of the UAW out of a job?THEY are the reason for the dissaster.

[Decker]

Where in the constitution does it say the federal government can take over private industry?WHERE DOES IT SAY THEY CAN DICTATE HOW MUCH PEOPLE CAN MAKE?The government has done MANY things that are at odds with the constitution.

By the way,why isnt the head of the UAW out of a job?THEY are the reason for the dissaster.

hahahaha.  Where does it say that the captains of private industry can fly to Washington in private jets begging for bail outs?  See, washington can condition these soup kitchen handouts as it sees fit.

If the elitest executives don't like it, they can decline the bail out.