GM Is going down like a rock friday due to bailout failure friday.
Glad I have not covered yet.
- Thread starter KINGOFSHORTS
- Start date
tradersboredom
Guest
maybe these 3 automakers should go bankrupt.
these UAW unions put a drag on the business. can never make a profit with these union demands. shut down the business and no cars are made.
these UAW unions put a drag on the business. can never make a profit with these union demands. shut down the business and no cars are made.
It failed because the UAW did not want to agree to wage concessions that would make wages parity with the foreign automakers.
Futures look brutal, Friday is going to be the mother of all sellofs. I am still waiting for that 1000 point one day capitulation.
Wow this cat was long GM expecting a bailout.
Wow this cat was long GM expecting a bailout.
good work king....i fucked up my short trades and i am out and actually long now lol. man this makes me mad that i totally botched my shorts. i can take the hit long since it won't be anything that i can't make back in a day or 2 but aaaaaaarrrrrrgggggggggghhhhhhhh i tripped all over my own feet on this trade.
the ridiculous union contracts have ruined more than one US industry- i truly hope that BK comes and then the unions can lament the 'shitty' deal they turned down. if GM has 1/2 a brain, they'll declare BK on dec 31. then the contracts will go bye bye and on the first business day of 2009, the liberal congress will bail em out anyway- this time, without the union albatross around their neck. THEN they'll have a chance to compete.
lets hope Bush remembers what capitalism is and doesn't cave on using the TARP...
btw... i own 2 GM cars and have a union card (not UAW) in my wallet. i know first hand how unions do harm....