Tiny 3 may eventually file Chapter 7 bankrupty protection

[Now is Now]

Quote from CaptainObvious:

We'll see how thrilled you are to see them go under when the the value of your home is about 1/3 that it is now. You think you won't be affected by a depression? Think again!

The value of houses have to drop significantly anyway...the only practical answer is re - organization for the auto industry.

Similar to what happened to the steel industry, it may well mean that the new organization will be building specialty vehicles while the Japs, Koreans et al will be the supplier of standard vehicles. Sure, there will be an argument that the cost of new vehicles will increase...that can only happen when the current excesses have been dried up ,and that ain't going to happen any time soon.

IMO, this will be an ideal opportunity for the company (s) to retool for the future.

When corporations fail there simply has to be pain, just like any relationship. To stall the inevitable by using taxpayers' money to give the management and unions the opportunity to pretend they are working is an insult to the hardworking taxpayer and downright disgusting. It reminds me of the Eastern bloc back in the 80's.

I know that this 15 billion is being syphoned from another agreed allocation, but it should really be used to start wrapping up these organizations; not propping them up.

This debacle also illustrates that unions outlive their usefulness. The end result is the worker ultimately finishes up on the short end of the stick.

 

[Lucrum]

Quote from weld1:

if u guys think unions are in any way shape or form to blame for big 3 mess u r NUTS!

I must be nuts then. While UAW is certainly NOT the only problem they are a VERY big part of it.

If the union members had a brain in their heads they would lynch Ron Gettelfinger.
He has NO concept whatsoever of business, productivity, efficiency or reality.

Union dogma and pandering to the membership is all that moron knows.

He's the Jesse Jackson/Al Sharpton of unions.

 

[rozar s'macco]

Without unions, and guys like you running the companies, the workers would be paid $3 bucks an hour. Gettelfinger is the worker's equivalent of Carl Ichan- a lobbyist with leverage. Bankruptcy is the equivalent of a management strike- rip up the contract we're not continuing until we get our way. I don't think a company should exist solely to support the workers at shareholder expense, neither should it to solely support the shareholders at worker expense.

 

[Fractals 'R Us]

Quote from weld1:

if u guys think unions are in any way shape or form to blame for big 3 mess u r NUTS!

I guess stupid folk are allowed to post same as smart. Maybe you can tell us how high costs don't make a company less competitive? If you can, then I want to start a self employment thing and pay myself a lot.

 

[nutmeg]

I don't think a company should exist solely to support the workers at shareholder expense, neither should it to solely support the shareholders at worker expense.

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This statement explains the role of gov't in business. Imo, the role of the gov't has been an important factor in the failure of the auto industry.

 

[stock_trad3r]

GM needs to be bailed out because the market will go higher and I'll be able to recover some my losses

 

[jficquette]

Quote from bond tr4der:

So I've been reading that even with a $35 billion bailout , the tiny 3 will need another bailout in 2009. But as large as these bailouts are, chapter 11 would be far more costly. Don't forget GM's liabilities exceed assets by close to $60 billion and that was before the damn financial crisis!!!

So regardless of what bullshit happens on Bailout Sunday, the tiny 3 will eventually face liquidation!

This is the greatest news I've heard in weeks! Those fat greedy motherfuckers in Michigan are finally going to die.

Let them die now.

 

[bond tr4der]

Quote from jficquette:

Let them die now.

Oh I agree. The bailout is no different than the soviets running companies with no other purpose than to keep people employed.

 

[Now is Now]

Quote from bond tr4der:

Oh I agree. The bailout is no different than the soviets running companies with no other purpose than to keep people employed.

That's my point...they were employed ,but there was nothing for them to do:eek:

 

[bond tr4der]

I can't believe those fuckers in congress may pass this thing.

People need to stop buying cars and the market for auto loans must screech to a halt.