So because one company(GM) made stupid ass promises we need to change the entire US system?
:picard:
No. But our health care system is drowning american businesses. While our wages are higher, the cost of paying for an American’s health care, as opposed to an Englishman or German of the same skill set, with universal health care, is simply not economical.
But this is getting political so I’m out. No politics until Obama’s inauguration.
The only thing this is proof of is that unions need to be destroyed if we are to compete globally.
It is not fair to blame healthcare for the cause of the current situation.
^ agreed
Health might be part of it, but it’s hardly the cause. Unions need to GTFO
so is anyone buying GM shares?
GM isn’t all that bad.
2008 Silverado…
Truck rides very nicely, has tons of balls, and seems high quality.
Only problems is that it needs new tires(Ameritrac Generals are shitty anyways) and that the third brake light sticks on sometimes)
1999 GMC 2500HD Extended Van
244,000 miles… Needed nothing out of the norm.
new spark plugs, wires, cap and rotor, oil… Fuel pump.
Still runs strong, everything works… No body issues no suspension issues.
On the other hand…
If GM falls I don’t have to pay my GM card credit card. So… Eh im torn.
All employee meeting this afternoon for GMAC, it should be fun.
Edit: if GM fails you will still owe on the GM card, GMAC loans, leases etc. You will just be paying someone else.
Those are all assets that would be sold.
Keep us updated. Are they supposed to make some big announcement today?
No I think this is just to go over 3rd quarter results.
But it was interesting in the invite they told us no specific announcement is planned and this is an effort to maintain communication.
stuff i just came across
BUSH CONFIRMS NO MONEY WHATSOEVER
=====================================
TITLE: Aiding carmakers not intent of bailout package: White House
TIME: Thu Nov 13, 2008 9:48am EST
LINK http://www.reuters.com/article/topNews/idUSTRE4AC4IJ20081113?feedType…
=====================================
ANDREWS AIR FORCE BASE, Md (Reuters) -
The White House said on Thursday it was not Congress’ intent to use
the $700 billion financial rescue package to help ailing U.S.
automakers.
“That was not Congress’ intent,” Gordon Johndroe, a White House
spokesman, told reporters traveling with President George W. Bush to
New York. Bush was scheduled to speak about the financial markets and
economy later in the day in New York City.
(Reporting by Tabassum Zakaria; Editing by Steve Orlofsky)
:banghead:
No bail out?
Paulson says the rescue plan would have to be amended.
http://www.industryweek.com/ReadArticle.aspx?ArticleID=17798
The 700 Billion was not set up for the auto industry.
The auto industry wants them to fast track the 25 billion already ear marked for them and get another 25 billion ready.
As for our meeting today, nothing ground breaking. They have a lot of eggs in the becoming a bank basket. If we become a bank that restricts who can own us.
i drive a mid 90s civic lol anyway its horrible news but i dont think the world will let GM go down without a fight.
Just let them go down already and prove that the USA is not afraid to let a business fail.
General Motors will delay incentive payments to dealers next week in an effort to save cash.
The payments for dealer cash, customer cash and other incentives will be delayed from Nov. 28 until Dec. 11, Mark LaNeve, GM’s vice president of North American sales, service and marketing, said in an interview with Automotive News.
Letters to dealers explaining the delay are to be sent today, LaNeve said.
He declined to estimate the amount of delayed payments. On average, GM spends about $3,600 per unit in incentives, according to Edmunds.com. Based on GM’s U.S. October sales, the company sold about 84,000 vehicles in two weeks. That amounts to total incentive payments of about $302.4 million for two weeks.
Also this made me laugh and cry a little at the same time:
Automakers that receive federal aid should double the fuel economy of their fleets by 2020, Sen. Bill Nelson, D-Fla., said today.
In an interview, Nelson said a new energy law that raises fleetwide fuel economy to 35 mpg by 2020 – about 40 percent higher than today – falls far short.
Nelson said he wants a fleetwide average of 50 mpg by 2020.
I just learned last night that GM has 7000 dealers and Toyota has 1500 dealers.
UAW… the reason the US auto industry is going under.
Not that I don’t respect what some of the workers do, but IMO they make WAY too much money for what they do.
Without pointing fingers you can just say, “GM has the perfect business model for the 1950s”. Someone send them a calander STAT!