the gov said they had no interest in running the auto business didnt even take a week even though the task force said gm had to close dealerships. this is not going to be fun for us gm supporters the rest of you can have your fun now. dont stay up to late now you have to go to school in the am
It may not be fun for anybody. Nothing like this has happened before, AFAIK. The government has taken an unprecedented role in private business, not just bailing them out but making managerial demands.
99% of the others that get laid off didn't whine. GMers are losers because they selfishly think this is a GM thing. Well GM being a weak corrupt and pathetic company is a victim of it's own doing. As are plenty o other corrupt companies.
Just that the depression isn't going to allow the BS to continue.
The US economy will not recover until GM is history and people and businesses in the US pay their debts and bills. Maybe learn to repect others rights to fiscal liberty.
Actually - it hasn't. At what point did the government step in and leverage their financing by demanding of K-Mart management? At what point did the governement pour this amoung of cash at an ailing company?
When they stepped into Harley Davidson when AMF drove it into the ground and handed the employees a load of money for them to "buy the company". The "owners" so far have developed NOTHING new. If you look over those famed "American Made" bikes you will discover a LOT of imported parts.
Another time was when they stepped into Chrysler the first time they filed for C-11 bankruptcy. The feds handed them a bunch of money and turned out the upper staff. That was when Iaccoca stepped in and took over and introduced the K car, Which has to be the longest running platform in history considering that the current Caravan runs on an updated K car base!
Like heck. This is fascism. The gov't has taken over bank and has now undertaken the auto industry. I'd say Ford hasn't a chance. It will be next.
If you are enjoying this you'd be pleased as hell to be part of Italy or Germany 3/4 century ago. We fought a war and lost thousands of soldiers to get rid of that crap and here we are.
Never did the government interfere with K-Mart or other bankruptcies. As with most companie they were on their own.
In GM & Chrysler's case though, there is a lot of old money in well connected pockets via Cerberus, Carlyle and others. There is a reason GM is special, and corruption has a lot to do with it.
GM also ran criminally bankrupt for over 2 years, hoping for a presendent to bail them out. GM was bankrupt 2 years ago! Bush didn't really want to bail them out.
There is a lot more going on with GM than a simple bankruptcy/bailout.
Chrysler only borrowed $1B and was in much better shape than today.
Today they were run bankrupt without a turn around for far too long. And no one asks what happened to the $11B Chrysler had at the end of October that "disappeared".
That is a common misconception, that the government LOANED money to Chrysler, at the time.
The fact is Chrysler did not get a cent from the feds. What Reagan did was agree to guaranty the loans that led to Chrysler getting back on its feet.
The money came from the Union Pension fund and five banks, to whom Chrysler paid interest. In return the US Treasury got Chrysler PREFERRED stock to secure the loans.
When Chrysler got up and running again Lee Iacocca wanted to buy back the preferred stock from the government at the value when they were given to the Treasury but Reagan said no, they had to buy the stock back at the current much higher value because Reagan said the taxpayers were entitled to the profit made possible by the federal loan guaranty.
As to the amount of imported parts on Harleys, if you ever tour their plant in Pennsylvania you will see the members of the Machinist Union there use American steel to make just about everything from the wheels up the handlebars including the chrome plating, and actually a very limited number of minor imported parts, like shocks and some electronics.
You're a wacko. They say a tin foil hat can cure that.
Is that right? You a vet? You don't sound like one. Only a sap that never wore a uniform would compare the U.S. to Fascist and Nazi governments. A crazy sap.
Yep. You and Cannuck57 are pretty hilarious. Who the hell do you think I was talking about when I brought up The Three Stooges and Abbott & Costello?
It is predicted that America's enemy to fear the most is from with in the US. Americans just lost their financial fredoms to politicians backed by banks and corrupt corporations.
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