I Gm would have folded like a few wanted what would have happened.
600K would have been added to the PBGC rolls
6,000 dealerships would have been closed hundreds of suppliers would have folded or downsized tool shops would have closed engineering shops would have closed
3 to 400,000 people would have lost jobs many communities would have lost a large tax base the federal and state govts would have lost billions in tax revenue. Chrysler would have folded immedately Ford with their high debt load would have a rough time making it if they did. The toyotas of the world would no longer have to put up the sham that they are american comanys The US would have went into deeper financial trouble if not Depression. all the warrenties would have to be paid for by the Govt if at all many foreign countrys would have felt the pain also.
Is this want you want to see????? sure sounds like it. maybe it will come true someday and I hope your 1st in line.
When companies go bankrupt then everything happens straight away. Shareholders and banks lose money. Lots of people out of job immediately. Lots of new companies start straight away. Most people get job immediately again. Skills are available and soon very many prosperous companies pop up.
When you let company like GM die slowly on taxpayers money then the banks get their money back. Shareholders, management and owners can keep on robbing the company blind. The most skilled people leave. After some time whole communities are left in disarray without skills, jobs, money. Slums come with crime and drugs.
So that is the reality and has happened all over the world. Bad companies without a vision or future have to die and let new companies form.
The former is called capitalism and the latter socialism.
So what do you want capitalism or socialism?
Looks to me that some people want to keep the banks and robbers happy in socialism.
Your dreaming, in a down turn it would have been months before any amount of people would have found a new job an it would have been a lesser one at that. Read the paper of highly qualified people flipping burgers. these jobs would have been lost to America forever, the manufacturing base here has been declining daily. My daughter lost her job Jan 09 company went out of business she had to work part time jobs, until Apr this year before getting a full time position a lesser pay and benefits. The company she did work for moved everything off shore. This is a common occurrence
There are a lot of both scenarios and letting a company bleed slowly to death is definitely worse than a quick death and recreation of jobs.
The slow death of GM started several years ago depending on how you look at it.
Some people claim it started on a slipperu slope downhill 40 years ago some say at some time later.
It was definitely too late to stop the death process last year and to keep it on live support in a coma without and option to every wake up is downright cruel.
It is inevitable that GMW will keep on bleeding to death and it is only a matter of time before it stops all together.
It is not possible to change the law of nature and there are so many wolfs out there waiting to eat up what remains of the beast.
When you stand too close it is difficult to see the big picture and it does not change anything to have feelings come into the picture.
We who do not care much about GMW as such very much are a watching in amazement all the twists and turns it makes in the process.
What would have really happened is on the chapter 7 auction block someone would buy the GM but without any of the dumb contracts and dumber management.
They would have taken 6 months to parachute in new management and rehire non-union. And slowly turn GM back up in a profitable way at no cost to the taxpayer.
400,000 people lost jobs in one month, those jobs were lost years ago with GM excessess and mismanagement. Why keep a GMer when a Ford is let go? Rewarding a loser and penailizing a winner never works.
Just others ate it. GM is a paracite. Even didn't pay other suppliers that had to lay off as a result. GM welshers just keep on sucking.
Looser companies like GM haven't paid taxes in a long time, GM is a net consumer of taxes costing Americans 100 billion or more when all is said and done. Ripping that cash from taxpayers pockets coast to coast also unemploys local people in their comunities. Something the pro-GM bailout BSers don't want to account for. And will the cost hasn't been relized (yet) it comes with interest, and will last decades in it's negative impact.
Didn't turn around the depression did it? Well, many predicted this out of control debt-corruption spend didn't work and it didn't. Obamanomics isn't working because it does not address the real problems.
It is just corruption gone mad. You might want to study Greece. It is coming to US shores.
It is very interesting how corruption and greed is everywhere. The greek governments falsified their books for years and now they are sucking the rest of the EU into trouble and possibly the whole world. Similar to what the big companies in the US did. The wave of bad loans to people who had no money and no income is over and now the next wave is coming. Those are loans given to people to do or did have money but given to them with no or low interest when the houses were expensive. Now the prices of the houses have come down the loans are more than what the houses are worth. The people are also expected now to pay higher interest on the loans. This wave will be bigger and worse than the last wave. Ok the greeks lied and too more loans than they can pay back. Now Spain, England and Portugal are in the same boat. Not to mention the US. The US has printed so much money that they are probably in the deepest pool of.... So in a sence GM is not much worse than the rest of the criminals or?????
It is amazing you say gm in failing going downhill no chance of recovery beeding to death etc. yet gm eliminated 4 brands keeping only 4 brands and is still the top selling manf. in the us for the first 4 months of this year, outsold toyota by 100K last fall I would have said it was impossible, I think there were some here that said it would be #4 you can say you can predict the future but he future predicts you will be wrong again.
fun isnt it when you get old enough you can say and do whatever you want. had drs apt for checkup this afternoon in great shape, do cardio 6 days a week gym 3 days and golf 2 or 3 times a week I have many more years to piss people off.
Greece, GM, not much difference. Debt worshipers want to welch and get a clean credit card.
As far as I am concerned the answer is the same. Close their doors and don't loan them more. Toss some in jail as criminals and call it a day. Then the next country down the list will start to think twice.
And start with government pensions, especially the leaders. Just cancel their plans. No rewards for gross negligence.
Yep, this one is bigger. It is now the governments. Think the NYSE did bad this week, look at the Japanese markets...
And USA is on the list. With Obama/democrats spending so far past reality, it is only a mater of time before the USD collapses to worthless. In fact, if I dodn't know better Obama is trying to destroy the western currency system. If I was Osama, I would tell my people to leave Obama alone.
Yep. But that is because it isn't anyones money, it is government created ponzi money.
Which is why this shole depression is happening, zero accountability by millions.
The real solution is to make them accountable, but it will not happen. Or not until the bottom has reached, which is kaos.
I expect interest on loans to hit 25% in the next 10 years. If you are smart, you want to reduce debt to zero ASAP. At some point you want the "new" money, you are going to have to pay for it. It will not be like old money.
Agreed. I expect real unadjust no BS number of unemployed to hit 30%. Like Greece, Iceland and any other country that has tried to spend their way out of debt.
Yep.
Yep.
Yep, but Japan and Germany too. Did you see the Japanese markets this week? They took a bigger hit.
I figure the US is past the point of no return unless you get a president and congress that does 180% turn, slash governet to 1/3rd and a 1/8th tax decrease targeted at the middle class.
But even then, I doubt it will work.
To protect yourself you want hard assets like gold, real-estate, oil, and stuff that will have value when the dust settles. And do it without debt, as the banks will own your ass. Real-slavery is coming back in this NWO and to avoid being one, no debt is key. As even if you are government, your job and pay is about to get whacked.
Not really, they still get new stimulus all the time. Look at GMs "new" preferred shares, a back door way to give GM money to pay front door debts while losing $4.3 billion.
If you knew anything about the cost of building an automobile you would know GM earns a nice profit on every vehicle it sells, dummy.
GM biggest costs, since coming out of bankruptcy has been the billions it has spent to bring its ALL new, state of the art new models to market, for it current five brands.
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