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Old 06-01-2009, 08:25 AM   #1
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Default GM declares bankruptcy

Without the prior approval of Congress or any legislation authorizing the act, President Obama plans to announce on Monday that the federal government will take a 60-percent ownership stake in General Motors as part of a bankruptcy and reorganization plan for the company.

The White House on Sunday night announced that the plan will require the federal government to provide another $30 billion of taxpayer money to General Motors, on top of the $20 billion in aid the federal government already has given the company.

In December, Congress failed to pass legislation authorizing a federal bailout of the auto industry.

http://www.cnsnews.com/public/conten...x?RsrcID=48878

-----------------------------------

GM becomes Government Motors.

Welcome to Corporate Welfare
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Old 06-01-2009, 08:57 AM   #2
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Default Re: GM declares bankruptcy

Big (gest?) Government will save us all.

I expect by time the government is done with them, GM will be producing cars just about as relaible as the Russian Zhilguli. Thanks, Obama!
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Old 06-01-2009, 09:10 AM   #3
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Default Re: GM declares bankruptcy

and with President Obama running GM, we're going to get little two-door cars that nobody wants to buy...and UAW chief Ron Gettelfinger has made it plain that his powerful union won't let these cars be manufactured in low-cost non-union plants...which means the little cars that nobody wants, wont be profitable anyway
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Old 06-01-2009, 09:17 AM   #4
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Default Re: GM declares bankruptcy

It will be forever known as Government Motors.

And I think its more like 70% ownership?
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Old 06-01-2009, 09:24 AM   #5
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Default Re: GM declares bankruptcy

These are some excellent points. Also worth noting: Should we actually be force-fed a bunch of little 2-door specs that nobody wants, do you think gas prices will stay at $2.50? I guarantee if the average car starts getting 50% better fuel economy, the average price of a gallon of gas will go up...oh, I don't know....maybe 50%? Maybe more, actually, because the cars will need less.

This may SEEM like a good thing until you start figuring some other things into the equation, like the fact that Global Warming is actually caused by the sun. And that the new little cars will probably be not a penny cheaper than the cars we have on the road today, and may actually be MORE expensive. So we get soaked across the board with:

1) Ugly little cars that we don't really like that...
2) Are expensive and...
3) Get great gas mileage except that...
4) Gas will be $6 a gallon
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Old 06-01-2009, 10:11 AM   #6
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Default Re: GM declares bankruptcy

Vrooom vrooom

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Old 06-01-2009, 10:19 AM   #7
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Default Re: GM declares bankruptcy

Now the dominoes tumble


General Motors to close or idle 12 more plants

DETROIT – General Motors Corp. said Monday it will permanently close nine more plants and idle three others to trim production and labor costs under bankruptcy protection.

Six of the plants are in GM's home state of Michigan, which has already been hard-hit by job cuts in the auto industry.

GM's assembly plant in Wilmington, Del., will close in July, followed by its Pontiac, Mich., pickup truck plant in October.

Assembly plants in Spring Hill, Tenn., and Orion, Mich., will end production this fall but remain on "standby," meaning workers can be called back should the company need to increase production. One of those plants would be retooled to produce a subcompact vehicle that GM had originally planned to build in China.

Five GM powertrain plants, which make engines and transmissions, will close by December 2010. They are in Livonia, Flint and Ypsilanti Township, Mich.; Parma, Ohio; and Fredericksburg, Va.

Parts stamping plants in Indianapolis and Mansfield, Ohio, also will close starting next year. A stamping plant in Pontiac, Mich., will shut down production by December 2010 but remain in standby status.

In addition to the closures revealed Monday, a powertrain plant in Massena, N.Y., closed May 1, and GM previously announced the closure of a Grand Rapids, Mich., stamping plant, slated to shut down this month.

GM said it will also close service and parts warehouses in Boston, Jacksonville, Fla., and Columbus, Ohio, by the end of this year.

http://news.yahoo.com/s/ap/20090601/...ant_closures_6
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Old 06-01-2009, 11:27 AM   #8
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Default Re: GM declares bankruptcy

they file for bankruptcy, yet somehow their shares are up almost 20% today. This is particularly frustrating to me, as a couple weeks ago, I bought several hundred sell options. Who the hell is buying this?
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Old 06-01-2009, 11:42 AM   #9
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Default Re: GM declares bankruptcy

Unlike with Chrysler, though, Obama didn't make the mistake of promising no jobs would be lost.

Just as a reminder to the Obamaites, your boy promised zero Chrysler jobs would be lost in the bankruptcy, then almost IMMEDIATELY it was announced that a bunch of plants would be closing, NONE in Mexico or Canada, though.
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Old 06-01-2009, 12:26 PM   #10
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Default Re: GM declares bankruptcy

Well, if you needed to save a few billion dollars a year, which plant would you close? The one in the U.S. that would save you $1 billion, or the one in Mexico that would save you a fifth of that? The insistence on keeping as many auto plants as possible filled with highly paid American union workers is what got the companies into this mess in the first place. If that was allowed to continue, they'd be right back in trouble again.

Sorry, but I don't feel much sympathy for the "U.S. job loss" in this case, because the workers and the greedy union basically brought this on themselves.
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