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Thread: bye bye GM?

  1. #1

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    bye bye GM?

    there stocks have dropped to under 3 bucks a share and one prediction has them as being worthless by then end of 2009. they have also had there rating down graded.

    im a big GM fan and this really saddens me to see them like this. ill agree with most people when they took advantage of the consumer and made some crap cars back in the 80' and early 90's. not that i think Toyota were all that great i would know i owned one. but they have come a long long way and just cant seem to get a break on quality. i also think the higher ups made some bad business moves like not pushing enogh small cars till it was to late.

    they have said that even if gm gets a government bail out the outcome will still probably end in gm closing its doors. i think this would be a huge blow to are economy but i wonder with the way the government is in debt right now and the cash there handing out every where else if they could afford to float gm.


    whats your guys take on the situation?


  2. #2
    gorilla03's Avatar
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    I've been a big general motor fan for quite a while, i'm sure once they come out with some nicer cars things will start to come back. I'm sure if they were to come out with "more affordable" sportier cars they could come back

  3. #3
    Moderator Franko's Avatar
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    The government won't let them go under. They should take every penny they gave to AIG and send it over to GM.

  4. #4
    gorilla03's Avatar
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    Quote Originally Posted by Franko View Post
    The government won't let them go under. They should take every penny they gave to AIG and send it over to GM.

    Mentioning AIG, they're building a new office in town. So they must be doing good

  5. #5
    Matthew K ReDevilRXP's Avatar
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    Gm will get bailed out. Chrysler on the other hand might not be so lucky.

  6. #6
    SpeedJunky's Avatar
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    I sure hope the Government does step in and helps out GM, if GM were to go out of business it would be devastating to so many people. It would be a ripple effect.

    GM's 52 week range $2.75-$32.19
    Today is its lowest in 65years.

    Not sure if others watch the stock market closely but if you do you know how scary things are right now, some people have lost major amounts of money and people close to retirement have lost there comfort of retiring.

  7. #7
    Vern's Avatar
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    I really hope GM survives ... I agree the ripple effect would be very large.

    This may be a bit of a lightning rod, but IMO the major difference between domestic automakers and Japaneses companies that are building cars in US plants are wages and concessions and commitments. Unions have made it incredibly difficult for US automakers to compete with foreign companies ... my take is that in order to survive, the unions will have to back way up or be broken up altogether. I wish there were other solutions, but honestly I don't see them ...

  8. #8
    axgrider73's Avatar
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    I don't think Unions are the problem, although I agree they do get carried away sometimes.

    I believe the problem is U.S companies and workers that have to compete with global wages (or lack of.) No one here would work for the average wage in China. The U.S. government needs to step up and place tariffs on items manufactured over seas to raise the price to the level of U.S made products.

    Take steel for example; Chinese made steel deeply under cuts U.S made steel prices making it hard for U.S companies to compete. Although you could argue that the steel workers should work for less to make the company more competitive, this only reduces the amount of money the workers can put back into the economy (buying cars made from steel for example) and worsens the problem.

    We don't need Chinese steel. We can make aal we need right here. And although U.S. Steel will be more expensive, the good paying jobs that the industry produces helps other parts of the economy.

    Not to mention we are shipping all of our tooling and manufacturing know-how to a "not so nice" country.

  9. #9
    dhoad's Avatar
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    Quote Originally Posted by Vern View Post
    I really hope GM survives ... I agree the ripple effect would be very large.

    This may be a bit of a lightning rod, but IMO the major difference between domestic automakers and Japaneses companies that are building cars in US plants are wages and concessions and commitments. Unions have made it incredibly difficult for US automakers to compete with foreign companies ... my take is that in order to survive, the unions will have to back way up or be broken up altogether. I wish there were other solutions, but honestly I don't see them ...
    yup, its not just GM that will go under if not bailed out, its all the GM suppliers also. Too much negative impact on economy for that to happen IMO.
    Legacy costs are killing GM for sure

  10. #10
    Moderator Franko's Avatar
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    Quote Originally Posted by axgrider73 View Post
    I don't think Unions are the problem, although I agree they do get carried away sometimes.

    I believe the problem is U.S companies and workers that have to compete with global wages (or lack of.) No one here would work for the average wage in China. The U.S. government needs to step up and place tariffs on items manufactured over seas to raise the price to the level of U.S made products.

    Take steel for example; Chinese made steel deeply under cuts U.S made steel prices making it hard for U.S companies to compete. Although you could argue that the steel workers should work for less to make the company more competitive, this only reduces the amount of money the workers can put back into the economy (buying cars made from steel for example) and worsens the problem.

    We don't need Chinese steel. We can make aal we need right here. And although U.S. Steel will be more expensive, the good paying jobs that the industry produces helps other parts of the economy.

    Not to mention we are shipping all of our tooling and manufacturing know-how to a "not so nice" country.
    I'm sure the problem is multifaceted and no one single factor fully explains GM's inability to compete with foreign auto makers. But I have read stories about how benefits and pensions US auto makers pay add far more to the average vehicle price than non-union auto makers like Toyota. This doesn't mean unions are bad, but in these dire times for US auto makers, IMO, the unions might want to accept some compromise for the good of everyone involved. But heck, what do I know. I live in an area where you couldn't find a union with a search dog and a map.

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