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Originally Posted by Design1stCode2nd
A few things; Any of the CEO’s of Ford, Chrysler and GM make more than all of the Japanese auto CEO’s combined. That speaks volumes.
The 3 million jobs lost is a guess by an “independent” company (forget the name). That company’s credibility has been called into question before. Keep in mind if the big 3 file for chapter 11 bankruptcy protection it doesn’t mean the jobs just disappear, factories close and everyone goes home the next day. Congress can enact a bill/law that provides loans, continues warranties and ensures replacement parts.
The question was would you buy a car from a bankrupt company? Most will say no so I believe the 80% figure. Now ask the question of would you buy from a bankrupt car company with federally back warranties, parts suppliers and federal loans as they restructure. Oh and you’ll get a nice discount too and probably a fat discount on your next car in appreciation of your support. I’m thinking that number would be a lot less than 80%.
The problem the big 3 are facing is the American people are still mad about the 700 billion for Wall Street and the 65 billion for AIG. We don’t understand it, we were just told the world is going to end and our 401k’s will be worth nothing (paraphrasing) so it was implemented.
Clock is ticking, if there isn’t action in the next 2-3 weeks the “Bankruptcy is not an option” will be the only option, well there is also chapter 7, liquidation but I really hope that doesn’t come to that.
If you want a Camaro or Challenger best get on the list/buy them now.
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Originally Posted by TAG UR IT
It's going to be a sad, sad Christmas for thousands of families nationwide. Poor little kids who don't get presents because some congressman thought they did what was best for the country. Those jerks need to look in the mirror....They just sat back and let it happen...saying they REFUSED to help OUR country....WHEN THEY CONTINUE TO POUR BILLIONS INTO OTHER COUNTRIES . We can't continue to hold the hands of everyone else....we need to get our feet planted firmly on the ground first.
I've got quite a few ways this gov't can save some cash... I'll hold onto my beliefs since this is not the place for them.
It is a sad day, folks. GM will go bankrupt. Say it. GM will go bankrupt. Not looking good at all....-and I have the faith that they will do everything they need to keep it together.
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Do you not understand that if the company goes bankrupt, it would ensure that the problems they are facing now never happen again and GM could finally be at equal footing and pay (in other words be competitive) with Toyota and Nissan for that matter as well as Honda. The new administration would love to be able to pass along Government control in whatever way it can. All those pension plans, retirement benefits, warranties, etc. etc. would be taken care of by the Government as it would make them look good by being compassionate and give them more control in the process. The current 26 billion was all going to go to Legacy costs anyways so the only difference would be in allowing for current and new workers not to fall under the same retirement plans immediately. If this is the only way to get the Unions out of the picture then so be it, as they have been an instrumental part in the whole mess GM is in right now. (Yes Government regulations and so forth along with a poor economy also played huge factors and Yes, CEO mismanagement or poor decisions as well)
Any way you look at it, the Camaro will get built as the plants, research, development, money spent on advertising, all are still there. Heck, the MSRP price might go down by a couple thousand if GM goes bankrupt because there is a premium we pay of over $2,000 per vehicle that goes into Legacy costs that won't be there because the Government would have taken that over in the bankruptcy scenario.. This would make the Camaro even more competitive vs its non-American rivals..Did you think of that? I could envision Hummer being sold off to a foreign car company and the getting rid of many lines and brands as GM once did with the Camaro and has done with the Firebird. However most would argue that getting rid of or putting on hold brands not selling well would be the smart thing to do business-wise so it is not a negative unless you wanted one or some of these vehicles as we all wanted a Camaro when it was put on hold.
All in all I would not worry about GM going bankrupt as much as you are. Keep the Faith as we all will see thru this and there will always be some patriotic Americans like most on this site that will always buy American no matter what happens..