GM Loses Another $16 Billion -- Bankrupt?

[Dinner]

So what is the solution? It seems very clear to me that from a strategic position the US most save what is left of it's heavy manufacturing base as it is a vital military and national asset. To help this occur 1) The government needs to institute national health care and absolve all companies from paying for health care. 2) The government needs to declare all union contracts in the auto sector null and void and force both parties to binding arbitration of a new contract which reflects current market realities 3) A la the Chrysler bailout of the late 70's the government needs to provide cheap loans to help the companies restructure and in return the companies will agree to a big increase in CAFE standards. 4) The management needs to all be fired lock stock and barrel because the same dumb asses have been running these companies into the ground for decades and they've proven they're worthless. 5) Increase the amount companies can write off on their taxes for loses and let them save more of those credits to be used in future years instead of all up front.

If anyone refuses any one of these requirements then **** them and they all go bankrupt.

[Patroklos]

1) The government needs to institute national health care and absolve all companies from paying for health care

Most GM union members won't appeciate you forcing them into sub standard heath care.

[Theben]

Originally posted by DanS
No, I think rather than "bloodsuckers" he meant "suckers" -- i.e., little old ladies who are now eating cat food because their investments in GM are worthless.

Thankfully, I bear no resemblance to that bunch.

Would those lil' old ladies bear any resemblance to people who made investments in their homes and are now facing foreclosure? After all, no one made them invest in GM.

[Dinner]

Originally posted by Patroklos

Most GM union members won't appeciate you forcing them into sub standard heath care.

Except every other first world country has superior health care to the US and pay only a fraction what we pay. America has the most wasteful and inefficient health care system in the first world bar none.

[Dinner]

Originally posted by Theben

Would those lil' old ladies bear any resemblance to people who made investments in their homes and are now facing foreclosure? After all, no one made them invest in GM.

Of course not! When individuals make mistakes it's their problem but when financial groups make mistakes it's everyone's fault and they need to be bailed out. The right has no pity unless you are filthy rich and then they want to give you as much government money as you can haul away.

[Imran Siddiqui]

Originally posted by Oerdin
Except every other first world country has superior health care to the US and pay only a fraction what we pay. America has the most wasteful and inefficient health care system in the first world bar none.

You missed his point, I think. GM union members have great health care. Probably better than the rest of the countries out there (everything gets paid and no waiting in line for expensive procedures). They wouldn't want to give that up.

[Kuciwalker]

Originally posted by Theben
Would those lil' old ladies bear any resemblance to people who made investments in their homes and are now facing foreclosure? After all, no one made them invest in GM.

Um. Do you think you're disagreeing with DanS here?

DanS has already stated he hopes no bailout will happen and the whole company will just go bankrupt, unlike what happened with the mortgage industry.

[Victor Galis]

The loss of $27.33 per share is the third-worst quarterly loss in the automaker's history.

So wait... they lost, in one single quarter over 2.5x what the company is worth?

[DanS]

Yep.

[rmsharpe]

I bought GM at 14 and bailed at 11 when I heard their 2Q report was coming up.

I'm glad I did, even if I lost 20% of my investment. If GM makes a comeback, it's going to be at least a decade. Just as well, prospects for GM as far as government policy goes are probably going to be equally disastrous.

[One_more_turn]

I don't think GM's current stock holders would survive this mess.

Bond holders should take over very soon. Once the new GM got rid of its current management and its legacy liabilities, it would be a great investment again.

[rmsharpe]

I was kind of wondering as to whether I should buy it again when it inevitably plummets once more.

[Colon™]

I sense a Bruce Springsteen song coming.

[DanS]

[DirtyMartini]

the boss

my daddy worked this truck plant same as me
he...proposed to ma down by the frame welding machine
we got...hubcaps for birthday
we got...lug nuts for play
Now I got sixteen years in this dirty truck plant
I got a wife, two kids and sick old aunt
My pay ain't great...but we do all right
the union's always has my back in a fight

Now they want to shut general motors down
cause no one will buy the trucks that I build
They're buyin' hybrids all over town
Corvettes and Camaros are the cars they killled

my wife she split, when she heard the news
GMs gone bankrupt but it's us workers who lose
The kids go hungry my aunts cough is worse
don't even know if I can afford the hearse
those damn execs don't know what they've done
If I ever see 'em they'd better run
the stabbed the stock holders right in the back
now I've got to go cash my unemployment check

Now the want to shut general motors down
cause no one will buy the trucks that I build
They're buyin'hybirds all over town
Corvettes and camaros are the cars they killed