GM goes tits up (no pictures), DUmmies surprised

[Vagabond]

GM Files for Bankruptcy protection

TwixVoy  (937 posts)        Thu May-28-09 09:42 PM
Original message
Well it's official GM WILL declare bankruptcy on the 1st of June
 Edited on Thu May-28-09 09:45 PM by TwixVoy
Breaking news on the front page www.Bloomberg.com .

The ripple effect of this will be massive.

Make no mistake the bastards that run this country financially intended for this to happen to break the last stronghold of the unions. We are ALL going to see a major standard of living decrease over the next few years as a result of this. The corporations now officially own our asses.

Well, it could be that the Unions sucked so much capital out of the company that it fell over dead.  That wouldn't fit in your world would it?  And what's with this fixation on asses, don't you DUmmies ever think of anything else?

NightWatcher  (1000+ posts)        Thu May-28-09 09:46 PM
Response to Original message
2. tis ok, they'll still exist as a company, just doing business in China
 what's the number of parts suppliers and other support persons who will lose their jobs? a few millions

What do you think China wold do to the UAW?

PassingFair  (1000+ posts)        Thu May-28-09 09:54 PM
Response to Original message
3. Worse...the government will own the corporations that officially own our asses.
 snip>

New Owners

The filing shows the U.S. Treasury owning 72.5 percent of equity in the new GM, a union health-care trust with 17.5 percent and 10 percent going to the old GM to hand to creditors in the bankruptcy process.

Yep, the cars and business practices will be approved by government bureaucrats.  What could possibly go wrong?

Oregone (1000+ posts)      Fri May-29-09 01:43 AM
Response to Reply #3
9. Why is it bad to have the government as a major shareholder?
 When profit is generated, it will be directed towards public coffers rather than stored away in a private vault of the great descendant of a rich slave owner to never again see the light of day (taxed only at 15%).

Oregone proves he has no idea of how capital works, and presupposes their will be a profit.  Education level?  Maybe eighth grade.

TwixVoy  (937 posts)        Thu May-28-09 09:57 PM
Response to Reply #4
5. Are you daft?
 Do you realize chapter 11 COMPLETELY breaks the unions overnight? Do you realize a large part of this will involve shifting the VAST MAJORITY of GMs manufacturing operations to Asia? Are you aware EVERYONE they owe money to is now shit out of luck - which will result in MASSIVE numbers of chapter SEVEN bankruptcys all around the country from other businesses that were owed millions from GM?

Chapter 11 is basically a "Kill the unions, move the company to China" move. GM as we know it is DEAD.

UAW could save GM tonight, if it wanted to.  It won't so the UAW is logically more than willing to let the golden goose die.  Why not, it appears the government will pick up all those golden pensions while the Union bosses continue living in their gated estates and private golf courses.

cherokeeprogressive  (1000+ posts)        Thu May-28-09 10:41 PM
Response to Original message
7. If it's true that the government will have a 70% stake in GM...
 Then here come the two-seat electric go-karts!

Yep, of course those will sell real well in.........er.............well..........somewhere where somebody likes having a POS car that doubles as a coffin.

Oregone (1000+ posts)      Fri May-29-09 01:47 AM
Response to Reply #7
11. You mean like these that "hog" the roads up north of you...
 http://www.thesmart.ca/index.cfm?ID=4720

Good, you should welcome that.

The SMART CAR.  I rest my case.  Those will never sell very well in the US.  Ask the folks who make Mini's.

cherokeeprogressive  (1000+ posts)        Fri May-29-09 01:56 AM
Response to Reply #11
12. "the remarkable tridion safety cell."
 Reminds me of alpha-hydroxies...

I don't welcome it at all. I live in a mountain community where there is snow that turns to compacted ice on the roadways. I'm not riding in a roller-skate on the roads where I live.

Don't worry.  People like Oregone would like to see to it that you live in the city, where you can't damage his pristine country side.

Oregone (1000+ posts)      Fri May-29-09 01:58 AM
Response to Reply #12
13. Buy a horse then

How's about you buy a horse, DUmbass!

cherokeeprogressive  (1000+ posts)        Fri May-29-09 02:03 AM
Response to Reply #13
15. Never have been a horse person.
 I guess I'll drive my Tahoe until it gives up the ghost. Safely, and confidently. Seeing as how my town is 5 miles from one end to the other, it should last a good long time. 67,000 miles on it already and the only repairs I've had to pay for were front brake rotors. The Smart Car will be nothing more than a pinball up here. I hope those who drive it have good insurance; auto AND health.

I bet you see a lot of people do just that.  People like Oregone, UAW, and the government can't see the result of their actions though.

Oregone (1000+ posts)      Fri May-29-09 02:10 AM
Response to Reply #15
17. "hope those who drive it have good insurance"
 Edited on Fri May-29-09 02:11 AM by Oregone
Well, most driving those so far have socialized auto and health insurance so they are good to go.

Its a great city car (large and small alike). They even have truck beds on some. And I don't see people dieing en masse in them. Its awfully neat to see so many people who need light transport buy these things.

And yes, of course I understand they aren't practical for every situation. But, ya know, a company like GM can possibly make more than a single type of car/truck.

Every state in this union has a form of "socialized" auto insurance.  It usually cost four times what regular insurance costs.  Socialized health insurance is it's own problem.  GM did build some quality light vehicles such as the Chevy Malibu that far surpassed some POS Smart Car at about the same price.  Of course they still cost too much for what they were, what with factored in Union legacy costs and all.

The DUmmies are complaining about Chevy moving to China.  I wonder why they haven't realized Ford wants to move it's operations to Brazil, for the same reason.  Ford has a modern plant in Brazil that the Union won't allow them to build in the states.

[RobJohnson]

I wish GM would of done this before sucking so much tax money from Congress.

But, in any case I think this is the best move for them.

I would like to see the UAW file next.

[miskie]

nust admit it DUmmies - The One's Auto bailout has resulted in nothing more than tax dollars that you would rather spend on social programs down the toilet just like sensible folks said it would. Obama Lied, The UAW Died.

[SSG Snuggle Bunny]

Make no mistake the bastards that run this country financially intended for this to happen to break the last stronghold of the unions.

Ford is a union shop and it isn't going bankrupt.

Then again Obama was never let in the door.

[JohnnyReb]

I can see it all now "Obama Carts".......for those of you & me that can remember the old folks talking about "Hoover Carts".

We really need to get that free pony soon so we can get him broke to pull the cart.

[StantheTaxMan]

I heard a disgruntled UAW worker on the radio this morning stating that he's locked into $16/hour for the foreseeable future.

[Vagabond]

I wish GM would of done this before sucking so much tax money from Congress.

But, in any case I think this is the best move for them.

I would like to see the UAW file next.

I read somewhwere that the UAW has in the hundreds of billions of operating capital available.  GM needs $1 billion.  Why would a union standby and let an employer crash and burn when it meant union workers would lose their jobs?

[The Village Idiot]

I wish GM would of done this before sucking so much tax money from Congress.

But, in any case I think this is the best move for them.

I would like to see the UAW file next.

The bondholders know that GM is worse off because they got money from the government

[DumbAss Tanker]

Well, it could be that the Unions sucked so much capital out of the company that it fell over dead.  That wouldn't fit in your world would it? 

They don't like it when people try to 'Speak truth to stupid,' so it's a safe bet that that idea will go unexamined, despite its high probability.

[jukin]

As of know GM...er the UAW will take over $500/taxpayer.

Would you like to have GM or $500?

[Ralph Wiggum]

They don't like it when people try to 'Speak truth to stupid,' so it's a safe bet that that idea will go unexamined, despite its high probability.

 

I like that term, Tanker.

[AllosaursRus]

I was researching union corruption, and lookee what comes up in the first 5 links....

http://spectator.org/blog/2009/05/07/obama-slashes-union-enforcemen

…buried in the budget documents released by the White House today is a 9 percent cut in the unit of the Department of Labor that is in charge of regulating unions.

Under the leadership of Elaine Chao during the Bush administration, the Labor Department’s Office of Labor-Management Standards took its job of policing unions seriously. Its actions led to 929 convictions of corrupt union officials and to the recovery of more than $93 million on behalf of union members. Yet the Obama administration has proposed slashing its budget from $45 million in 2009 to $41 million in 2010, citing an insufficient “workload” for the office.

Instead of using the money to make sure unions play by the rules, the Obama administration proposes shifting resources to the department’s Wage and Hour Division, Office of Federal Contract Compliance Programs, and the Occupational Safety and Health Administration — all areas of the agency focused on regulating businesses.

[The Village Idiot]

I like that term, Tanker.

I am so stealing it.

[RobJohnson]

The bondholders know that GM is worse off because they got money from the government

Plus the bondholders don't want investments that are controlled by the White House rather then the free market.

[dmsmsa]

I just received this by email from a local TV station

From: "wane.com breaking news " <newsdept@wane.com>
Date: Fri, 29 May 2009 10:47:35 -0700
Subject: Breaking News

DETROIT (AP/WANE) -- Members of the United Auto Workers union have ratified a package of concessions designed to reduce General Motors Corp.'s labor costs.

UAW President Ron Gettelfinger said Friday that 74 percent of GM's production and skilled-trade workers voted in favor of the deal.

The vote comes before an expected Chapter 11 bankruptcy protection filing by GM on Monday. Bankruptcy experts say having an agreement in place before the filing will help move the process through court more quickly.

UAW Local 2209, which represents workers at the Fort Wayne truck assembly plant announced Thursday evening it had ratified the concession package by a wide margin.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

WANE-TV
2915 West State Blvd.
Fort Wayne, IN 46808

[Vagabond]

I wonder if GM will survive what the government will do to it.  The government will turn that company into a petri dish, and ignore the results when they aren't what was expected.

[tuolumnejim]

Oregone (1000+ posts)      Fri May-29-09 01:43 AM
Response to Reply #3
9. Why is it bad to have the government as a major shareholder?
 When profit is generated, it will be directed towards public coffers rather than stored away in a private vault of the great descendant of a rich slave owner to never again see the light of day (taxed only at 15%).

Ok with this DUmmies reply, can someone tell again why the DUmmies don't see themselves as socialists? 

Link

soâ‹…cialâ‹…ism  /ˈsoʊʃəˌlɪzÉ™m/  Show Spelled Pronunciation [soh-shuh-liz-uhm]  Show IPA
–noun 1. a theory or system of social organization that advocates the vesting of the ownership and control of the means of production and distribution, of capital, land, etc., in the community as a whole.
2. procedure or practice in accordance with this theory.
3. (in Marxist theory) the stage following capitalism in the transition of a society to communism, characterized by the imperfect implementation of collectivist principles.

[The Village Idiot]

a lot of those guys are going to be flipping burgers pretty soon

[miskie]

well - it worked out for me - I called the wife while at work to grab a mess of GM shares when it dropped to 81 cents. Thanks Obama!