GM to shut most US plants during summer

[WillowTree]

If GM Goes Bankrupt, Obama can expect to be a one term president.

They have a plan, it includes the banks, natch:

GM Is Becoming a Royal Debacle - WSJ.com

APRIL 22, 2009
GM Is Becoming a Royal Debacle
By HOLMAN W. JENKINS, JR.

It's good to be the king -- until you start tripping over your own robe.

So King Barack the Mild is finding as he tries to dictate the terms of what amounts to an out-of-court bankruptcy for Chrysler and GM. He wants Chrysler's secured lenders to give up their right to nearly full recovery in a bankruptcy in return for 15 cents on the dollar. They'd be crazy to do so, of course, except that these banks also happen to be beholden to the administration for TARP money.

Wasn't TARP supposed to be about restoring a healthy banking system? Isn't that a tad inconsistent with banks just voluntarily relinquishing valuable claims on borrowers? Don't ask....

They've already seen that the rights and privileges of shareholders are not worth diddly when the king is throwing his prerogatives around. He dispensed with the services of GM chief Rick Wagoner, though the king owned not a single share of GM stock at the time. His minions communicated the king's pleasure that GM consider discontinuing its GMC brand, maker of pickups and SUVs that offendeth the royal eye -- though these vehicles earn GM's fattest profit margins.

His minions haven't asked GM to give up the Chevy Volt, even after determining it will be a profitless black hole, because of the king's fondness for green.

No wonder the king's mediation of 40 years of stalemated labor and business issues in the auto sector isn't going so well. There's a reason royal discretion has long been outmoded as a way to run an economy: Things just work better if a realm's subjects are left to resolve their own disputes and interests through the impersonal mechanism of the markets and the law.

His current bailout strategy amounts to asking thousands of bondholders and GM retirees to buy stock in a GM that the king's own policies mean they'd be loony to buy. Add the fact that passenger cars and trucks in the U.S. are a trivial source of greenhouse gases in any case -- they could all become carbonless and it would be irrelevant in the face of China's and India's coal use. King Barack has only been on his throne for three months. His policies already have devolved into savage incoherence....

in the crassest terms the bond holders can just eat shit and die right?

 

[sealybobo]

If GM goes bankrupt maybe we'll get a new company that can build cars people want to buy.

50% of the cars in America are American made Fords/Chryslers/GM's.

What are you talking about?

I thought it was that Toyota and Honda workers are cheaper so they can offer a cheaper product.

Focus Rush. You are starting to go off message.

Anti American prick. Stupid bitch. Such a partisan pussy you want the American car companies and labor/unions to fail? I don't know what you do, but that happening can't be good for you. But just like most sheeple, you won't wake up until it actually affects you. And from what I know of you, even then you'll remain an ignoramus.

yes we do! cause you talk the way you do,, yes we do..your screw ups are not our emergencies.



you sit on the computer all day at work and screw your boss out of your wages and you think we should listen to you? I don't think so. GM fails cause GM can't do it right, cannot compete..

I would reply back in kind but then you will cry to the moderators and I'll get a warning.

I made my monthly bonus stupid. I work. I'm at lunch right now, stupid bitch. I'd say more, but you will cry to the moderators again. Cry cry cry baby wiwwow can't take it. Waaaaaa hates men. is ugly. cry. probably got a raspy voice.

 

[wihosa]

It's shocking how many people appear to be rooting for ruin.

 

[sealybobo]

If GM Goes Bankrupt, Obama can expect to be a one term president.

Obama and his handlers have already stated that if unemployment stays above 10% or if the economy doesn't turn around then yes, he's a one termer.

How does GM Bankrupcy fit in that picture? The company won't go away, a bankrupcy judge and a few hundred lawyers will just do their handywork.

Those union voters won't vote for Obama in 2012 if they lose their pensions.

 

[sealybobo]

If GM Goes Bankrupt, Obama can expect to be a one term president.

Obama and his handlers have already stated that if unemployment stays above 10% or if the economy doesn't turn around then yes, he's a one termer.

How does GM Bankrupcy fit in that picture? The company won't go away, a bankrupcy judge and a few hundred lawyers will just do their handywork.

And those southerners that benefit from a GM bankruptsy won't vote for Obama, so he better do all he can for the north.

 

[WillowTree]

We didn't cause it and we can't stop it.. only GM and the UNions can stop it.. but they are too stupid and too stubborn.. I hate the nastiness and the innuendo and the name calling.. I've always known the unions to be bullies and they haven't proven me wrong. I'll always buy Toyota..

 

[Indiana Oracle]

If GM Goes Bankrupt, Obama can expect to be a one term president.

Obama and his handlers have already stated that if unemployment stays above 10% or if the economy doesn't turn around then yes, he's a one termer.

How does GM Bankrupcy fit in that picture? The company won't go away, a bankrupcy judge and a few hundred lawyers will just do their handywork.

If the folks here are not aware of this site, it is worth the time. You will quickly see where unemployment and inflation really are.
Inflation, Money Supply, GDP, Unemployment and the Dollar - Alternate Data Series

 

[Terral]

Hi Sealybobo:

If GM Goes Bankrupt, Obama can expect to be a one term president.

You meant to say, “When GM Goes Bankrupt . . .”. Right (my recent post to DavidS)? You guys realize that GM will ‘not’ be making the 1,000,000,000 payment on June 1, 2009. Right?

Money.cnn.com

[FONT=&quot]GM won't make $1B June debt payment[/FONT]
[FONT=&quot]
June payment would be due a day after government's deadline for company to submit restructuring or bankruptcy plan.[/FONT]

NEW YORK (CNNMoney.com) -- General Motors won't be making a June 1 debt payment of $1 billion, a company spokeswoman said Wednesday.

The debt is due the day after GM's government-imposed May 30 deadline to have an aggressive restructuring plan in place or be left to face bankruptcy.

GM (GM, Fortune 500) said it wouldn't make the June 1 payment because as part of its restructuring, the company will be offering to exchange bondholder's debt for equity in the company.

"We're going to have an exchange offer open anyway," said GM spokeswoman Julie Gibson.

GM will hold onto every penny possible to carry them through the restructuring process, which means a lot of little guys are going to be left holding the bad paper bag. More people will be laid off by GM support companies that from the big automakers themselves, so we should expect to see more bankruptcies from the little guys that GM is about to also stop paying . . .

GL,

Terral

 

[Terral]

Hi Wihosa:

It's shocking how many people appear to be rooting for ruin.

I am in no way 'rooting' for the destruction of our Western Way of life as we know it, but I am aware of the fact that Senor Bushie and now Senor Obama have been working for the systematic destruction of the US Consumer Base for some time now. Everything the Govt does only makes things FAR WORSE, because that is their intention and their Plan is working.

Watch This 8-Minute Video

You guys laugh at Alex Jones and his interpretations of exactly what Barack Obama is doing, but get ready to eat crow when he turns out to be 100 percent correct.

My Obama Deception Thread

GL,

Terral

 

[Terral]

Hi WillowTree:

We didn't cause it and we can't stop it.. only GM and the UNions can stop it.. but they are too stupid and too stubborn.. I hate the nastiness and the innuendo and the name calling.. I've always known the unions to be bullies and they haven't proven me wrong. I'll always buy Toyota..

There is NOTHING General Motors or the Unions can do to stop the coming collapse of the automakers, their supporting companies and the entire U.S. Economy. You are looking at mere symptoms of a dying U.S. Consumer and a castrated U.S. Economy that is being systematically destroyed very much ON PURPOSE. You guys think that I am some kind of crazy conspiracy theorist, when I am only the little boy running through town yelling "Wolf" like Gerald Celente (website). :0)

[ame]http://www.youtube.com/watch?v=46MEqEgdLTg[/ame]

Food riots are coming and desperate people are going to flood out of the cities into the countryside looking to take whatever then need to survive. This automaker collapse topic is only the very tip of an extremely large iceberg and you guys are moving chairs around on the Titanic . . .

GL,

Terral

 

[Sinatra]

Can we get our billions back in bailout funds that GM took from us?

At least Ford appears to have its act relatively together.

And I agree - the Detroit auto unions have crippled that industry to the possible point of no return.

It is a sad thing - such an American standard for so long...

 

[Mad Scientist]

Hi Sealybobo:

If GM Goes Bankrupt, Obama can expect to be a one term president.

You meant to say, “When GM Goes Bankrupt . . .”. Right (my recent post to DavidS)? You guys realize that GM will ‘not’ be making the 1,000,000,000 payment on June 1, 2009. Right?
Money.cnn.com

[FONT=&quot]GM won't make $1B June debt payment[/FONT][FONT=&quot]
June payment would be due a day after government's deadline for company to submit restructuring or bankruptcy plan.[/FONT]

NEW YORK (CNNMoney.com) -- General Motors won't be making a June 1 debt payment of $1 billion, a company spokeswoman said Wednesday.

The debt is due the day after GM's government-imposed May 30 deadline to have an aggressive restructuring plan in place or be left to face bankruptcy.

GM (GM, Fortune 500) said it wouldn't make the June 1 payment because as part of its restructuring, the company will be offering to exchange bondholder's debt for equity in the company.

"We're going to have an exchange offer open anyway," said GM spokeswoman Julie Gibson.

GM will hold onto every penny possible to carry them through the restructuring process, which means a lot of little guys are going to be left holding the bad paper bag. More people will be laid off by GM support companies that from the big automakers themselves, so we should expect to see more bankruptcies from the little guys that GM is about to also stop paying . . .
GL,
Terral

Wow, Terral actually posted something I'm in agreement with.

 

[sealybobo]

Hi Sealybobo:

If GM Goes Bankrupt, Obama can expect to be a one term president.

You meant to say, “When GM Goes Bankrupt . . .”. Right (my recent post to DavidS)? You guys realize that GM will ‘not’ be making the 1,000,000,000 payment on June 1, 2009. Right?

Money.cnn.com

[FONT=&quot]GM won't make $1B June debt payment[/FONT]
[FONT=&quot]
June payment would be due a day after government's deadline for company to submit restructuring or bankruptcy plan.[/FONT]

NEW YORK (CNNMoney.com) -- General Motors won't be making a June 1 debt payment of $1 billion, a company spokeswoman said Wednesday.

The debt is due the day after GM's government-imposed May 30 deadline to have an aggressive restructuring plan in place or be left to face bankruptcy.

GM (GM, Fortune 500) said it wouldn't make the June 1 payment because as part of its restructuring, the company will be offering to exchange bondholder's debt for equity in the company.

"We're going to have an exchange offer open anyway," said GM spokeswoman Julie Gibson.

GM will hold onto every penny possible to carry them through the restructuring process, which means a lot of little guys are going to be left holding the bad paper bag. More people will be laid off by GM support companies that from the big automakers themselves, so we should expect to see more bankruptcies from the little guys that GM is about to also stop paying . . .

GL,

Terral

Holy Fuck! Talk about an issue hitting close to home. I noticed the Tribune is on my sales report for -$863.41. I asked my boss why I took such a hit and here is her reply

"We had to write off that invoice for $863.41 so they do not have to pay. They filed bankruptcy and we would have to petition the court etc. They asked for a favor so we took care of it."

So imagine if/when GM & Chrysler go bankrupt.

 

[Indiana Oracle]

Hi Wihosa:

It's shocking how many people appear to be rooting for ruin.

I am in no way 'rooting' for the destruction of our Western Way of life as we know it, but I am aware of the fact that Senor Bushie and now Senor Obama have been working for the systematic destruction of the US Consumer Base for some time now. Everything the Govt does only makes things FAR WORSE, because that is their intention and their Plan is working.

Watch This 8-Minute Video

You guys laugh at Alex Jones and his interpretations of exactly what Barack Obama is doing, but get ready to eat crow when he turns out to be 100 percent correct.

My Obama Deception Thread

GL,

Terral

You may be giving them too much credit. All I saw from Clinton through Bush 43 and now The Prophet is them acting in their own interests without regard for anything else. And even then, they got and are getting the execution wrong. I think they are too incompetent to actually have an overarching plan and for them agreeing? Doubt it.

 

[wihosa]

GM surviving is a better option than GM going bankrupt.

If the Fed is making loans to GM, doesn't that mean that eventually GM will repay the loans with interest?

It worked when Chrysler was bailed out in the eighties, it can work now.

But if you are rooting for failure, you would probably be against the bailout.

 

[RodISHI]

If GM Goes Bankrupt, Obama can expect to be a one term president.

Let me get this straight, GM failed as a business, but they are so big the US tax payer needed to bail them out! Yet they are taking $1 billion to create jobs in Brazil! Absolutely amazing!

Latin American Herald Tribune - General Motors to Invest $1 Billion in Brazil Operations -- Money to Come from U.S. Rescue Program

General Motors to Invest $1 Billion in Brazil Operations -- Money to Come from U.S. Rescue Program


By Russ Dallen
Latin American Herald Tribune staff

SAO PAULO -- General Motors plans to invest $1 billion in Brazil to avoid the kind of problems the U.S. automaker is facing in its home market, said the beleaguered car maker.

According to the president of GM Brazil-Mercosur, Jaime Ardila, the funding will come from the package of financial aid that the manufacturer will receive from the U.S. government and will be used to "complete the renovation of the line of products up to 2012."

"It wouldn't be logical to withdraw the investment from where we're growing, and our goal is to protect investments in emerging markets," he said in a statement published by the business daily Gazeta Mercantil.

Meanwhile, he cut the company's revenue forecast for this year by 14% to $9.5 billion from $11 billion, as the economic crisis began to cause rapid slowdowns in sales.

GM already announced three programs of paid leave, and Ardila added that GM Brazil "is going to wait and see how the market behaves in order to know what decision to take" with regard to possible layoffs.

For Ardila, the injection in Brazil's automobile sector of 8 billion reais ($3.51 billion) recently announced by the federal and state governments of Sao Paulo "has already begun to revive sales," which fell by 12% in October.

The executive said that the company will operate a "conservative" scenario in 2009 with an estimated production of 2.6 million units, and another more "optimistic" that contemplates sales of 2.9 million.

I was curious so I did some quick searches on China. It seemed not to many years ago China was having a really tough time feeding all the people there.

I came across this article that GM, "will continue to increase investment despite the troubled U.S. auto giant General Motors amid financial crisis, peplenet.com said today, citing SAIC vice president and Shanghai GM general manager Ding Lei".

I read more on these articles of Huliq News and discovered, "GM says biofuels suit China transportation."

The end of the ethanol article says, "The Chinese fuel ethanol market is expected to double in the next few years, despite looming obstacles like the availability of adequate feed-stocks."

It leaves me asking a few questions.

Is GM and Chrysler sending money to China and then expecting American funds so the people of America can foot the bill?

How does this play when America is already supposedly so far in debt to China?

If China has historically had so many problems feeding their people why are they going to ethanol with viable crop lands?

I have read that Verasun is the largest ethanol company in the world and they just filed bankruptcy. Wells Fargo cut a deal and jumped into the number two creditor position in the bankruptcy case. Which in turn left the farmers and the grain companies holding the worst position in the Verasun bankruptcy case.


Is the price of steak going down in the grocery store since the grain market just went to poop?

Your losing your pension? I suppose that's the way the cookie crumbles when your company sends the billion it just recieved from the American public to another country.

 

[WillowTree]

GM surviving is a better option than GM going bankrupt.

If the Fed is making loans to GM, doesn't that mean that eventually GM will repay the loans with interest?

It worked when Chrysler was bailed out in the eighties, it can work now.

But if you are rooting for failure, you would probably be against the bailout.

Hey! stupid,, did you read the article, the freaking bond holders are getting stiffed by GM they lent them money they will never get back.. are you an idiot?? or what???

 

[sealybobo]

If GM Goes Bankrupt, Obama can expect to be a one term president.

Let me get this straight, GM failed as a business, but they are so big the US tax payer needed to bail them out! Yet they are taking $1 billion to create jobs in Brazil! Absolutely amazing!

Latin American Herald Tribune - General Motors to Invest $1 Billion in Brazil Operations -- Money to Come from U.S. Rescue Program

I was curious so I did some quick searches on China. It seemed not to many years ago China was having a really tough time feeding all the people there.

I came across this article that GM, "will continue to increase investment despite the troubled U.S. auto giant General Motors amid financial crisis, peplenet.com said today, citing SAIC vice president and Shanghai GM general manager Ding Lei".

I read more on these articles of Huliq News and discovered, "GM says biofuels suit China transportation."

The end of the ethanol article says, "The Chinese fuel ethanol market is expected to double in the next few years, despite looming obstacles like the availability of adequate feed-stocks."

It leaves me asking a few questions.

Is GM and Chrysler sending money to China and then expecting American funds so the people of America can foot the bill?

How does this play when America is already supposedly so far in debt to China?

If China has historically had so many problems feeding their people why are they going to ethanol with viable crop lands?

I have read that Verasun is the largest ethanol company in the world and they just filed bankruptcy. Wells Fargo cut a deal and jumped into the number two creditor position in the bankruptcy case. Which in turn left the farmers and the grain companies holding the worst position in the Verasun bankruptcy case.


Is the price of steak going down in the grocery store since the grain market just went to poop?

Your losing your pension? I suppose that's the way the cookie crumbles when your company sends the billion it just recieved from the American public to another country.

I know! What's with that? Although if the Big 3 were not doing business overseas, imagine how bad of shape they would be in. Ford is doing well in Europe and I guess GM wants to try to sell cars in China.

It would be nice if they made them here and shipped them over instead of leaving.

So this is all about breaking the unions, and while they are at it, might as well milk the tax payers for a few billion dollars. Just like the bankers.

And isn't it amazing we gave so much to the bankers and AIG but are being so cheap with the auto companies, who actually make a product! What do the banks make? Nothing.

I don't want to save GM for the sake of the executives. I want to save GM for the workers, and for the suppliers, and every other working stiff in America.

And what sickens me are the working stiffs arguing that GM should fail. More likely they are dummies and not traitors. They probably don't realize what they are saying.

 

[sealybobo]

If GM Goes Bankrupt, Obama can expect to be a one term president.

Let me get this straight, GM failed as a business, but they are so big the US tax payer needed to bail them out! Yet they are taking $1 billion to create jobs in Brazil! Absolutely amazing!

Latin American Herald Tribune - General Motors to Invest $1 Billion in Brazil Operations -- Money to Come from U.S. Rescue Program

I was curious so I did some quick searches on China. It seemed not to many years ago China was having a really tough time feeding all the people there.

I came across this article that GM, "will continue to increase investment despite the troubled U.S. auto giant General Motors amid financial crisis, peplenet.com said today, citing SAIC vice president and Shanghai GM general manager Ding Lei".

I read more on these articles of Huliq News and discovered, "GM says biofuels suit China transportation."

The end of the ethanol article says, "The Chinese fuel ethanol market is expected to double in the next few years, despite looming obstacles like the availability of adequate feed-stocks."

It leaves me asking a few questions.

Is GM and Chrysler sending money to China and then expecting American funds so the people of America can foot the bill?

How does this play when America is already supposedly so far in debt to China?

If China has historically had so many problems feeding their people why are they going to ethanol with viable crop lands?

I have read that Verasun is the largest ethanol company in the world and they just filed bankruptcy. Wells Fargo cut a deal and jumped into the number two creditor position in the bankruptcy case. Which in turn left the farmers and the grain companies holding the worst position in the Verasun bankruptcy case.


Is the price of steak going down in the grocery store since the grain market just went to poop?

Your losing your pension? I suppose that's the way the cookie crumbles when your company sends the billion it just recieved from the American public to another country.

The executives are the ones sending jobs overseas and if they get to renig on pension, EVEN BETTER FOR THEM!!!

GM is just doing what the bankers did. Privatize the profits and then socialize the losses.

 

[Kevin_Kennedy]

This is to be expected. Bailing out failed businesses only allows them to waste resources for a longer period of time. Anybody that thought GM or Chrysler would be able to reform themselves enough to become competitive within a few months is crazy. We should have allowed these companies to fail before we invested billions of taxpayer money into them, because we're never going to see it back.