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The US Auto industry needs to downsize and get more efficient. Keeping open plants you don't need will not save the auto industry. Too many brands putting out the exact same product. They were just competing with themselves
Need to move to new technologies. Alternate fuels, lighter weight materials, better safety are all areas we could lead the world in.
Rehashing 60s muscle cars is not the wave of the future
One of the bigger things GM did was to stand up to the unions and reign them in:
A new collective bargaining agreement between GM and the United Autoworkers Union (UAW) has allowed GM to remain competitive against non-union companies like Toyota, Nissan, and Honda.
The old agreement mandated that GM pay new workers a hefty $28 per hour, twice what the non-union companies paid. Now, GM pay is competitive at $14 per hour for new hires.
Hanging focuses the mind, the GM official said of the new UAW contract, describing how the historically recalcitrant union realized its previous demands were unsustainable after GMs 2009 bankruptcy. They got religion, he said.
CNSNews.com - Free Enterprise -- Not Government Oversight -- Key to GM Turnaround, Say Company Officials
The other major thing GM did was tell the Govt they would not be making any business decisions:
GM officials said the government has had almost nothing at all to do with the companys rapid return to profitability. According to one GM official, who spoke to CNSNews.com on background, the government has been a silent investor, and GMs senior leadership does not seek approval or permission from the government before making business decisions.
The man responsible for the GM turnaround is new CEO Ed Whitacre. In fact, Whitacre only took the job after declining it several times on the condition that the government stay completely away from GMs business decisions. If the government tried to give Whitacre and his team orders, Whitacre promised to quit on the spot, the official told CNSNews.com.
CNSNews.com - Free Enterprise -- Not Government Oversight -- Key to GM Turnaround, Say Company Officials
No matter how it was done, it is good news for GM to be back on solid footing
The government is offering a $7,500 tax credit to people who purchase the Chevy Volt. So that takes the $41,000 sticker price down to $33,500. But wait just a minute ..... doesn't the government own GM? Why don't they just make the sticker price $33,500? It's obvious why they are going the tax credit route.
GM gets to puff up their sales figures and bottom line whenever they sell a Volt. They will show the full $41,000 sales price on their income statement, and also book the additional $7,500 as proft, (above and beyond what they are making if they sold it at $33,500). The federal government will eat the $7,500 in the form of issuing additional debt that we and our kids will all owe. This is phoney accounting! GM and the federal government are all one entity!
Anyone here invested in GM bonds or shares. If so how does it feel to get fucked by Obama without a reach around?
GM is looking solvent right now. Showed its largest profit in 10 years and will offer its stock public again.
Economic Good News for the public who invested tax dollars to save the auto giant.
Looks like we will be repaid after all
GM will be looking good when Uncle Sam unloads his 60% ownership at a profit and not before. I wouldn't buy the stock or the bonds.
GM will be looking good when Uncle Sam unloads his 60% ownership at a profit and not before. I wouldn't buy the stock or the bonds.
Anyone here invested in GM bonds or shares. If so how does it feel to get fucked by Obama without a reach around?
Anyone here invested in GM bonds or shares. If so how does it feel to get fucked by Obama without a reach around?
Are you proposing a Government bail out of stockholders who made a bad investment? Where would they be right now if the Government hadn't saved the auto companies?
How socialist of you
If you're so confident with my money...GM is looking solvent right now. Showed its largest profit in 10 years and will offer its stock public again.
Economic Good News for the public who invested tax dollars to save the auto giant.
Looks like we will be repaid after all
Indeed, banks have gone bankrupt. Always within 18 months was the main TARP repaid at 8.5% in April, anti-socialists do not look at the data that the political influence has no idea of the extent of U.S. credit market. It was therefore considered that the rich somehow struck. To prove this, GOP crossed out on the Democratic primary and helped obtain.To show exactly what they had to acquiesce.
