Crash! Auto giant GM going bankrupt today

[NOBama]

Last updated: 10:30 am
June 1, 2009
Posted: 3:22 am
June 1, 2009

Welcome to US General Motors.

GM, for decades the symbol of American economic might, will file for bankruptcy today, and emerge with US taxpayers owning more than half of the company.

The path was cleared yesterday when 54 percent of GM's institutional bond holders agreed to swap their bonds for a 10 percent stake in the new company.

They also will get warrants allowing them to eventually purchase another 15 percent from the government.

The bondholders' acceptance was critical to moving the automaker through bankruptcy quickly.

GENERAL MOTORS FILES FOR CHAPTER 11 BANKRUPTCY PROTECTION ON JUNE 1 - New York Post

Government Moters is born!

"When all the details are finalized, the federal government will own 60 percent of the new GM in exchange for $30 billion in new financing, on top of the $20 billion provided already."

It cost your children, their children, their children... 50 BILLION DOLLARS, of which they'll never see a dime.

Attaboy, BO. Change, yeah right.

 

[GHook93]

Did you notice the surge in the market today! You would think the one of the largest manufactures in the country would cause the market to go down!

 

[NOBama]

Did you notice the surge in the market today! You would think the one of the largest manufactures in the country would cause the market to go down!

Amazing, isn’t it? I’m glad I’m in Ford and not GM. I think the common shareholder is going to get screwed in this deal, if not permanently, at least short term - as in several years.

 

[Zoom-boing]

Stupid. They should have done this months ago before taking all the money and letting uncle grab hold. Now, they surely are pwned.

 

[midcan5]

Another sad day for America and for the American worker. Another path to the middle class will be closed as workers move further down the food chain and the wealthy move towards the French Riviera. Sadder still are the wingnuts who praise this collapse and take pleasure in their own country moving towards third world status. Bizarre to say the least.

As UAW fades, so does a path to U.S. prosperity | Reuters

Buy American, support yourself and your neighbor.

 

[Zoom-boing]

Another sad day for America and for the American worker. Another path to the middle class will be closed as workers move furhter down the food chain and the wealthy move towards the French Riviera. Sadder still are the wingnuts who praise this collapse and take pleasure in their own country moving towards third world status. Bizarre to say the least.

As UAW fades, so does a path to U.S. prosperity | Reuters

Buy American, support yourself and your neighbor.

Tough to do when so much is made in xxx.

 

[NOBama]

Another sad day for America and for the American worker. Another path to the middle class will be closed as workers move further down the food chain and the wealthy move towards the French Riviera. Sadder still are the wingnuts who praise this collapse and take pleasure in their own country moving towards third world status. Bizarre to say the least.

As UAW fades, so does a path to U.S. prosperity | Reuters

Buy American, support yourself and your neighbor.

Yeah, the freakin liberal democrats & republicans have really done a number on us and it’s getting worse by the day.

As far as vehicles go, there’s only one choice left: Ford. Chrysler was never an option, for me. I just never liked them and I'd buy a Volkswagen before I'd buy a Fiat.

I’ll never buy a car from a government owned company. I prefer to buy my vehicles from people who know something about the industry. As soon as Ford goes under it’s time to start looking at second generation auto-maker start ups in the US and abroad.

 

[sealybobo]

Another sad day for America and for the American worker. Another path to the middle class will be closed as workers move further down the food chain and the wealthy move towards the French Riviera. Sadder still are the wingnuts who praise this collapse and take pleasure in their own country moving towards third world status. Bizarre to say the least.

As UAW fades, so does a path to U.S. prosperity | Reuters

Buy American, support yourself and your neighbor.

Air America had the head of the steele workers union on last night. Let me try to remember what he said.

1. The plan isn't focused enough on keeping jobs here. GM is going to lay off another 20,000 people in this restructure.

2. What do 50 something year olds do that get let go? Retrain? Ha! Lower paying jobs? For sure. Screw them on their retirements? Probably.

3. Is this fair for Ford? How can they compete with Goverment Motors?

4. NAFTA and Free trade allows companies to pit American workers against all other workers and if Brazilians start asking for too much, they'll just move to China, and then when china asks for too much, they'll just go to mexico. In other words, free trade is not fair.

5. All other countries have national healthcare. How can GM & Chrysler compete when they have to pay for their employees healthcare?

6. Toyota is run by the Japanese government? Why is our government the only inept government? On purpose so they can privatize everything?

7. During the Olympics in china, we knew what the rules were and everything was even and fair and the USA won its share of medals. But free trade isn't fair, which is why we will lose. But the corporations will win.

8. These bankruptsies might cost the Dems in 2010, depending on how bad things get. That's sad, because then we would be taking power away from the party that can't fix the problem and giving control back to the party that won't fix the problem.

That is the difference. The Dems can't and the GOP won't.

I love hearing interviews like this. It vindicates everything that I think/believe. I'm not anti anything. They are anti us!!!

 

[Zoom-boing]

Another sad day for America and for the American worker. Another path to the middle class will be closed as workers move further down the food chain and the wealthy move towards the French Riviera. Sadder still are the wingnuts who praise this collapse and take pleasure in their own country moving towards third world status. Bizarre to say the least.

As UAW fades, so does a path to U.S. prosperity | Reuters

Buy American, support yourself and your neighbor.

Air America had the head of the steele workers union on last night. Let me try to remember what he said.

1. The plan isn't focused enough on keeping jobs here. GM is going to lay off another 20,000 people in this restructure.

2. What do 50 something year olds do that get let go? Retrain? Ha! Lower paying jobs? For sure. Screw them on their retirements? Probably.

3. Is this fair for Ford? How can they compete with Goverment Motors?

4. NAFTA and Free trade allows companies to pit American workers against all other workers and if Brazilians start asking for too much, they'll just move to China, and then when china asks for too much, they'll just go to mexico. In other words, free trade is not fair.

5. All other countries have national healthcare. How can GM & Chrysler compete when they have to pay for their employees healthcare?

6. Toyota is run by the Japanese government? Why is our government the only inept government? On purpose so they can privatize everything?

7. During the Olympics in china, we knew what the rules were and everything was even and fair and the USA won its share of medals. But free trade isn't fair, which is why we will lose. But the corporations will win.

8. These bankruptsies might cost the Dems in 2010, depending on how bad things get. That's sad, because then we would be taking power away from the party that can't fix the problem and giving control back to the party that won't fix the problem.

That is the difference. The Dems can't and the GOP won't.

I love hearing interviews like this. It vindicates everything that I think/believe. I'm not anti anything. They are anti us!!!

China was accused of lying about the age of three of their top gymnasts during the Olympics. Your idea of fair and my idea of fair are different.

'The Dems can't and the GOP won't ' -- either way, we're screwed.

 

[sealybobo]

Another sad day for America and for the American worker. Another path to the middle class will be closed as workers move further down the food chain and the wealthy move towards the French Riviera. Sadder still are the wingnuts who praise this collapse and take pleasure in their own country moving towards third world status. Bizarre to say the least.

As UAW fades, so does a path to U.S. prosperity | Reuters

Buy American, support yourself and your neighbor.

Air America had the head of the steele workers union on last night. Let me try to remember what he said.

1. The plan isn't focused enough on keeping jobs here. GM is going to lay off another 20,000 people in this restructure.

2. What do 50 something year olds do that get let go? Retrain? Ha! Lower paying jobs? For sure. Screw them on their retirements? Probably.

3. Is this fair for Ford? How can they compete with Goverment Motors?

4. NAFTA and Free trade allows companies to pit American workers against all other workers and if Brazilians start asking for too much, they'll just move to China, and then when china asks for too much, they'll just go to mexico. In other words, free trade is not fair.

5. All other countries have national healthcare. How can GM & Chrysler compete when they have to pay for their employees healthcare?

6. Toyota is run by the Japanese government? Why is our government the only inept government? On purpose so they can privatize everything?

7. During the Olympics in china, we knew what the rules were and everything was even and fair and the USA won its share of medals. But free trade isn't fair, which is why we will lose. But the corporations will win.

8. These bankruptsies might cost the Dems in 2010, depending on how bad things get. That's sad, because then we would be taking power away from the party that can't fix the problem and giving control back to the party that won't fix the problem.

That is the difference. The Dems can't and the GOP won't.

I love hearing interviews like this. It vindicates everything that I think/believe. I'm not anti anything. They are anti us!!!

China was accused of lying about the age of three of their top gymnasts during the Olympics. Your idea of fair and my idea of fair are different.

'The Dems can't and the GOP won't ' -- either way, we're screwed.

I know it isn't the perfect analogy, but the olympics, as unfair as they may have been, were more fair to American athletes than free trade agreements are to American workers. These trade agreements are written for the corporations and corporations alone.

And as for being screwed either way, I disagree. We are only screwed if the Dems really can't. Not enough of us have told them that we understand this to be a problem. Look how many people care or understand that the bankers gave themselves $2 trillion before the $750 billion. But the media easily got them all worked up about the $750??? Do you see how if the media wants to hide a story, it doesn't get out into the public awareness?

We need Norm Coleman to give up his losing cause and let Al Franken get seated. And we need GOP voters in red states to tell their reps that they understand this issue. And we need you to sign Ron Paul's petitions. But I can't get this movement going like Fox can get the tea baggers rallied. And Fox won't talk about this because they are the right wing media. And so is MSNBC to be honest with you. Sure they are a liberal station, but how liberal? What won't they discuss? Oil & bank monopolies are two things they won't touch. Look into who owns MSNBC. A right wing media corporation like Viacom or Disney?

We got them to deal with illegal immigration. Did they solve the problem? No. But border security is a little better than it was before. And there are a lot more cities/states now that are raiding business' and deporting illegals. Is it enough? No.

But because the right wing minute men and us lefties TOGETHER called and said we wanted them to do something, they did.

Same when Bush tried to sell an American port to Dubai. We nipped that in the butt.

I thought about this last night. What is the difference between Dems and GOP? The people who vote. Not the politicians. They are all the same. But each party takes a pro and a con to every issue. So we need to tell the Dems to at least be in control of the bankers that run the FED. No more should the Fed be able to give out $2 trillion without going thru congress. I don't think the GOP will help. Not based on how they treated Ron Paul.

So us liberals need you righties to join Ron Paul. We know you won't join us, so at least join Ron Paul. He's actually made great progress on this. More than ever before.

And every liberal show I listen to admits the bankers are a huge part of the problem. So I don't think it will be impossible to get them to help if they think the people are behind it. The problem is getting the people to be aware. Where is the media on this?

 

[GHook93]

Air America had the head of the steele workers union on last night. Let me try to remember what he said.

1. The plan isn't focused enough on keeping jobs here. GM is going to lay off another 20,000 people in this restructure.

No plans of protectionism ever work! But of course a Union Head will state the opposite.

I already showed you in another thread that America still produces 21% of the WORLD'S manufactured goods, as opposed to 13% by China! read the article again! Protectionism breeds protectionism, we will get blowback!

Side note when in American history was America producing the largest percent of the World's manufactured goods? 1986 during Reagan's Presidency (at 28%)!

The myth of US industry's demise - MSN Money

2. What do 50 something year olds do that get let go? Retrain? Ha! Lower paying jobs? For sure. Screw them on their retirements? Probably.

Same as 50 yr olds that get laid-off. Get injured in out the job accidents. Or the same as employees who lost their jobs in the banking, mortgage, financial industy. They retool or get new jobs!

3. Is this fair for Ford? How can they compete with Goverment Motors?

I guarantee Ford kicks the shit out of GM! So the real question should be since Ford is private is it really fair to General Motors!

4. NAFTA and Free trade allows companies to pit American workers against all other workers and if Brazilians start asking for too much, they'll just move to China, and then when china asks for too much, they'll just go to mexico. In other words, free trade is not fair.

100% agree. NAFTA, CAFTA and other free trade agreement should be restructured! As Ron Paul stated free trade agreements have to be mutually beneficial, but you can't just resort to protectionism or we all lose! He also stated we should be get out of the WTO!

5. All other countries have national healthcare. How can GM & Chrysler compete when they have to pay for their employees healthcare?

I agree! America needs to figure out the healthcare system fast! Not sure about UHC, but its a huge disadvantage to our corporations in the global market!

6. Toyota is run by the Japanese government? Why is our government the only inept government? On purpose so they can privatize everything?

I don't know enough about this so I won't comment!

7. During the Olympics in china, we knew what the rules were and everything was even and fair and the USA won its share of medals. But free
trade isn't fair, which is why we will lose. But the corporations will win.

Nice strawman that doesn't apply! Corporations are not the enemy! They employee people! The Unions always want to deflect as much of the responsibility as possible! Take any Union in America and you will find rabid corruption, wasted funds, self-interests and bargaining that DRIVES corporations overseas!

8. These bankruptsies might cost the Dems in 2010, depending on how bad things get. That's sad, because then we would be taking power away from the party that can't fix the problem and giving control back to the party that won't fix the problem.

That is the difference. The Dems can't and the GOP won't.

Bullshit! This union hack is looking it from such a small perspective. Not everything that happens in the economy is the government's fault. GM and the UAW are entirely at fault, so they need to stop tossing their failures on the government.

How are the Democrats better for America:
(1) They won't lower the corporate tax (which drives corps overseas) they will raise it!
(2) They won't take on Unions (who also drive corporations overseas) they will give them more power!
(3) They won't seal the border and combat illegal immigration (neither will the Republicans though)!
(4) They won't lower spending, cut programs, fight pork, fight entitlement spending, cut agencies so that maybe we could afford UHC or a form of it.
(5) And remember it was Clinton that signed NAFTA! Great negotiation skills
(6) It is the Democrats that will go green that the huge expense of the economy and YES manufacturing sector!

This political hack cares more about keeping a counter-productive union then the betterment of America! He wants socialism, not progression!

I love hearing interviews like this. It vindicates everything that I think/believe. I'm not anti anything. They are anti us!!!

I do also, because it shows you how clueless and self-preservationist the Union Leaders are. They say they are for worker's rights, but they kill companies the workers work for, in effect taking all the rights the workers have alway (No Company = No Job = No Worker's Rights)!

I can't wait to be on the front lines combating the Unions in 2010!