GM to shut most US plants during summer

[DavidS]

Sources: GM to shut many US plants up to 9 weeks - Yahoo! Finance

DETROIT (AP) -- Two people briefed on the plan say General Motors Corp. will close most of its U.S. factories for up to nine weeks this summer because of slumping sales and growing inventories of unsold vehicles.

The people did not know exactly when the shutdowns would occur, but both say they will include the normal two-week closure in July to change from one model year to the next. Neither person wanted to be identified because workers have not been told of the shutdowns.

GM spokesman Chris Lee would not comment other than to say the company notifies employees before making any production cuts public.

GM is living on $13.4 billion in government loans and faces a June 1 deadline to restructure or seek bankruptcy protection.

 

[xsited1]

It almost sounds like a strike:

Cate Brothers
Union Man lyrics

Well, it's six a.m.
I'm out on the job
Working like a fool
For my pay

A big man walks by
With a smile
Says you got to go
On strike today

Hey, hey, Mr. union man
How am I gonna pay my dues
Or the landlord or the doctor
How am I getting new shoes

Cate Brothers - Union Man lyrics

 

[alan1]

It could be worse.
They could have shut down during the winter when there ain't much to do.

Shit, lay me off for the summer and see if I care.

 

[Xenophon]

Won't be long till they are bankrupt.

 

[Indiana Oracle]

Won't be long till they are bankrupt.

It will be interesting to watch how The Prophet's administration handles things. Am of two minds: Washington takes over all or part of the company as a green car GSE; GM sells off parts to other private companies. The latter is really going to be challenging unless GM can void their labor and dealer contracts (many of which are state-protected).

It is going to be a real mess and Washington's projected timing of its resolution will only come to pass if they just step in and take if over.

 

[Terral]

Hi David:

Sources: GM to shut many US plants up to 9 weeks - Yahoo! Finance

DETROIT (AP) -- Two people briefed on the plan say General Motors Corp. will close most of its U.S. factories for up to nine weeks this summer because of slumping sales and growing inventories of unsold vehicles.

The US Economy is IMPLODING right on schedule (my thread + this + this), which the FED and the Treasury Department wired for destruction beginning September 18, 2008 of last year. GM has already acknowledged that no 1 Billion-dollar payment will be forthcoming on June 1 (story), which means the idiots running our Govt are dumping billions and billions and billions of taxpayer dollars down a bottomless pit of DEBT that has no bottom.

This is what happens when you allow too much OUTSOURCING of JOBS and too many foreign nationals (legal and illegal) into the USA to 'displace' US 'Consumers' from JOBS, because the Consumer Base is being systematically destroyed out of existence. Housing prices will continue to go DOWN (story) and foreclosures will continue to escalate higher (up 46% over a year ago) amid rising unemployment (in every state) that is more than 25 percent (Marin County, CA) in many areas of the USA right now. Anybody telling you that things are getting better are idiots confused, Loyal Obama LIARS eusa_liar, or completely out of their cotton-picking minds cuckoo.

The people did not know exactly when the shutdowns would occur, but both say they will include the normal two-week closure in July to change from one model year to the next. Neither person wanted to be identified because workers have not been told of the shutdowns.

Shutting down GM plants will be part of 'bankruptcy' that will have ramifications (story) for all of the support companies where massive layoffs will also take place sending the unemployment and foreclosures higher and house prices even lower; as fewer and fewer Americans can afford to make an offer on your home. You are looking at the implosion of the American Empire, which will undermine the tax base and send the message to China, Russia and the Arabs that our US Dollars are worth NOTHING (China nervous about Dollar / Treasury Holdings). In case you are unaware, China has been planning to dump the US Dollar for some time now (story and story). I am putting my dollars into 'hard goods' right now in anticipation of the coming Gerald Celente-predicted CRASH (link) . . .

[ame="http://www.youtube.com/watch?v=jCOifuVk9f4"]Listen To This Guy![/ame]

GM spokesman Chris Lee would not comment other than to say the company notifies employees before making any production cuts public.

The automakers are choking on excess 'supply,' because US 'Consumers' are broke and out of a job and have no prospects. This Greatest Depression . . .

[ame]http://www.youtube.com/watch?v=F4zL8l0NTe4[/ame]

. . . will be FAR WORSE than anything the USA has ever seen, because we still have between 20 and 30 MILLION Illegal Alien Foreign Nationals running around loose EVERYWHERE 'displacing' US workers from JOBS 'and' Obama and the retards in Congress want to make them all citizens (STOP OBAMA'S AMNESTY NOW)! Nobody will hire expensive American workers for construction jobs and lawn jobs and maid jobs, when they can hire 'two' illegal aliens for less than half the price 'and' nobody is enforcing the Rule of Law anyway! America is DOOMED no matter how you cut the mustard and the automakers represent a visible 'symptom' of a dying US Economy/Consumer!

GM is living on $13.4 billion in government loans and faces a June 1 deadline to restructure or seek bankruptcy protection.

GM is gong into bankruptcy and nothing anyone does will change that simple fact, because the American Consumer Base is being systematically destroyed . . . and very much on purpose . . .

GL,

Terral

 

[sealybobo]

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

 

[manu1959]

the airlines went bk and came back......busted the unions though.....odd that a dem pres would pump money into the auto industry to prevent a bk.....why do you think he would do that......

 

[wihosa]

Why prop up GM? Just imagine if the thousands of workers being furlowed by GM for six weeks this summer were being permanently laid off.

Talk about a declining spiral of recession!

 

[Indiana Oracle]

There is an earlier post on this. My view is simply that it is going to be really interesting to watch. The Prophet is in a pickle and time is working against him.

 

[Indiana Oracle]

Btw, I am long GM.

 

[sealybobo]

Btw, I am long GM.

What?

50% of the cars in American are still American made.

This is all just to break the unions.

Hey taxpayers, just wait till you see how much our taxes go up when the government takes on all those pensions.

Better for us that GM makes it.

Better for Toyota and Honda and Alabama that we fail.

My brother is a vp in the auto industry and he says that most pensioners will be ok.

But, Obama will not win if GM and Chrysler go bankrupt. Just a hunch.

 

[Skull Pilot]

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

 

[Indiana Oracle]

Btw, I am long GM.

What?

50% of the cars in American are still American made.

This is all just to break the unions.

Hey taxpayers, just wait till you see how much our taxes go up when the government takes on all those pensions.

Better for us that GM makes it.

Better for Toyota and Honda and Alabama that we fail.

My brother is a vp in the auto industry and he says that most pensioners will be ok.

But, Obama will not win if GM and Chrysler go bankrupt. Just a hunch.

Not sure I understand what the intended with this list is, but being long GM means I own their stock.

 

[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.

 

[WillowTree]

didn't we already give GM a buncha money? well didn't we?

 

[midcan5]

If America continues to lose its industrial base and the middle class becomes the walmart class, we will all suffer. So get on this site and speak up.

ARRA: Public Review

Buy American - Support yourself.

Check

Still Made in USA.com - American-Made Products for Home and Family
American Made Products and/or Services Made in USA

 

[WillowTree]

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..

 

[Annie]

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....

 

[Mad Scientist]

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.