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THE CHATTER BOX

 
  
  
  The Chatter Box : Blathering On
  
  
  
 
Messages 1 2 3 4 5 6 

Nobody expects....General Motors to go into Liquidation.... by bIG bLOGGER on 13 November 2008 4:40pm
 
But---COULD it happen,even before Christmas,or early in the New Year,2009?
Or will the US government somehow throw a last-ditch financial lifeline to the USA's 3 leading car makers,GM,Ford and Chrysler?
President-Elect Obama's problem is that Michigan was won by the Democrats,and he doesn't wish to see tens of thousands of Democrat-voting union car workers thrown out of work just as he begins his term of office on January 20.
But President Bush is strongly averse to offer the automakers any cash out of the 700 billion dollar($) Paulson Bailout package,which is designated for struggling banks,mortgage lenders Fannie Mae and Freddie Mac and Insurer AIG. Nor does Bush want the carmakers to have handouts over and beyond the 25 billion dollar reserve sum already agreed to be allocated for making the transition to new 'green' fuel-efficient cars.
If GM goes broke,economists are warning it could cause a 'domino effect' and affect many other industries,tipping the USA into a much-feared period of depression,by which time President Bush will have left office.
General Motors' share price fell this week below 3 dollars for the first time since 1943,and Wall Street credit analysts say it won't be long before the shares are posted at 'junk' status.
The 'Big 3' carmakers have operations right across America as well as in Detroit and up to 3 million jobs could be on the line,if suppliers are also included.
So---it's a bit of a 'Catch 22' situation...Nobody expects GM to go bust,but if nothing changes---should America begin to envisage the unthinkable?


 
Re: Nobody expects....General Motors to go into Liquidation.... by mrsteabag on 13 November 2008 5:12pm
 
I grew up in Michigan. I still have family there. They have 8.9% unemployment.We have one relative who's the widow of a GM worker and gets her benefits from there. The Big Three should have gotten off their collective @$$ and started research and development on greener technologies ages ago. I was against the corporate welfare act to begin with, but would rather see money going towards keeping the Three solvent then the useless pieces of work from AIG who went on a self-congratulatory spa week.
 
Re: Nobody expects....General Motors to go into Liquidation.... by mrsthing on 13 November 2008 11:43pm
 
Paulsen said that the bad mortgage debts will NOT be bought out in the bailout plan. That sent the stock market into a nosedive yesterday, though it closed way up today.

If the Big 3 automakers would just make cars that were as cheap as and lasted as long as Japanese and German cars, they'd be all set. But it's a bit late for that now. If they go green in a big way, they might be able to save their butts, but I don't know.

About 48% of us have already envisioned the unthinkable: Obama is going to be president! I think the rest of us want to believe he'll pull our a**es out of the fire, but that remains to be seen.
 
Re: Nobody expects....General Motors to go into Liquidation.... by tucsonmike on 14 November 2008 12:20am
 
Forbes had an article saying the number of unemployment claims is the highest in twenty-five years.
If the auto industry is NOT bailed out, Michigan goes down the tubes.
 
Re: Nobody expects....General Motors to go into Liquidation.... by mrsthing on 14 November 2008 1:25pm
 
Michael Moore is probably preparing the documentary now...
 
Re: Nobody expects....General Motors to go into Liquidation.... by johnnythemonkey on 14 November 2008 1:34pm
 
Wanna make a few bob ? Buy GM shares.
 
Re: Nobody expects....General Motors to go into Liquidation.... by geordiegirl on 14 November 2008 4:31pm
 
I might be burying my head in sand heee, I just don't think it will quite happen. Too much at stake & yes, faith in Obama!
 
Re: Nobody expects....General Motors to go into Liquidation.... by Lounge Trekker on 14 November 2008 5:38pm
 
Faith in Barrack Obama, yes, but the profit motive and fear of life without unlimited mobility, will 'drive' all these guys toward a solution.

Lounge Driver
 
Re: Nobody expects....General Motors to go into Liquidation.... by mrsthing on 14 November 2008 9:26pm
 
Obama can't do anything until January 20, and GM is already talking Chapter 11. The government doesn't seem keen on bailing them out. But I guess it remains to be seen what will actually happen.
 
Re: Nobody expects....General Motors to go into Liquidation.... by Ginnyp on 17 November 2008 12:28am
 
Can anyone tell me why I still see stockpiles of Peugeots in port,rusting away and Peugeot haven't gone bust.....yet?
 
Messages 1 2 3 4 5 6 




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