GM - Possibly lost chance at Reorganization

It'll make you feel good to know that you'll pay to help them
stay around a little longer. Thank Congress.

Tom

tsb wrote:It'll make you feel good to know that you'll pay to help them
stay around a little longer. Thank Congress.

Tom

And add another 60 Days to that! Wagoner's out at the request of the Obama Auto Task force. It appears the plan put together by Wagoner and the board still focused on a larger US auto market to be successful. It appears not even the government, yes those people that waste more money in less time then any business every has, don’t think GM is viable anymore.

Furthermore the task force basically told Chrysler to merge with Fiat or close shop. They are going to refuse any more aid to Chrysler.

Reading thru the journal and listening a little to the boob tube this morning it seems that a likely scenario the government is pushing for is either a packaged bankruptcy or a forced merger with Ford.

Can you say US Camaro? How about the US Silverado or the US Corvette?

They were given a chance & they blew it. Instead of stopping production until they came up with something that would sell they just kept pumping out the same crap, just idled some plants so they would have room to park more of what they can`t sell.

It is amazing. I find it interesting that even though Crysler shut down thier palnts for much of December they still couldn't move thier inventory or save any money.

There's plenty of blame to go around but generic "greed" isn't the largest factor. I blame short term thinking. Businesses are founded to make money, i.e. some greed is a motivator toward commercial success. Yet, too much greed is a destroyer of capital. Greed is short term thinking while long range planning is a virtue called investment. The problem is that in our society, investment cannot survive greed in the short run.

Geithner is right, government is the answer. Unfortunately it has also been the question (problem). A lack of long range planning combined with politics and collective ego is keeping the truth from the people: Our glory days are behind us. This is not a doomsday scenario, just the reality that our advantages are slipping away as a result of natural progression. The US has been a boom town. That is changing and the reality is that global resources are slim while populations are growing.

GM can reorganize but it's going to be a long road without both long range planning, re-investment and government backing. Without concessions from government, labor and bondholders it won't work.

mikeandgerry wrote: Our glory days are behind us. This is not a doomsday scenario, just the reality that our advantages are slipping away as a result of natural progression. The US has been a boom town. That is changing

Bingo! The rest of the industrial world was in shambles after WWII, it took them this long to catch up, and guess what? We were napping like the Hare from The Hare & the Tortoise, we were living the untouchable "American Dream" and when we were not keeping up, we borrowed to keep the ball rolling. Only now the ball went down the sewer drain and we will have to get all shitty to get the ball back and even if we do, it will never be the same.

Could somebody explain this concept to the UAW, please?