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- pookydirt, on 04/13/2009, -5/+72As much as it pains me to say this for all the obvious reasons... better late than never.
- 4degrees, on 04/13/2009, -6/+46ahh capitalism... make a ***** product. go bankrupt... life goes on.
- dalittle, on 04/13/2009, -1/+37Do you really think these factories will just stop producing cars and that will be it? That is just silly, but getting rid of crap management is probably the best thing that could happen for these blue collar families.
- UtahApocalyse, on 04/13/2009, -6/+39for those keeping score......
GM took billions in bailout, now going to file bankruptcy
Ford refused any bailout, they are struggling but starting to improve.
So which plan seems to have worked? - adeelarshad82, on 04/13/2009, -9/+41what worries me the most is the number of people about to lose their jobs, just when you think that things can't get any worse.
- MatthewDuke, on 04/13/2009, -2/+30Sweet!! We get all our tax money back now, right? Right?
- malanic, on 04/13/2009, -1/+28It's a bit off topic, but as an Australian I sometimes get annoyed when there's articles about Australia from the British 'Daily Mail', when the original source is an Australian publication available on the web.
As such, it would be hypocritical of me not to point out that this article is about an American company, sourced from an American news organisation that's presented a much more comprehensive coverage;
http://www.nytimes.com/2009/04/13/business/13gm.ht ... - minoss, on 04/13/2009, -2/+22Good thing we gave them all that money a few months back. Really showed those naysayers telling them it was just delaying the inevitable.
Either way, I predict the UAW makes it through this alive. They give way too much money to political campaigns not to. Crony capitalism ftw! - snugsoho, on 04/13/2009, -1/+21This was always inevitable the way the company was heading and still is heading, one can only hope that the company is broken down into smaller ones which might be more nimble and able to respond to changing economic conditions and/or customer needs.
A personal example, my brother-in-law works for Opel in Poland (owned by GM) and they're spending a fortune sending people backwards and forwards between their Polish plants and their plants in the UK for no significant benefit - one can only wonder how this is a cost justifiable way to train staff members, particularly when they don't speak a word of the same language. - Calamier, on 04/13/2009, -0/+17Political thoughts aside, I hope all the laid off workers can find more work elsewhere.
- minoss, on 04/13/2009, -1/+18propping up failed business' isn't how competition is created.
- Sakumi, on 04/13/2009, -6/+22Why don't you go after the $700bn the financial sector lost and stop whining about the small sum GM received.
Everyone was so quick to bitch about the auto bailout, but didn't really say much when we got jacked a sum of $700bn. - JimmyIkon, on 04/13/2009, -0/+14Would you rather we pay them to make cars people don't want though tax dollars? Capitalism isn't always fair. If you don't innovate and become more competitive you go under.
- stjoad, on 04/13/2009, -0/+13A big problem is a lot of retirees are going to be losing most, if not all, of their pensions.
- hokie47, on 04/13/2009, -2/+15I would love to invest in a new GM.
- cubicledrone, on 04/13/2009, -1/+14If General Motors files for bankruptcy, it will confirm conclusively the shabby half-assed way American companies have been doing business recently. It will also confirm the opinions of the millions of cheated workers who have long complained of the feckless and short-sighted nature of American management.
There are so many in our history who grew wealthy alongside their successful neighbors. We sleep under a conquered moon, yet we have wasted the educations of an entire generation of Americans.
That alone should make us pause and consider what a shameful place this nation has become. - BoneStamp, on 04/13/2009, -4/+16I'm not saying I agree with the bailout, but this argument doesn't make sense. Ford didn't run out of money, GM did. Please outline how NOT giving money to GM would have kept them alive?
- UselessTrivia, on 04/13/2009, -0/+12As a human being I get annoyed at pretty much every article from the Daily Mail. I'm pretty sure that every Daily Mail article is a less comprehensive version of something written by a more respectable publication.
Thanks for the link, though. I wanted to hear about the bankruptcy, but at the same time I didn't want to read the Daily News if at all possible. - KenSPT, on 04/13/2009, -3/+15EVERYBODY PANIC !!!!!!!!
- gnarkill726, on 04/13/2009, -6/+17Thank God this comes *AFTER* we gave them 15 BILLION dollars!
Thanks, Obama! Thanks, Bush! Thanks, Congress! - Betrayal, on 04/13/2009, -2/+13you mean make a ***** product, GET A BAILOUT and go bankrupt.
- chuckDontSurf, on 04/13/2009, -0/+11@dreamweaver: What's the alternative? Subsidize a failing business model?
- BoneStamp, on 04/13/2009, -0/+10When Tesla can actually produce more than 100 cars/year then we can talk about how great they are and how much of a difference they can make.
- Bloodwine, on 04/13/2009, -1/+10You have to remember that there is a large ecosystem built around the auto companies. If GM goes into bankruptcy, that may trigger many shutdowns, layofffs, etc. in the parts manufacturer and supplier sector.
- Sakumi, on 04/13/2009, -0/+9While I support Tesla, GM won't disappear after a re-structure, and should be more viable.
- duewydo, on 04/13/2009, -1/+10I wish they had done this right from the start. When the auto execs came looking for money the first thing I thought and said was chapter 11 GM because all we will do is give them money, which will delay the inevitable. Then once they chapter 11 they wont have to pay the government back. Double win for GM really. Not so much for the American tax payer.
I hate to be the antagonist but if some one doesn’t buy Chrysler here soon, they will be next, then what was a stable Ford wont be and a healthy post chapter 11 GM will start slipping again... Maybe they should have GM buy Chrysler then chapter 11? Let’s hope the forecast that things turn around here next year are correct. I honestly believe the collapse of the auto industry could trigger a real depression, too many blue collar jobs at stake. - NinjaJoshy, on 04/13/2009, -1/+10You sir are a moron. GM is failing because they were unable to adapt to the demands of the market. Blame the people that led GM into this mess, not those who were able to avoid it.
- faskippy, on 04/13/2009, -8/+16So, wait a minute. You mean all the money we gave them didn't work? Who'da thunk it? And if they could re-org, why not? All that money was wasted. Yeah, this plan of O's is going so well.
- xxpor, on 04/13/2009, -0/+8Chapter 13 is for individuals. Chapter 11 is for businesses. Chapter 11 is not pack up and go home, thats chapter 7.
- wertach, on 04/13/2009, -5/+13Not! Money down the union drain.
- BoneStamp, on 04/13/2009, -0/+8Unless they're retired. GM families that rely on retirement pensions will get hurt the most if GM files for bankruptcy.
- PhDigg, on 04/13/2009, -0/+8Alan Mulally at Ford took out a huge loan in 2006 (I think), when credit was available. While most people thought he was crazy to mortgage the entire business at the time, it ended up being the company's saving grace. Props to him.
- Sakumi, on 04/13/2009, -0/+7I'll agree - GM should consist of GMC ('work' vehicles). Chevrolet (consumer vehicles), and Cadillac (luxury consumer vehicles). They need to drop the other brands and fast - even they've said this!
- Amurican, on 04/13/2009, -0/+7The new Ford Fusion hybrid is supposed to be pretty respectable...plus it looks like a normal car, unlike the Prius. I say thats an okay alternative...and its a US car.
- inactive, on 04/13/2009, -0/+7AAAAAAAAAHH!!!
- govsucks, on 04/13/2009, -1/+8So in other words, if government would have let the market run its natural course we would be 30 billion dollars better off.
- paulsabo, on 04/13/2009, -0/+7FORD was in a better position right from the start of the problem, which I find to be very respectable of them. Their trucks are starting to look pretty good as well
- tgc1, on 04/13/2009, -1/+8Yeah, nobody saw that one coming.
/s - Aadain, on 04/13/2009, -1/+8I agree with minoss. What world have you been living in??? Everyone's been bitching about ALL the bailouts. People just cry a bit louder about the Big Three automakers because even if they fail, we still have cars from other companies that would move in and are running themselves better. If the entire financial sector crashes, good bye USA, hello new third world country.
- DaNuKaSAN, on 04/13/2009, -0/+7They're not falling...basically, they declare bankruptcy; the execs split with their share of the bailout; company gets bought up and eats another 7+ billion in emergency bankruptcy protection, and leaves the work of liquidating the unwanted assets to the government...
- DarkStar3333, on 04/13/2009, -0/+6LOUD NOISES !!!!
- mrteleprompter, on 04/13/2009, -0/+6That's not capitalism.
- phantasm000, on 04/13/2009, -1/+7I completely agree, but ford has always been a better company
- DarkStar3333, on 04/13/2009, -0/+6I dont know who dug you down but Ford was able to eliminate 10B in debt this month without touching a penny of taxpayer money.
The only thing GM's has done with there money is burn it trying to survive the night in this cold economic climate. Grats to GM on being able to reliably burn close to a billion dollars a month for close to 2 years! - reed311, on 04/13/2009, -1/+7Plenty of companies make ***** products, it's just that the purchasing of their products isn't directly tied to the credit market like the purchasing of a new vehicle is. The auto industry was losing countless sales when the credit market froze up, which was of no fault of their own. Even Toyota has had their sales plunge by over 30%. By that logic, Toyota is also making ***** products. Of course, their government has had to throw them some money as well.
- inactive, on 04/13/2009, -2/+8As the owner of a Toyota Camry and a Toyota Land Cruiser I can honestly say the Big Three never provided any substantial competition in the first place. That's why they're getting *****-canned. Capitalism in action, bucko!
P.S. Try using capitals when starting sentences. Just a thought. - inactive, on 04/13/2009, -0/+6I like my Buick, it's a great car, but if GM isn't moving any units, they have to restructure. There will still be plenty of competition in the auto market.
- Eorster, on 04/13/2009, -0/+6For all those union UAW people, you are welcome. The only thing the bail out did was give you a paycheck for several more months, while the rest of the country, small business owners especially, payed for it. Sad thing is if a small business owner/contract worker lost their business today they would get nadda, nothing , nill, no unemployment benefits or bail out help for them. Think about it before crying in your beer at your local bar, while paying for said beer with your unemployment benefits. I have no sympathy for UAW or big business in this country. Yes I am angry!
- curtisag, on 04/13/2009, -2/+7I don't think the bailout had anything to do with the result. GM is simply a ***** company and was in a far weaker position going into this economic downturn. GM was destined to go down, bailout or no bailout. It just would have happened a little sooner without one.
- loobis, on 04/13/2009, -0/+5Way to accept responsibility. You are apparently blaming the Japanese for doing their job? How can we expect to improve ourselves with attitudes like this?
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