GM is gonna file bankruptcy after we gave it $20 billion - DFWstangs Forums
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post #1 of 58 (permalink) Old 05-31-2009, 09:10 PM Thread Starter
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Thumbs down GM is gonna file bankruptcy after we gave it $20 billion

in taxpayer money and now it's going to get another $30 billion while in bankruptcy.

http://news.yahoo.com/s/ap/us_automakers

Add that to what we already gave Chrysler so that it could delay a bankruptcy filing and the numbers just keep getting bigger and bigger. Wow.
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post #2 of 58 (permalink) Old 05-31-2009, 09:13 PM
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post #3 of 58 (permalink) Old 05-31-2009, 09:20 PM
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yeh thats right...

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post #4 of 58 (permalink) Old 05-31-2009, 09:24 PM
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Mutters something about "Hope and Change."
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post #5 of 58 (permalink) Old 05-31-2009, 09:33 PM
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There goes the stock market tomorrow.

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post #6 of 58 (permalink) Old 05-31-2009, 09:35 PM Thread Starter
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Originally Posted by forever_frost View Post
Mutters something about "Hope and Change."
That sounds eerily like the campaign slogan of the asshole who signs all those big checks that come from the taxpayers wallets.
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post #7 of 58 (permalink) Old 05-31-2009, 10:10 PM
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Let's not forget that the Bush administration started this BS by giving TARP funds to GM and Chrysler after Congress voted to not give them any bailout funding.

Plenty of blame to go around.
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post #8 of 58 (permalink) Old 05-31-2009, 10:23 PM Thread Starter
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Let's not forget that the Bush administration started this BS by giving TARP funds to GM and Chrysler after Congress voted to not give them any bailout funding.

Plenty of blame to go around.
Yes and I wasn't happy with that either.

However, Bama signed the most recent and largest checks. People elected him on the promise of "change" and he still carried on the redundant forking over of money. The only change was that he added astronomical amounts and pork to the checks. He had a chance to say "no more" since it was apparent that the original funds were not working.
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post #9 of 58 (permalink) Old 05-31-2009, 10:24 PM
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There goes my GM stock
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post #10 of 58 (permalink) Old 05-31-2009, 10:24 PM
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There goes the stock market tomorrow.
Hell, looks like the futures are up.
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post #11 of 58 (permalink) Old 05-31-2009, 10:27 PM
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There goes my GM stock
GM hasn't had any equity value for months. I think I modeled the share price out to negative $12/share a couple weeks ago.
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post #12 of 58 (permalink) Old 05-31-2009, 11:05 PM
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You mean the new camaro didn't save them. Fuck it makes 500 plus hp to the wheels with bolt ons.

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post #13 of 58 (permalink) Old 05-31-2009, 11:33 PM
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Remember when this all started - we were told that a GM bankruptcy would be wide ranging, affecting dealers, part suppliers, and factory workers. Well, guess what - it's gonna affect dealers, part suppliers, and factory workers, except now the taxpayer is down $20 billion.

I really think that bush passed a "package" off to obama instead of handling it himself, and obama had union election debts to repay, so he propped up GM (and chrysler) for awhile and the taxpayer got ripped off while they fiddle farted around.

It should have gone to bankrupcy on bush's watch.
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post #14 of 58 (permalink) Old 05-31-2009, 11:33 PM
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You mean the new camaro didn't save them. Fuck it makes 500 plus hp to the wheels with bolt ons.
x2 was going to say that, but you said it for me.

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post #15 of 58 (permalink) Old 06-01-2009, 01:29 AM
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1931, what?

Give me a dollar.
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post #16 of 58 (permalink) Old 06-01-2009, 01:34 AM
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Who could have seen this coming?!

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post #17 of 58 (permalink) Old 06-01-2009, 02:39 AM
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The article in post 1 is talking about a "new GM" and "old GM"...the next to last paragraph is this...

But the GM case is anything but ordinary, and it appears the company will sell some or all of its assets to a new entity that would become the new GM, rather than submit a plan to reorganize the old company.

I take that to mean it will be totally new company with a new stock listing and such....would a good analogy be that of the At&t spilt in the 80s? althought it was an anti-trust thing and not bankruptcy, one company was split into 7 other companies. The last paragraph in the article is...

GM's stock tumbled to the lowest price in the company's 100-year history on Friday, closing at just 75 cents after trading as low as 74 cents. In a Chapter 11 bankruptcy reorganization, the shares would become virtually worthless.

so i would consider that to mean that current GM stock is junk and that nobody will be trading that stock really anymore.

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post #18 of 58 (permalink) Old 06-01-2009, 05:40 AM
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Originally Posted by Sgt Beavis View Post
Let's not forget that the Bush administration started this BS by giving TARP funds to GM and Chrysler after Congress voted to not give them any bailout funding.

Plenty of blame to go around.
Two things, I didn't like it when Bush did it and Obama is now responsible for what is going on. I think Bush is now a private citizen and has no control over current decisions.

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post #19 of 58 (permalink) Old 06-01-2009, 05:40 AM
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You mean the new camaro didn't save them. Fuck it makes 500 plus hp to the wheels with bolt ons.
Nice!

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post #20 of 58 (permalink) Old 06-01-2009, 05:47 AM
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Yeah, allowing GM to file bankruptcy and Obama giving the UAW a 55% controlling ownership in the company.

I've said time and time again, you shouldn't bail out companies. Allow them to file bankruptcy on their own. This should have happened 6 months ago. Chapter 11 isn't the death of the company.

We shouldn't have bailed out banks and AIG also. Oh well, Obama will raise our taxes sooner or later. He already wants a 25% VAT federal sales tax.

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post #21 of 58 (permalink) Old 06-01-2009, 06:36 AM
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Are we talking about all the BS that Bush did during the last 6 months or so? Where I remember hearing...we won't be giving them money......we won't be giving them money......we won't be giving them money......we won't be giving them money...

...then out of no where it seemed, we were giving banks and other people money. That pissed me off.

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post #22 of 58 (permalink) Old 06-01-2009, 07:02 AM
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Are we talking about all the BS that Bush did during the last 6 months or so? Where I remember hearing...we won't be giving them money......we won't be giving them money......we won't be giving them money......we won't be giving them money...

...then out of no where it seemed, we were giving banks and other people money. That pissed me off.
Yep, but you won't hear any of that on the 6 oclock news or CNN for that matter. Instead, you got all these gay-for-obama dickheads saying, "well Bush shoulda done something about this years ago."

Newsflash obama-lovers: Bush didn't believe in fed govt dictating policy to GM or Chrysler.

Here's to 3.5 more years of shit.....
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post #23 of 58 (permalink) Old 06-01-2009, 07:05 AM
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There goes my GM stock
What GM stock?

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post #24 of 58 (permalink) Old 06-01-2009, 07:06 AM
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Yes and I wasn't happy with that either.

However, Bama signed the most recent and largest checks. People elected him on the promise of "change" and he still carried on the redundant forking over of money. The only change was that he added astronomical amounts and pork to the checks. He had a chance to say "no more" since it was apparent that the original funds were not working.
You're absolutely correct, I was just reminding everyone that GW and Henry Paulson started us down this path.

The thing that really bothers me about that is that Paulson basically circumvented Congress. He had absolutely no approval to do what he did. Frankly I think he should have been brought up on charges.


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Remember when this all started - we were told that a GM bankruptcy would be wide ranging, affecting dealers, part suppliers, and factory workers. Well, guess what - it's gonna affect dealers, part suppliers, and factory workers, except now the taxpayer is down $20 billion.

I really think that bush passed a "package" off to obama instead of handling it himself, and obama had union election debts to repay, so he propped up GM (and chrysler) for awhile and the taxpayer got ripped off while they fiddle farted around.

It should have gone to bankrupcy on bush's watch.
All of this is true. However their MIGHT be one small difference.

I think that if GM had been allowed to declare Chapter 11 when the credit markets were locked up, there is a good chance that they would not have been about to find proper financing and would have been forced into Chapter 7. In the period of time that has passed, GM has negotiated vastly improved labor contracts and has finally gotten a deal with secured creditors. GM is in a much better position so successfully emerge from bankruptcy than it was at the end of last year.

At least that is the excuse I think politicians are going to make to cover their own asses..
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post #25 of 58 (permalink) Old 06-01-2009, 07:06 AM
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Originally Posted by jefehbk View Post
The article in post 1 is talking about a "new GM" and "old GM"...the next to last paragraph is this...

But the GM case is anything but ordinary, and it appears the company will sell some or all of its assets to a new entity that would become the new GM, rather than submit a plan to reorganize the old company.

I take that to mean it will be totally new company with a new stock listing and such....would a good analogy be that of the At&t spilt in the 80s? althought it was an anti-trust thing and not bankruptcy, one company was split into 7 other companies. The last paragraph in the article is...

GM's stock tumbled to the lowest price in the company's 100-year history on Friday, closing at just 75 cents after trading as low as 74 cents. In a Chapter 11 bankruptcy reorganization, the shares would become virtually worthless.

so i would consider that to mean that current GM stock is junk and that nobody will be trading that stock really anymore.

In one of the threads I posted, they said that the "old" GM stock would be "virtually worthless".

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post #26 of 58 (permalink) Old 06-01-2009, 07:57 AM
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Anyone know GM's new ticker symbol?
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post #27 of 58 (permalink) Old 06-01-2009, 08:06 AM
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Two things, I didn't like it when Bush did it and Obama is now responsible for what is going on. I think Bush is now a private citizen and has no control over current decisions.
I recall you holding Clinton accountable for things well into Bush's term, so have your standards have changed?
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post #28 of 58 (permalink) Old 06-01-2009, 08:28 AM
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Anyone know GM's new ticker symbol?
GM will become OM

They will most likely produce some sort of half ass clown car that runs on hope and change.

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post #29 of 58 (permalink) Old 06-01-2009, 08:31 AM
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There goes the stock market tomorrow.
Well GM is no longer in the .dji, so I think that the .dji will go up

DOW kicked them out.

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post #30 of 58 (permalink) Old 06-01-2009, 08:40 AM
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The market is up. I seem to remember saying and thinking that if only one of the big 3 ever filed the big BK the emotional spider web that followed would be devastating.

Ugh...

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post #31 of 58 (permalink) Old 06-01-2009, 08:48 AM
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Good thing there was all that bailout money to prevent them from going bankrupt.

Good job morons. You still filed bankruptcy and now have zero control over your company. I can't wait for the subsidies the government will feed the new GM because they're making those "smaller" car that no one wants.

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post #32 of 58 (permalink) Old 06-01-2009, 08:48 AM
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I recall you holding Clinton accountable for things well into Bush's term, so have your standards have changed?
This will take some thinking to understand, so follow along and see if you get what I am doing.

I held Clinton responsible for not talking care of OBL and for his continued attacks on our soil that started during his administration. His supporters and the Bush haters said Bush was responsible the day he took office and claimed Clinton had NO accountability for what he did once Bush got in office. Now, the same people who claimed Clinton had no responsibility for ANYTHING that happened after he left office are now claiming Bush is responsible for everything wrong in this country, even some of Obama's new decisions that Bush had no control over.

I therefore claim liberals, Bush haters, and Clinton supporters who do that (all of them do it btw) are hypocrites.

I hold Bush responsible for not getting OBL but know he did everything possible to keep me safe from him, unlike Clinton did. I now poke fun at the people who have changed positions. My position has stayed consistent, you hold the predecessor responsible for things he had control over, but not ambiguous and off the wall stuff.

Clinton was nearly completely responsible for the mess left to Bush regarding OBL IMO. I bet the Clinton nuthuggers will now admit he was responsible for 9/11 so that they can appear to be non-hypocritical when they want to blame Bush for stuff happening now. It will be similar to them changing positions about Clinton lying under oath until he admitted it. They then made bumper stickers saying "no one died when Clinton lied" but denied he lied for years after it was common knowledge he had lied. What hypocrites!

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post #33 of 58 (permalink) Old 06-01-2009, 09:04 AM
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All of this is true. However their MIGHT be one small difference.

I think that if GM had been allowed to declare Chapter 11 when the credit markets were locked up, there is a good chance that they would not have been about to find proper financing and would have been forced into Chapter 7. In the period of time that has passed, GM has negotiated vastly improved labor contracts and has finally gotten a deal with secured creditors. GM is in a much better position so successfully emerge from bankruptcy than it was at the end of last year.
I believe this is true. You wouldn't have had a way for them to go through a Chapter 11 at that time. Since Chapter 7 would be a liquidation you would have had quite a few people out of work and that would have been a disaster.

The same goes for AIG. If AIG would have fell over it would have been a complete and total meltdown. The average person has a real hard time grasping the idea of the level of meltdown people were talking about. Something like "hey this loaf of bread costs $47!".
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post #34 of 58 (permalink) Old 06-01-2009, 09:15 AM
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GM will become OM

They will most likely produce some sort of half ass clown car that runs on hope and change.
EDIT: It will still be GM Government Motors.

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post #35 of 58 (permalink) Old 06-01-2009, 09:26 AM
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Yeah, allowing GM to file bankruptcy and Obama giving the UAW a 55% controlling ownership in the company.

I've said time and time again, you shouldn't bail out companies. Allow them to file bankruptcy on their own. This should have happened 6 months ago. Chapter 11 isn't the death of the company.

We shouldn't have bailed out banks and AIG also. Oh well, Obama will raise our taxes sooner or later. He already wants a 25% VAT federal sales tax.

UAW has 17.5%
US Gov- 60%
Canadian Gov - 12.5%
Screwed over debt holders 10% with a right to acquire an additional 15%

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post #36 of 58 (permalink) Old 06-01-2009, 10:14 AM
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It kills me to see Debt holders get less than some FOREIGN gov't..... or even the Damn UAW..... Sorry but IMO the UAW should get no portion of the company... They are one of many reasons the company went under.

I promise, you tell workers to come back to work for XX.XX of pay and without the UNION.. those workers will come back. its better than being unemployed.

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post #37 of 58 (permalink) Old 06-01-2009, 10:20 AM
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There goes my GM stock
If you still have any dump it now, the shorts are all covering right now and it'll be the last chance to dump at a decent level before it gets pinked.

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post #38 of 58 (permalink) Old 06-01-2009, 10:22 AM
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I believe this is true. You wouldn't have had a way for them to go through a Chapter 11 at that time. Since Chapter 7 would be a liquidation you would have had quite a few people out of work and that would have been a disaster.

The same goes for AIG. If AIG would have fell over it would have been a complete and total meltdown. The average person has a real hard time grasping the idea of the level of meltdown people were talking about. Something like "hey this loaf of bread costs $47!".
I agree with what you are saying. But one problem is that now we are looking at a very real danger of hyper inflation because of all the liquidity the Fed has created.

Also, it still pisses me off that no one had done anything to actually fix the problems that caused the credit crunch to begin with. It seems like a fairly straightforward thing to fix (restore Glass-Stegall and repeal the 2000 commodities modernization act) but there has been next to no debate on doing either or even trying something else... IMO it is a ticking time bomb that will create a depression on a scale that will make the 1930s seem like a boom decade.

It is one of the big reasons I'm eliminating debt as quickly as I can.
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post #39 of 58 (permalink) Old 06-01-2009, 10:41 AM
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When it is all said and done, Chapter 7 would have been the better option for everybody except the union.

1) All assets would have been liqudated, paying back though nowhere in full, the bondholders and the taxpayers.

2) Ford, being the only U.S. car company left whole, would have been in a power position with the UAW and would get the wages and benefits reduced to what Honda, Nissan and Toyota pay U.S. factory workers.
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post #40 of 58 (permalink) Old 06-01-2009, 11:25 AM
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When it is all said and done, Chapter 7 would have been the better option for everybody except the union.

1) All assets would have been liqudated, paying back though nowhere in full, the bondholders and the taxpayers.

2) Ford, being the only U.S. car company left whole, would have been in a power position with the UAW and would get the wages and benefits reduced to what Honda, Nissan and Toyota pay U.S. factory workers.
Your first sentence said it all. Do you know who the UAW supported in this last election?

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post #41 of 58 (permalink) Old 06-01-2009, 11:45 AM
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When it is all said and done, Chapter 7 would have been the better option for everybody except the union.

1) All assets would have been liqudated, paying back though nowhere in full, the bondholders and the taxpayers.

2) Ford, being the only U.S. car company left whole, would have been in a power position with the UAW and would get the wages and benefits reduced to what Honda, Nissan and Toyota pay U.S. factory workers.
I'm not certain, one way or the other, that Chapter 7 (for GM, not Chrysler) would have been as better. I'm not saying it is or isn't, just saying I'm not totally certain.

But I can tell you this. If GM had declared Chapter 7, you and I, would be on the hook for more than the $50Billion that GM has gotten. Retiree pension and health care funds don't just disappear automatically. It is guaranteed that the Feds would have taken them over and fully funded them on the Tax Payers dime. The original debt retiree health care was $35Billion. We, the taxpayers, would be put on the hook for at least a portion of that. Then there is the unemployment benefits for as many as 3 MILLION people from GM, Chrysler, their Suppliers, dealers, etc, etc, etc..

So what about Ford? Mulally stated before that if GM and Chrysler went away, there was a decent chance that Ford wouldn't survive because of all of the suppliers that would have disappeared. Since the beginning of this fiasco, Ford, Toyota, Nissan, and other manufacturers would go under. But now, 6 months later, there is a decent chance they'll be OK.

Who would be the real winners if GM had gone Chapter 7? Probably the Chinese. They could buy up GMs assets for pennies on the dollar. They would then move all that manufacturing to China and have an easy route for importing cars to the US. China would become a major player in the US car market almost overnight.

Oh, and you personally could lose your job. GM is still a major part of the US economy. The shockwaves from a Chap. 7 would be felt in many other industries outside of auto manufacturing. I bet my company (HP/EDS) would have to lay off 10s of thousands more people because GM is a major customer of ours, as is Chrysler, Nissan, and Ford. You might think we would be better off (and in long run you could be proven correct) but if it would be very very stupid to think that a Chap. 7 of GM and Chrysler would not affect you on a very personal level...
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post #42 of 58 (permalink) Old 06-01-2009, 12:02 PM
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I'm not certain, one way or the other, that Chapter 7 (for GM, not Chrysler) would have been as better. I'm not saying it is or isn't, just saying I'm not totally certain.

But I can tell you this. If GM had declared Chapter 7, you and I, would be on the hook for more than the $50Billion that GM has gotten. Retiree pension and health care funds don't just disappear automatically. It is guaranteed that the Feds would have taken them over and fully funded them on the Tax Payers dime. The original debt retiree health care was $35Billion. We, the taxpayers, would be put on the hook for at least a portion of that. Then there is the unemployment benefits for as many as 3 MILLION people from GM, Chrysler, their Suppliers, dealers, etc, etc, etc..

So what about Ford? Mulally stated before that if GM and Chrysler went away, there was a decent chance that Ford wouldn't survive because of all of the suppliers that would have disappeared. Since the beginning of this fiasco, Ford, Toyota, Nissan, and other manufacturers would go under. But now, 6 months later, there is a decent chance they'll be OK.

Who would be the real winners if GM had gone Chapter 7? Probably the Chinese. They could buy up GMs assets for pennies on the dollar. They would then move all that manufacturing to China and have an easy route for importing cars to the US. China would become a major player in the US car market almost overnight.

Oh, and you personally could lose your job. GM is still a major part of the US economy. The shockwaves from a Chap. 7 would be felt in many other industries outside of auto manufacturing. I bet my company (HP/EDS) would have to lay off 10s of thousands more people because GM is a major customer of ours, as is Chrysler, Nissan, and Ford. You might think we would be better off (and in long run you could be proven correct) but if it would be very very stupid to think that a Chap. 7 of GM and Chrysler would not affect you on a very personal level...
I think you are not clear on where most of us stand. I am not saying Ch 7 would not affect me. I am not saying GM going under is a good thing. I am not saying we would not have been on the hook for the Ch 7 bankruptcy and it was the solution that would not have many negative effects.

I am saying that we should not have allowed the billions of dollars in payments (which I had to pay with no choice as a taxpayer) and then allow them to go into bankruptcy and I have to pay for that also. If you could tell me what the next 3 years will bring I could tell you what route I would go, but it is possible that all this effort to keep GM, AIG, and all the banks afloat will not be successful.

My question is this: When do we decide that enough is enough? I do not know that we still will not have a major economic depression just because we are halfway trying to let GM and other companies limp through their struggles.

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post #43 of 58 (permalink) Old 06-01-2009, 12:04 PM
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Originally Posted by Sgt Beavis View Post
I'm not certain, one way or the other, that Chapter 7 (for GM, not Chrysler) would have been as better. I'm not saying it is or isn't, just saying I'm not totally certain.

But I can tell you this. If GM had declared Chapter 7, you and I, would be on the hook for more than the $50Billion that GM has gotten. Retiree pension and health care funds don't just disappear automatically. It is guaranteed that the Feds would have taken them over and fully funded them on the Tax Payers dime. The original debt retiree health care was $35Billion. We, the taxpayers, would be put on the hook for at least a portion of that. Then there is the unemployment benefits for as many as 3 MILLION people from GM, Chrysler, their Suppliers, dealers, etc, etc, etc..

So what about Ford? Mulally stated before that if GM and Chrysler went away, there was a decent chance that Ford wouldn't survive because of all of the suppliers that would have disappeared. Since the beginning of this fiasco, Ford, Toyota, Nissan, and other manufacturers would go under. But now, 6 months later, there is a decent chance they'll be OK.

Who would be the real winners if GM had gone Chapter 7? Probably the Chinese. They could buy up GMs assets for pennies on the dollar. They would then move all that manufacturing to China and have an easy route for importing cars to the US. China would become a major player in the US car market almost overnight.

Oh, and you personally could lose your job. GM is still a major part of the US economy. The shockwaves from a Chap. 7 would be felt in many other industries outside of auto manufacturing. I bet my company (HP/EDS) would have to lay off 10s of thousands more people because GM is a major customer of ours, as is Chrysler, Nissan, and Ford. You might think we would be better off (and in long run you could be proven correct) but if it would be very very stupid to think that a Chap. 7 of GM and Chrysler would not affect you on a very personal level...
You have some good points but......What did the government do for all the people at Worldcom and Enron.....nothing. So why would the governement feel compelled to foot the bill for retirees. My grandmother has been retired from GM for over 25 years and I worry about her, but she is not everybodys responsibility...just my families. I could definitely see the "trickle down" effect with regards to other industries, however my industry, Telecom has been getting hammered since 01' so I personally will be no worse off.
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post #44 of 58 (permalink) Old 06-01-2009, 12:15 PM
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Originally Posted by J&T's 82 View Post
You have some good points but......What did the government do for all the people at Worldcom and Enron.....nothing. So why would the governement feel compelled to foot the bill for retirees. My grandmother has been retired from GM for over 25 years and I worry about her, but she is not everybodys responsibility...just my families. I could definitely see the "trickle down" effect with regards to other industries, however my industry, Telecom has been getting hammered since 01' so I personally will be no worse off.
Great points!

How about we have the government decide what companies are too big to go under and make them split up or have enough cash on hand (some function of their net worth to income) that they would not go under.

The problem with all of these "solutions" is the word government being involved. It shouldn't be there for a bailout or for more regulation IMO.

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If you like the IRS, DMV and the Post Office, you will love Obamacare!

“An armed society is a polite society. Manners are good when one may have to back up his acts with his life.”
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post #45 of 58 (permalink) Old 06-01-2009, 12:16 PM
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Quote:
Originally Posted by J&T's 82 View Post
You have some good points but......What did the government do for all the people at Worldcom and Enron.....nothing. So why would the governement feel compelled to foot the bill for retirees. My grandmother has been retired from GM for over 25 years and I worry about her, but she is not everybodys responsibility...just my families. I could definitely see the "trickle down" effect with regards to other industries, however my industry, Telecom has been getting hammered since 01' so I personally will be no worse off.
I'm not 100% certain on this but the difference could be that the Pension Protection Act of 2006 didn't exist.

http://www.dol.gov/EBSA/pensionreform.html

Also, didn't Enron employees have a 401k plan instead of a pension?
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post #46 of 58 (permalink) Old 06-01-2009, 12:38 PM
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Originally Posted by Sgt Beavis View Post
I'm not 100% certain on this but the difference could be that the Pension Protection Act of 2006 didn't exist.

http://www.dol.gov/EBSA/pensionreform.html

Also, didn't Enron employees have a 401k plan instead of a pension?
For Enron it was 401K's where employees were encouraged to invest back into the company..However, the hurt to people and there personal lives were not taken care of by the government. Pensions are paid by the company offering them, if they go under then the people collecting pensions probably rank equally to all the other creditors.
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post #47 of 58 (permalink) Old 06-01-2009, 01:52 PM
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I thought Congress strongarmed Dubya with threats of the end of civilization as we knew it to give the bailout money to GM and Dodge?

He also gave money to the banks that saved them from crashing. What's GMAC's excuse for not surviving? Helllooooo UAW.


The banks righted themselves to prevent further gov't "help" (and yet the Gov't won't take the money back, but that's a whole different thread) and GM kamikazi'd itself so they could receive all the "help" they think they deserve with this current Administration, IMO.

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post #48 of 58 (permalink) Old 06-01-2009, 03:22 PM
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you guys are right it would have been much better had gm filed 6 months ago and boned all the smaller american parts suppliers out of their money..............

real cobras don't have fog lights
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post #49 of 58 (permalink) Old 06-01-2009, 05:04 PM
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There goes the stock market tomorrow.
Boy was I wrong. Stocks went waay up.

CANADIANS = DOUCHERS

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post #50 of 58 (permalink) Old 06-01-2009, 06:20 PM
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Originally Posted by Hass View Post
in taxpayer money and now it's going to get another $30 billion while in bankruptcy.

http://news.yahoo.com/s/ap/us_automakers

Add that to what we already gave Chrysler so that it could delay a bankruptcy filing and the numbers just keep getting bigger and bigger. Wow.
well the GM execs gotta love life, getting their millions.....
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