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General Motors
I guess now GM will be known as GM but it will stand for something entirely different…
Government Motors
* Treasury will provide $30.1 billion of debtor-in-possession financing to support GM through an accelerated Chapter 11 process. Officials anticipate no additional funding for GM. “There is no plan of any kind for future support beyond this point,” an official said.
More money will be needed and we the taxpayers will be forced to oblige.
* The new GM will, as part of the government-supervised restructuring, build a new small car in an idled UAW factory. The goal is to increase the share of U.S. production for U.S. sale from 66 percent currently to 70 percent.
This is what the government wants all of us driving. I’ll stick with my nice big SUV!
* The government will only vote on core governance issues, including the selection of a company’s board of directors and major corporate events or transactions.
I doubt it will remain this way. The government never takes a hands-off approach where they see money involved.
It makes me glad I own all Fords and will continue to do so!
8 Responses to “General Motors”
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June 1, 2009 at 10:09 am
[…] General Motors […]
June 2, 2009 at 7:43 am
I agree. The problem we should all be able to see is their track record. If I am constantly borrowing money from you and never paying it back, or using it to gamble or drugs, would you continue to give it to me? I hope not. The government needs and Intervention.
Lets look at their great financial work, Medicare, Medicaid, Social Security, Roads & Bridges, our Power Grid….hmmmm it would seem they are complete failures. With a track record like this should we hand them another business to restructure and run? Um, I am thinking NO!
I also have a big old Ford like yours, the problem is once they set the new guidlines you will be taxed like crazy for the ones you drive now and Ford will have to bow down and worship at the alter of their new ‘better’ vehicle standards, which will ultimately kill off their business too.
Thank the good Lord above I trust in Him daily for my needs and protection and not on the weak men and women who run this country we love so much.
Bufford
June 2, 2009 at 5:23 pm
You are dead on with this but mostly your last two paragraphs.
June 2, 2009 at 5:25 pm
Thank heavens I drive a Ford Taurus! I hope the transmission holds up though, I’m sad to see GM sink this low (mostly due to the fact they’re an American company).
I still say this leads back partially to the unions…
June 5, 2009 at 11:20 am
I totally agree!
June 24, 2009 at 4:00 am
It makes me sad to see the US bailout a failed company, GM failed because of faulty business practice and poor products that could not compete with competition.
“More money will be needed and we the taxpayers will be forced to oblige.”
We live in America, and the Constitution gives the government that power. You really have three options if you don’t like taxes, don’t pay and go to jail, leave the country, or vote for a candidate that will not impose taxes. Though the third never works, because no matter who you vote for taxes end up going up.
Well to RBuffordTJ most of the reducing emission legislation will not be ex post facto. So your old ford does not have to meet the new regulation standards, but the ones present when the car was produced. Also, I really doubt new regulations will kill off Fords business to the extent you claim, because all that Ford would need to do to meet these new standards would be to import some of their cars sold only in the EU into the US.
I don’t think that the Unions are what caused GM to collapse, because Ford has to deal with Unions and they are still surviving. GM is just poorly managed, such as how Honda or Toyota can design a car and put it into production at a fraction of the cost and times that GM takes, also newer more advanced factories allow the Japanese to build cars cheaper, quicker, and more precise (such as having ALL the screws in, not just most).
July 8, 2009 at 11:09 pm
“I don’t think that the Unions are what caused GM to collapse, because Ford has to deal with Unions and they are still surviving.”
Well, they weren’t the final nail in the coffin but I think they didn’t help GM out much in that respect.
“Also, I really doubt new regulations will kill off Fords business to the extent you claim…”
I only hope you’re right, but it may not be the day after those regulations are presented that kills Ford, but it’s a storm coming and I only hope Ford’s got their roof patched.
July 10, 2009 at 12:36 pm
I could see Ford having problems with this as well actually.