GM Bankruptcy, Official Today at 8AM

I work at a Chevy dealer for now. Things are only gonna get worse.

 

Maybe that tells you something ?? When was the last time any of the big 3 built something that really got ya going ?? or that was really worth buying..

Hell does anyone really make a good steel front Bumper anymore?? Hell a Bicycle could ruin a GM truck bumper

 

WOW..somebody has some "issues" to deal with

 

A lot of things lead to the downfall of GM, or "Generous Motors", but the common theme a****st all the big players, more so than wages or outdated, ill conceived models were the pensions and benefits. These should be ***led the "silent killer". If you look at just about every organization that has defined benefit penions plans, they are way underfunded and threaten to bankrupt the company. Look at Ford, Chrysler, Air Canada, municpal, provincial and federal plans etc. The deficit in the Federal employees pension plan in Canada BEFORE the market crash was $30B. All of the calculations to support them are done ***suming the workforce will increase forever, with more current than retirees to carry the burden. As soon as the level of current employees is stable they break down. Declining employment and the house of cards collapses. Unless the auto manufacturers, including GM s**** the defined benefit penion in favour of a defined contribution plan they will never be able to compete with the Koreans or upcoming Chinese manufacturers.

What should worry us more is the government's approach to this "surgical" bankruptcy approach that they are using with Chysler. Shafting bond holders and suppliers at the expense of the UAW. The UAW is an unsecured creditor like everybody else. Putting them ahead of secured creditors sends a very bad message. Last I heard, the bond holders and suppliers were getting 10 cents on the dollar where as the UAW pension plan is getting close to 40 cents. How easy do you think it is going to be for GM or any large corporations to get loans when the concept of security has been thrown out of the window. The cost of corporate borrowing just went up.

GM will emerge from the carnage, but I am hopeful, but cautious they will emerge as the new tiger of the auto sector. I'm still not sure they "get it".

 

I could care less who runs it. They haven't made a car I would want for almost 40 years.

 

Quality=Loyalty
No quality, no loyalty.

 

I thought that they had gotten the bail out so that they

WOULDN'T

have go bankrupt ?

WHAT THE HELL............

 

EXACTLY! Yes all car companies made big huge mistakes, and GM is usally behind the curve on getting cars to the market, but the way Chrysler and GM are being handled is terrible.
6 months or more ago Mit Romney said GM should go bankrupt, I thought he was NUTS! Now I think that would have been the right time to do it, on their terms, no the governments.
Bottom line is I hope they can finally get the Management, Unions, and Dealerships in line (they did have too many of each). Some cars I did like, and it is sad to see brands go away. I just fear there being a sea of smart cars at both GM and Chrysler car lots. Not all of us live in S.F. or N.Y. where you don't need a car.

 

Sorry, but this was bound to be.
Nobody was been buying this stuff for years. Its GM's fault, just like the troubles for Ford and Chrysler.
Its not the Feds fault....its bad design, too many brands and on and on.
I guess the Fed could have let GM just go out of business along with all the companies that make parts for the product line. Or they could help out by doing what the are. Either way, its pretty troubling to say the least.
Tough times across America. Its not going to ever be the same.
The selling off of "America" stated many years ago.
If you have to blame "something", that "something" is greed....and the guilty parties are plenty, from the very top to the very bottom.

 

communism ain't it grand

and it was greed on the workers part too.. obama should have kept his little fingers out of private business. he should have let gm restructure and do away with the union

 

Are you stuck in the 80's? GM quality really????

 

This is about them getting out from underneath debt and obligations that they no longer want be responsible for.

If you do not know the difference between communism and so******m shut up already...

exactly...

yep

 

Bankrupcy protection allows the company time to re-organize. Bankrupcy sometimes works, but GM is so bloated that I give it little hope.

The financial upper cl*** has devoured the middle cl***. So what we have now is the rich, the poor and those who are just plain struggling.

How many HAMBers have no health insurance or no job or who are facing foreclosures or m***ive credit card debt with no hope of ever getting out of it because of the interest that they have to pay?
Thats a true gauge of how all this is affecting people like us.

 

Yep this is about as right a statement I have read on this thread. Leave the political BS out of it, if you think the current president somehow caused this within 6 months...well, I won't waste the oxygen trying to counter your baseless arguments.

 

GM quality ****s..
Ford Quality ****s too

Ive heard just as many bashing stories about how this or that product from either maker is a pile of **** on wheels.

I for one can say I have had way better luck out of the past 6 GM trucks I have bought and are in my fleet..

My luck has not been so for the Blue Oval..the lack of quality in the Ford product is why i went with GM for the past 10 years..or more.

I will agree to all of our domestic car companies have not been listening to its consumers for a real long time and its come back to bite them in the ***..

now more and more people will probably shy away from Government Motors Corp..and im not comfortable with this reality either..so im pretty ****ed..because Ford already pissed in their corn flakes when it comes to me buying their ****..and now this with GM..

 

GM lost the bubble with the front drive X-body! Never was I so disappointed as seeing the 50th anniversary vette, my first impression was wow they added tape stripes yee haw! Not to mention the Camaro release, should have been available when the first Transformer Movie was released, LS1 Bummblebee and a few yellow rat-nasty 74 Z28's touring the country at the openings? How hard is that? I'm just saying!

 

Originally Posted by 4t64rd
If more people in this country held loyalty in any regard, we wouldn't be discussing this... customers, the UAW, the br***...even the employees themselves... drive by a car plant and look at how many foreign cars are in the parking lot...

Again, quality=loyalty.
Now do you get it? I'm not saying GM is quality, rather the opposite.

 

A sad sad day for sure. I have never been a GM fan, I am a stubborn Ford nut, but damn,,,,GM is an icon of the American way of life. Yes, a sad day indeed. But hey, if it helps,,,Ford will survive,,,maybe.