Would you favor a bailout of General Motors? Why? or Why Not? Today their stock was trading under $3 a share. Just a few years ago it was $60. They are asking the President for bailout money.

Yes, but if I was Congressman Murtha I would insist that they move their plant for the next generation of automobile to Johnstown - maybe evn fund it with some DoD money and use some of the new vehicles as part of the Future Combat System.

The GM spokesman I saw on Fox over the weekend kept reiterating they are not asking for a bail-out but a loan. I would favor a loan to them so long as management cuts their overhead and union workers accept a decrease in pay until they can show they can get back on their feet. Both union and management have to realize that it's not just the lagging economy that got them in the position they are in today, but years of mismanagement and union workers getting paid more than the quality and quantity of work they put out.

No, they screwed up, didn't keep up with the market, didn't do what was needed to survive, they deserve to go under. Same for the airlines.

They need to start making cars, and trucks people want. Thats their main problem.

part of the problem and maybe the biggest part is paying union pensions and health care. None of the foreign manufacturers have that huge expense

Yes the pension/healthcare benes. issue killing them... besides that though they have had a hand in bringing this upon themselves. What with the yrs. of not improving gas milegae in even the smallest of cars. Overproducing on 'the high profit' SUVs. Their business model got all screwed up when high gas prices were sprung on us all.
Now they are in a bind. Who wants to buy a car from a bancrupt co.?
We just got a nice new Chrysler T & C. Which I do like. man I just don't know if its worth having 3 car companies. No matter what though possibly 10's if not 100's of thousands in the industry could be jobless in the not to distant future.

quote:

Originally posted by escapeman:
part of the problem and maybe the biggest part is paying union pensions and health care. None of the foreign manufacturers have that huge expense

Is that the fault of the Union or the company. Either way I don't think it's the government's issue to bail them out.

quote:

Originally posted by moved away from jtown:
Yes the pension/healthcare benes. issue killing them... besides that though they have had a hand in bringing this upon themselves. What with the yrs. of not improving gas milegae in even the smallest of cars. Overproducing on 'the high profit' SUVs. Their business model got all screwed up when high gas prices were sprung on us all.
Now they are in a bind. Who wants to buy a car from a bancrupt co.?
We just got a nice new Chrysler T & C. Which I do like. man I just don't know if its worth having 3 car companies. No matter what though possibly 10's if not 100's of thousands in the industry could be jobless in the not to distant future.

Plus, to many cookie cutter cars.

We did it for Chrysler and brought them back from the brink...

quote:

Originally posted by Uncle Sammy:
We did it for Chrysler and brought them back from the brink...

Which they are at again.

quote:

Originally posted by Fisher:
They need to start making cars, and trucks people want. Thats their main problem.

I agree. Not to mention better transmission, engine, N' the 'next generation' technologies that we're gonna be seein' creepin' into the market aggressively within the next 5 - 10 years by the "foreign competition", to go with it.

I was always a loyal GM buyer for many many years. About 10 years ago I ventured off for a foreign brand and I was pleasantly surprised. I have not bought another US car since. Not because I dont want to, but because the brand i bought has been much higher quality, with more options for a better price and a better warranty. The US automakers are 20 years behind the rest of the industry, its really a shame. GM stock hasnt been under $3 since the early 50's.

I am torn about the bailout. On one hand, I hate to see us bailout a corporate giant that through their own fault is crumbling. Years of bad decisions, lack of innovation, and poor customer service have brought them to where they are. On the other hand, The loss of thousands and thousands of jobs and an entire industry would be even more devastating for an economy that can hardly withstand too many more major blows.

And then theres more of this kind of bullsh!t:

http://www.walletpop.com/blog/2008/11/11/aig-party-watc...213367640x1200851842

AIG Party Watch: This time a resort in Phoenix
Tracy Coenen
Nov 11th 2008

AIG executives may not be making better business decisions while they're asking the federal government for more money, but at least they're getting sneakier! An ABC News investigation has revealed that a conference last week at the Pointe Hilton Squaw Peak Resort in Phoenix was another chance for AIG executives to frolic (on the taxpayers' dime).

The conference was called the Asset Management Conference, and hotel personnel were ordered to not mention AIG either verbally or on signage. An AIG spokesperson told ABC News that there was no AIG signage because they wanted to lower the company's profile. As consumers, I think we're a little too smart to believe that. Something tells me that the company executives knew they'd get heat for another luxury trip.

There were 150 independent financial planners present at the conference, in addition to several top AIG executives. Yet hidden cameras caught top executives not attending sessions, and also captured images of limousines, fancy cocktail parties, and expensive dinners out.

Probably the biggest financial faux pas was booking former NFL quarterback Terry Bradshaw to speak at the event, at a fee of $40,000. AIG says that a sponsor was paying the fee, but they canceled his appearance. In total, AIG has said that the conference was to cost $343,000, with $320,000 of that covered by sponsor fees.

I understand the sponsorship dollars, and the attendance of the independent agents (who aren't on AIG's payroll, but are independents who only get paid when they sell something), and the continuing education aspect (many professions required continuing education). I just can't help but feel that these events at expensive resorts are in poor taste... Especially as the federal money demanded by AIG has almost doubled since the original $85 billion plan was announced. The tab for AIG bailout dollars is now up to $150 billion.

quote:

Originally posted by Federal Agent:
I was always a loyal GM buyer for many many years. About 10 years ago I ventured off for a foreign brand and I was pleasantly surprised. I have not bought another US car since. Not because I dont want to, but because the brand i bought has been much higher quality, with more options for a better price and a better warranty. The US automakers are 20 years behind the rest of the industry, its really a shame. GM stock hasnt been under $3 since the early 50's.

I am torn about the bailout. On one hand, I hate to see us bailout a corporate giant that through their own fault is crumbling. Years of bad decisions, lack of innovation, and poor customer service have brought them to where they are. On the other hand, The loss of thousands and thousands of jobs and an entire industry would be even more devastating for an economy that can hardly withstand too many more major blows.

I honestly do not see any real advantage in purchasing a foreign car. IMO late model domestics are every bit as good as foreign if not better. It is true especially with Ford Motor Co. that they put most of there resources in the SUV and truck market and that is hurting them. I sell domestics and foreign cars on my lot, again I see if anything is a disadvantage it's getting parts for the foreign cars in a timely manner and a reasonable price.
As far as fuel economy goes the perception is imports get better fuel economy. From experience I don't feel that true either