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Thread: GM goes bankrupt and gets nationalised

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    GM goes bankrupt and gets nationalised

    WASHINGTON — President Obama will push General Motors into bankruptcy protection on Monday, making a risky bet that by temporarily nationalizing the onetime icon of American capitalism, he can save at least a diminished automakerthat is competitive.

    The bankruptcy, to be filed in New York, is a moment of reckoning for an industry that was once at the heart of the American economy. It culminates a remarkable four months of confrontation between Washington and Detroit that is expected to result in a drastic downsizing of the company.
    http://www.nytimes.com/2009/06/01/bu...o.html?_r=1&hp

    Bad news for shareholders. I guess it was the only thing to do to save GM.

    Next step: fire the marketing boss: it's not normal that GM sold less and less cars every year while Toyota or Volkswagen were conquering parts of the US market.

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    Re: GM goes bankrupt and gets nationalised

    Quote Originally Posted by bub View Post
    http://www.nytimes.com/2009/06/01/bu...o.html?_r=1&hp

    Bad news for shareholders. I guess it was the only thing to do to save GM.

    Next step: fire the marketing boss: it's not normal that GM sold less and less cars every year while Toyota or Volkswagen were conquering parts of the US market.
    They should let them die. They have failed.

    GM sold less for many reasons.

    The labor unions reducing profitability is one of them.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
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    Re: GM goes bankrupt and gets nationalised

    Quote Originally Posted by bub View Post
    http://www.nytimes.com/2009/06/01/bu...o.html?_r=1&hp

    Bad news for shareholders. I guess it was the only thing to do to save GM.

    Next step: fire the marketing boss: it's not normal that GM sold less and less cars every year while Toyota or Volkswagen were conquering parts of the US market.
    How do you figure out when revolution can be collected?
    Let's figure it out.

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    Re: GM goes bankrupt and gets nationalised

    Quote Originally Posted by Harry Guerrilla View Post
    They should let them die. They have failed.

    GM sold less for many reasons.

    The labor unions reducing profitability is one of them.
    There are very strong labor unions in Europe, and Volkswagen, BMW, Mercedes, Fiat...are healthy enterprises

    Quote Originally Posted by FlappyTheKinkajou View Post
    How do you figure out when revolution can be collected?
    what?

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    Re: GM goes bankrupt and gets nationalised

    Quote Originally Posted by bub View Post
    There are very strong labor unions in Europe, and Volkswagen, BMW, Mercedes, Fiat...are healthy enterprises
    Strong would not be the problem with the UAW. Unchecked might be the best word to describe those problems. For a very long time, being an automaker meant huge profits. The UAW felt it was entitled to get a large share of those profits in perpetuity. Since money was flowing in, and a strike could really hurt them, the automakers gave the UAW most of what it wanted. Then profits started to decline, but contractually mandated costs continued to rise. Just the costs of retired autoworkers was killing the big 3.

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    Re: GM goes bankrupt and gets nationalised

    they went under because no business can pay out the kind of defined benefit pensions that were common in large American corporations after WWII.

    the reason BMW and Volkswagen aren't collapsing is that they're not paying 40 years of retired workers healthcare.
    And why does your tone suggest that you do not care about children?

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    Re: GM goes bankrupt and gets nationalised

    As others have said, GM's problems lay mostly at the feet of the UAW demands. When you are paying retired workers full medical insurance, as well as in many cases 75%+ of their pay every year till they die. It gets expensive. Plus, GM made some dummmmmmb decisions that cost them.

    The RIGHT anaswer to the automakers problems has always been to let them collase, and make room for new companies to come in and replace the bloated monsters. They were never "Too big to fail." Their UNIONS were too big too fail.
    Climate, changes. It takes a particularly uneducated population to buy into the idea that it's their fault climate is changing and further political solutions can fix it.



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    Re: GM goes bankrupt and gets nationalised

    Quote Originally Posted by bub View Post
    http://www.nytimes.com/2009/06/01/bu...o.html?_r=1&hp

    Bad news for shareholders. I guess it was the only thing to do to save GM.

    Next step: fire the marketing boss: it's not normal that GM sold less and less cars every year while Toyota or Volkswagen were conquering parts of the US market.
    to be fair, a good marketing director will only succeed if the company has a marketable product

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    Re: GM goes bankrupt and gets nationalised

    Quote Originally Posted by B L Zeebub View Post
    to be fair, a good marketing director will only succeed if the company has a marketable product
    So GM's new boss in the WH wants them to sell cars only 2% of the peopl bought last year... that's not gonna help them at all.
    Climate, changes. It takes a particularly uneducated population to buy into the idea that it's their fault climate is changing and further political solutions can fix it.



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    Re: GM goes bankrupt and gets nationalised

    Quote Originally Posted by MrVicchio View Post
    So GM's new boss in the WH wants them to sell cars only 2% of the peopl bought last year... that's not gonna help them at all.
    I dont unerstand your point?

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