GM filed bankrupcy.

[McRat]

It seems hard to believe. 
I believe GM builds just about the finest mass-produced cars in the world, and their prices are in line with other mfr's.
Selling a superior product for a fair price isn't the key to success anymore I suppose.

I will continue to support my fellow Americans who build cars for a living.  What is left of them.

Even if GM recovers, it will be government owned.  I just can't see our Congress being very good at engineering.

[GH]

My Dad is probably tuning over in his grave. He was always a GM person, he would be surprised at GM stock selling for .27 this AM. Glad I bought some more Ford at $1.99 a few weeks ago, it's trading at $6.12 this AM.

[Tonerjockey]

Another sign of the times:

By KEVIN KINGSBURY WSJ

General Motors Corp. and Citigroup Inc. will be replaced in the Dow Jones Industrial Average by Cisco Systems Inc. and Travelers Co., respectively.

GM filed for bankruptcy Monday as part of a government-aided restructuring effort. Bankruptcy is an automatic disqualifier for membership in the benchmark stock index.

Tonerjockey

[manta22]

I haven't heard a peep about Corvette-- what's going to happen to them?

Regards, Neil  Tucson, AZ

[doug odom]

GM wanted to go chapter 11 but Obama would not let them. He had to bail out the UAW and make them in power first to pay them back for the 74 Million the UAW spent to get him elected. GM now stands for Government Motors.

[Milwaukee Midget]

GM did go chapter 11.

My concern is that the US government is following the British government's model of auto biz support that worked so well in Great Britain in the 1960's - '70's.

We all know what great cars the Riley Elf and the Austin American were, and we have the British government to thank for that.

And this bit of sarcasm comes from an MG fan.

Hmmm . . .

GM spelled backwards?

[joea]

....IMHO.....(i didnt start the thread)...if american car companies were "Selling a superior product for a fair price"........

........they wouldnt be filing bankruptcy........

how many people buying new cars can afford them......

how many people now that cant afford cars ...are supposed
to go out and buy these great cars at these great prices....

makes no sense to me........

[tomsmith]

Obama said that the Government will not run GM "EXCEPT FOR THE MOST FUNDAMENTAL DECISIONS" - which means every aspect of the new GM.  Henceforth, GM will make only "environmentally correct" cars, or only cars nobody wants or needs.  Look for flimsy high mileage stuff.  The labor unions and the government will be calling the shots just like they did in England.  Remember Norton, AJS, Ariel, BSA,the original Triumph and other motorcycles in addition to Brit cars?  I went to German cars years ago and have been happy about it ever since.  Good luck to us all.

[Stainless1]

Yea, saw the union workers on TV this morning wondering how this could happen... this seemed to affect their full pay and benefits when they were not working.....

[Tzoom]

I'm watching my mailbox.   Since I am now one of the owners of GM I'm positive that my voucher to go out to the dealership and get my new car will be in the mail shortly.

[McRat]

In reality, the government has been running the US auto industry for a generation now, bit by bit.

But it does worry me that Congress will have a bigger hand in it:

• They spend 30 million applying for a job that pays $150k a year.
  They vote themselves pay raises.
  They get a pension after 4 years working.
  They only have to have 67% of their employees there to conduct business.
  You don't get fired for not showing up.
  Most of them are lawyers.
  You don't have to take accounting, engineering, or even math or science to get hired.

[McRat]

"OK, today on the House Floor we are working on Build # 110516277844.  Everybody put in your demands for this build.  The customer is looking for a white minivan."

Can't be white.  Rainbow paint option $2,500.
Minivans endorse excessive population.  Needs to be a 3 seater.
It must run on electricity, but Pennsylania demands the electricity be generated with coal.
Having four tires just overloads our existing landfills.  EPA puts a cap of 2 tires on it.
Stereo must have a G-Chip in it, so socially-unacceptable broadcasts are filtered out.  G-Chips are on backorder, so just snip the speaker wires.
A/C makes the occupants unaware of global warming, so it only has a heater.  You cannot turn it off.
Due to the Majority of the House, the right turn signal is deleted for this model year.
It must have a trailer attached that is filled with 10 bushels of corn, or the build will not pass.


Then the President vetos the build, because it doesn't have enough foreign content.

[1212FBGS]

it really tore me up to see Citigroup removed from the Dow...... about peed my pants with joy.... money grubbin bastards..... Karma....
kent

[tomsmith]

Have you ever considered that with GPS-equipped cars the Government can track everyone.  They can also monitor your speed and issue speeding tickets galore.  Trucks are frequently done this way and have been for years.  I just read that speed will be automatically limited, but being real old I forgot where it will be done - maybe London.  Speeds will NOT be limited once they figure out that speeding tickets (and income) will disappear.  I suppose speeds will be reduced in order to lessen the number of deaths the new Obamamobiles will cause.  Am I paranoid enough?

[desotoman]

GM wanted to go chapter 11 but Obama would not let them. He had to bail out the UAW and make them in power first to pay them back for the 74 Million the UAW spent to get him elected. GM now stands for Government Motors.

One analyst on the radio today in So. Cal. said UAW wages were not cut, and he felt the debt would be too great to repay when the economy hiccups again. He feels GM will be back in bankruptcy in a few years. He was not to encouraging.

Tom G.