GM should be in bankruptcy

SLUSK

GM reports a $1.2 billion loss for the third quarter, much less than the previous quarters. They say it is because of lower debts. Funny thing is that they get to use government money to repay government loans
http://www.msnbc.msn.com/id/33961851/ns/business-autos/

It is a crazy crazy world we live in. If it was a normal company working outside of government protection they would have been in bankruptcy by now. Guess GM are one of those "too big to fail".

Manic Moran

Please, please, please let the CTS-V still be in production when I get back to the US....

Apparently it's considered 'irresponsible' to build high-performance cars so the various high performance divisions are being disbanded. Rubbish. Halo cars have been marketing successes for generations. Plus, some of us can even buy them.

NTM

SLUSK

I see no reason as to why GM should receive taxpayers money to survive. Don't really care about their cars or how "good" they are. Let them go into bankruptcy.

Pocono Joe

The GOP was right last year, but did anybody listen? A Day Late and a Dollar Short.
http://www.businessweek.com/lifestyle/content/nov2008/bw20081113_047971.htm

Sir Digby Chicken Caesar

This is boards.ie, the GOP is never right.

Overheal

IVe lost that report I had, that quoted some of the Obama team remarking how utterly appaled they were at the management at GM.

oh wait no i havent.

http://moreamysramblings.posterous.com/general-motors-how-epic-bureaucracy-led-to-gm

I mean - FFS. This report had only happen in the last month or so And theyre telling us now? That just stinks of poor homework skills. They didnt think to investigate the company properly before giving it money?

Again, thats why Chapter 11 Exists: ****ing use it. As I've said from the get go, even after voting Obama in.

Pocono Joe

Hey, gotta take care of the unions... they did spend $300 million to get their guy elected after all. Scam and quid pro quo, full stimulus ahead!

Overheal

And you know, that was the only reason GM still exists, is because of that huge Democratic Constituency. To be fair, if they let it fail (like they should have, Pragmatically speaking) it would have thrown the Democrats out of Power for the next 20 years. And I am not a fan of Majorities (or the party system, for that matter). Hopefully the end result will show up as a more balanced power structure in the next term cycle: I'd be happy with a handful more Repubs or Indies to even it out.

Manic Moran

Well, the Administration basically controls GM now, so if it lets the company file for bankruptcy now, they'll take even more blame than they would have had they simply let the company go under the first time.

NTM

Black Swan

Why pick on GM? Shouldn't you've let Bank of America, Citibank, AIG, Washington Mutual, etc., etc., and several major stock brokerage firms also go under? And if you had let these major financial institutions go under last fall 2008 (using the same "let GM go bust" philosophy), I would venture to guess that Wall Street would have lost a lot more than just half of its value, and perhaps crashed?

Capitalism died in the US last fall 2008 symbolised by GW Bush administration taxpayer bailouts of most of the major financial institutions, followed up by a continuation of these bailouts by the Obama administration; i.e., the system would have failed without government intervention and a trillion dollars of taxpayer money (Actually, it died long before fall 2008, but US citizens still believed in the American Dream myth until they started losing millions of homes, as well as retirements).

Now if you believe that capitalism is alive and well in the US, I have a pig that flies to sell you; just specify if you want it with or without lipstick (See, I still have the capitalism-myth spirit? Oh, don't pay for your pig in USD, but rather Euros, cause the US dollar is dropping in purchasing value faster than my fat pig with little wings).

*WaMu was acquired by Chase (with taxpayer bailout funds) the day that bank regulators declared WaMu bankrupt. Without bailout funds, Chase could not have made the acquisition.