The Deadbeat of America
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The Deadbeat of America

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    Marine Organism Forkin' Crazy's Avatar
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    Lightbulb The Deadbeat of America



    "An armed society is a polite society. Manners are good when one may have to back up his acts with his life"

    - - Robert A. Heinlein

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    Letting GM fail would not have been the answer.

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    Senior Member Bruise Brothers Dad's Avatar
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    Quote Originally Posted by ram78d10 View Post
    Letting GM fail would not have been the answer.
    Filling B/K wouldn't have made GM dissapear it just would have restructured the company. They way the government B/Ked it the stock, bond holders lost it all. A friend of mine lost his dealership that he paid for with, get this, his own money. We bail out Chrysler then gave it to the Itialians, that made alot of sense. So if O gets relected what's next on his agenda the energy companies??????????
    Need help finding this 1973 Sanger 18'6" bubble deck mahogany bottom and stringers I was living in Pomona when I sold her in 1979. Just wonder if she still exists

    Update Found my old Sanger 12/7/14 in Reno.

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    Senior Member AzMandella's Avatar
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    Quote Originally Posted by ram78d10 View Post
    Letting GM fail would not have been the answer.
    And they wouldn't have. They would end up just as viable as American Airlines, Delta, and all the other major corps did when they went through a structured bankruptcy. The Gov bankruptcy had nothing to do with saving GM. It had everything to do with saving the Union.
    If you voted for Obama to prove you were not racist, then you better find someone else to vote for to prove your not stupid.

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    Quote Originally Posted by Bruise Brothers Dad View Post
    Filling B/K wouldn't have made GM dissapear it just would have restructured the company. They way the government B/Ked it the stock, bond holders lost it all. A friend of mine lost his dealership that he paid for with, get this, his own money. We bail out Chrysler then gave it to the Itialians, that made alot of sense. So if O gets relected what's next on his agenda the energy companies??????????
    GM did file b/k and was restructured into new leaner company. It sucks for your friend, but from what I read, GM had too many dealerships. How would you pick which dealerships got closed?

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    Quote Originally Posted by AzMandella View Post
    And they wouldn't have. They would end up just as viable as American Airlines, Delta, and all the other major corps did when they went through a structured bankruptcy. The Gov bankruptcy had nothing to do with saving GM. It had everything to do with saving the Union.
    Save your anti union shit Marvin, this isn't a TP rally. There was much more to it than just saving the UAW.

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    Quote Originally Posted by ram78d10 View Post
    Save your anti union shit Marvin, this isn't a TP rally. There was much more to it than just saving the UAW.
    Bullshit. GM did not need the Gov for a restructured Bankruptcy. There was 100 yrs of bankruptcy law in place. O was not about to let all the Union contracts be voided and the pensions. The same thing that happened to the unions of the airlines They fucked the bondholders who would have been the first to get thier money back. And they would have been trimmed much leaner without the Gov. All of your liberal diversionarry TP, Union bullshit rhetoric won't change facts.
    If you voted for Obama to prove you were not racist, then you better find someone else to vote for to prove your not stupid.

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    Senior Member Bruise Brothers Dad's Avatar
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    Quote Originally Posted by ram78d10 View Post
    GM did file b/k and was restructured into new leaner company. It sucks for your friend, but from what I read, GM had too many dealerships. How would you pick which dealerships got closed?
    Holycow Romney is getting his ass handed to him by O for wanting to BK GM, and you say GM went throught BK. Which is it Romeny BK or O-BK. Why didn't the union take a hit like the share and bond holders did??? I wouldn't have closed any of the dealership, let the market dictate that. My friend was one of the Chevrolet dealership with a history of selling more Corvettes than any dealer in the country. Why would GM give a crap how many dealers they have as long as they sell cars??? O hasn't saved anything least of all the pride that this country once had...
    Need help finding this 1973 Sanger 18'6" bubble deck mahogany bottom and stringers I was living in Pomona when I sold her in 1979. Just wonder if she still exists

    Update Found my old Sanger 12/7/14 in Reno.

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    Quote Originally Posted by ram78d10 View Post
    Save your anti union shit Marvin, this isn't a TP rally. There was much more to it than just saving the UAW.
    It was the shareholders that got screwed.

    GM's bankruptcy allowed for the US to assume 60% ownership and Canada(!) 12.5% ownership. The bondholders took it in the rear, but the shareholders got wiped.

    The pension plan stayed largely intact and this, in my opinion, is what has most folks upset.
    Had the US stayed out of the restructuring, GM could have asked the court to excuse the contracts the UAW has with them, freeing up a terrifically huge burden.

    The UAW isnt totally the problem with GM, it's the UAW's unfunded pension plan that is choking the comany to death. Again.
    Last edited by 1stepcloser; 10-27-2012 at 03:06 PM.
    para informacion en espanol, regresar a mexico.
    Concern for the poor is not socialism.




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    Quote Originally Posted by Bruise Brothers Dad View Post
    Holycow Romney is getting his ass handed to him by O for wanting to BK GM, and you say GM went throught BK. Which is it Romeny BK or O-BK. Why didn't the union take a hit like the share and bond holders did??? I wouldn't have closed any of the dealership, let the market dictate that. My friend was one of the Chevrolet dealership with a history of selling more Corvettes than any dealer in the country. Why would GM give a crap how many dealers they have as long as they sell cars??? O hasn't saved anything least of all the pride that this country once had...
    I think Romney wanted a Ch 7 liquidation of all GM assets instead of the CH 11 reorganization which GM ended up doing. The stock and bonds lost their value because no one would buy them. The union did take a hit and was forced to renegotiate their contract.

    Dealerships operate with the approval from the manufacturer. If they stop providing you with new products, you won't have anything to sell. GM made the decision there were too many dealerships and wanted some of them closed, that is their right. Their theory was instead of having 5900 dealerships struggling, kill 900 and allow the other 5000 to survive. Selling the most Corvettes doesn't mean you were the most profitable for GM and that doesn't guarantee you anything. From what I read, they looked at how profitable the dealerships were, how nice the facilities were, what services the dealership could provide, the proximity to other GM dealerships, and then they made their decision. Like I said, it sucks for your buddy.

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    Quote Originally Posted by ram78d10 View Post
    I think Romney wanted a Ch 7 liquidation of all GM assets instead of the CH 11 reorganization which GM ended up doing. The stock and bonds lost their value because no one would buy them. The union did take a hit and was forced to renegotiate their contract.

    Dealerships operate with the approval from the manufacturer. If they stop providing you with new products, you won't have anything to sell. GM made the decision there were too many dealerships and wanted some of them closed, that is their right. Their theory was instead of having 5900 dealerships struggling, kill 900 and allow the other 5000 to survive. Selling the most Corvettes doesn't mean you were the most profitable for GM and that doesn't guarantee you anything. From what I read, they looked at how profitable the dealerships were, how nice the facilities were, what services the dealership could provide, the proximity to other GM dealerships, and then they made their decision. Like I said, it sucks for your buddy.
    Thinking is nice...

    A managed bankruptcy may be the only path to the fundamental restructuring the industry needs. It would permit the companies to shed excess labor, pension and real estate costs.
    http://www.nytimes.com/2008/11/19/op...mney.html?_r=0

    That doesn't sound like liquidation to me. Must be nice to be able to go around and make shit up and still be able to live with yourself.

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    Quote Originally Posted by ram78d10 View Post
    I think Romney wanted a Ch 7 liquidation of all GM assets instead of the CH 11 reorganization which GM ended up doing. The stock and bonds lost their value because no one would buy them. The union did take a hit and was forced to renegotiate their contract.

    Dealerships operate with the approval from the manufacturer. If they stop providing you with new products, you won't have anything to sell. GM made the decision there were too many dealerships and wanted some of them closed, that is their right. Their theory was instead of having 5900 dealerships struggling, kill 900 and allow the other 5000 to survive. Selling the most Corvettes doesn't mean you were the most profitable for GM and that doesn't guarantee you anything. From what I read, they looked at how profitable the dealerships were, how nice the facilities were, what services the dealership could provide, the proximity to other GM dealerships, and then they made their decision. Like I said, it sucks for your buddy.
    Yea it sucked for my buddie and the city in whch the dealership was in lost 10% of its tax base. Now the city wants to charge people to park in front of their homes to generate income. If I was selling widgets nation wide I could give a hoot how many they sold as long as I keep getting orders from them.....
    Need help finding this 1973 Sanger 18'6" bubble deck mahogany bottom and stringers I was living in Pomona when I sold her in 1979. Just wonder if she still exists

    Update Found my old Sanger 12/7/14 in Reno.

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    Quote Originally Posted by Icy View Post
    Thinking is nice...



    http://www.nytimes.com/2008/11/19/op...mney.html?_r=0

    That doesn't sound like liquidation to me. Must be nice to be able to go around and make shit up and still be able to live with yourself.
    It really is, you should try it sometime. Who's making shit up? I stand corrected but I still haven't seen the US auto industry fail like Willard said it would. GM and Chrysler would have failed if they weren't bailed out.
    Last edited by ram78d10; 10-27-2012 at 03:58 PM.

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    Quote Originally Posted by ram78d10 View Post
    It really is, you should try it sometime. Who's making shit up? I stand corrected but I still haven't seen the US auto industry fail like Willard said it would. GM and Chrysler would have failed if they weren't bailed out.

    Growing up in the Midwest on a farm by a no nonsense hard working conservative,I learned volumes. Help is one thing a hand out is totally different.My Father always said when the undeserving come with a hand out you turn it and shake it.

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