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Poll results: When will GM declare bankruptcy?

Voters
29. You may not vote on this poll
  • No way, it won't happen

    7 24.14%
  • January - March 2006

    1 3.45%
  • April - June 2006

    6 20.69%
  • July - September 2006

    6 20.69%
  • October - December 2006

    0 0%
  • Sometime in 2007

    9 31.03%
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Thread: How long before GM declares bankruptcy?

  1. #26
    Cyburbian Cardinal's avatar
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    If either GM or Ford were to declare bankruptcy, it would be for reorganization. Neither is going away. Still, the impact to the American, and wold economy, would be profound. There is hardly a city in the central part of the country, from Minneapolis and Montreal down to Baton Rouge and Atlanta, that does not have a significant part of its industry tied to the automotive sector. Thirty thousand lost jobs at GM can easily translate into a hundred thousand in total. What happens if GM reneges on its retirement obligations, cuts pay, or pressures suppliers to lower costs? These things can add up to more shock to the economy.
    Anyone want to adopt a dog?

  2. #27

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    Quote Originally posted by Mark

    With that being said, I really want to buy a Subaru, American cars are like vanilla ice cream.
    You must give in to the Dark Force of Bizarre Japanese styling and high performance!

  3. #28
    Cyburbian Emeritus Bear Up North's avatar
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    GM could get the nice guys at the US Gov to fork over some bucks. Maybe they should pry Lee I-Ah-Coca-Cola away from Chrysler. Or they could go thru the bankruptcy courts and emerge with less debt. Of course, we get to join the fun by getting taxed to fund gov bailout of pension funds.

    Likely scenario: GM has to sell some assets.....and they have a ton. They will drop Buick from their line (....."not your Dad's Oldsmobuick".....). They will dump Pontiac. They will focus on the "common car", Chevy.....the status ride, Caddy.....the trucks (from GMC)....(yes, Virginia, there will still be a market for trucks).....and the green soccer mom (Saturn).

    They will also do what Chrysler is already doing.....locate "supplier parks" near their assembly plants, but allow those satellite plants (not GM-owned) to exist with pay scales and bennie packages at levels much-much less than currently available at the local GM tranny plant.

    My take.

    Bear, In Toyota
    Occupy Cyburbia!

  4. #29
    Member Wulf9's avatar
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    There probably won't be a government bailout because recent big business bankruptcies have been used to cancel employee benefits and retirement plans. Basic rule in Washington is that any act that benefits the large corporations and disadvantages the individual will not be stopped. Of course, there will still be a GM after the bankruptcy, unchanged executive salaries, and worker pensions lost.

  5. #30
    Cyburbian DetroitPlanner's avatar
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    Like Mark this issue hits too close to home. Hey Mark, are you talking about the guy who is doing all that cool stuff that will allow roofs to act as solar collectors?

    Do you have a link or info about that company, you can message me if you think its too far off base of this thread, but I see stuff like that and Wayne State's research as the basis of new growth for this area.

  6. #31

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    Quote Originally posted by Wulf9
    There probably won't be a government bailout because recent big business bankruptcies have been used to cancel employee benefits and retirement plans. Basic rule in Washington is that any act that benefits the large corporations and disadvantages the individual will not be stopped. Of course, there will still be a GM after the bankruptcy, unchanged executive salaries, and worker pensions lost.
    But, they will be able to do special "savings and investment accounts" out of their reduced salaries that the (well-paid despite the fraud) Financial Sector will lose through massive fraud and bubble economics. That'll make up for the loss of pensions, don't you know?

  7. #32
    Cyburbian michaelskis's avatar
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    Well, it looks like the end could be near as Delphi closes 21 of itís 29 plants. This is going to be a serious kick in the head for the Michigan Economy.

    CNN LINK
    NEW YORK (CNNMoney.com) - Delphi announced plans Friday to throw out its union contracts and shed more than 28,000 workers as it shut down most of its U.S. operations -- moves that could spark strikes at the auto parts maker and a possible bankruptcy filing at its biggest customer, General Motors.

    Delphi (Research) filed motions with the federal judge overseeing its bankruptcy proceedings to shed contracts with the United Auto Workers union (UAW) and another union that it says it can no longer afford. It also announced plans to sell or close 21 of its 29 plants.

    Why do you think that all of this is happening?
    "A long habit of not thinking a thing wrong, gives it a superficial appearance of being right, and raises at first a formidable outcry in defense of custom. Time makes more converts than reason." - Thomas Paine Common Sense.

  8. #33
    Cyburbian zman's avatar
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    I saw snippets of this on Imus this morning. It is a sad story...
    You get all squeezed up inside/Like the days were carved in stone/You get all wired up inside/And it's bad to be alone

    You can go out, you can take a ride/And when you get out on your own/You get all smoothed out inside/And it's good to be alone
    -Peart

  9. #34
    Cyburbian iamme's avatar
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    Quote Originally posted by michaelskis
    Why do you think that all of this is happening?
    They were paying many people way too much to do their job and there are too many countries out there that can do it cheaper. The product probobly could be made here at acceptable profitability for $10-14 dollars an hour, but what union could accept cutting wages in half?

    Instead of opening up another plant for those cheaper wages elsewhere in the US, they just sub-contract out the work to Mexico and more often China.

    We'll be seeing this until our wages decline enough and other countries wages rise enough.

  10. #35
    Cyburbian zman's avatar
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    Quote Originally posted by iamme
    They were paying many people way too much to do their job and there are too many countries out there that can do it cheaper. The product probobly could be made here at acceptable profitability for $10-14 dollars an hour, but what union could accept cutting wages in half?
    But, of course, we'll NEVER ask the CEOs to cut their pay...
    You get all squeezed up inside/Like the days were carved in stone/You get all wired up inside/And it's bad to be alone

    You can go out, you can take a ride/And when you get out on your own/You get all smoothed out inside/And it's good to be alone
    -Peart

  11. #36
    Quote Originally posted by michaelskis
    Why do you think that all of this is happening?
    Let's go on strike! We'll show The Man who's really in charge here!! Who's with me?

  12. #37
    Cyburbian Emeritus Chet's avatar
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    Off-topic:
    Mikey was 8 and diagnosed with uncurable cancer. The "Make a Wish Foundation" came to see Mikey to grant him his dying wish. Mikey says, "I always wanted to see Goofy and the whole Mickey Mouse operation."
    .
    .
    .
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    .

    ..

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    wait for it
    .
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    So the Foundation bought him General Motors.

  13. #38
    Cyburbian mgk920's avatar
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    Quote Originally posted by michaelskis
    Well, it looks like the end could be near as Delphi closes 21 of it’s 29 plants. This is going to be a serious kick in the head for the Michigan Economy.

    CNN LINK



    Why do you think that all of this is happening?
    So the union is planning to protest this by shutting down the rest of the company and eliminating the rest of their jobs? Gotta love that kind of logic.

    This is happening because the management didn't have the guts to say *NO!* to the over-the-top demands of their unions 20, 30 and 40 years ago. Those pension and retiree benefit costs are killing them, including GM and Ford, now.

    Mike

  14. #39
    Quote Originally posted by mgk920
    This is happening because the management didn't have the guts to say *NO!* to the over-the-top demands of their unions 20, 30 and 40 years ago.
    Back in those days, you couldn't exactly say no to a union.

  15. #40
    Cyburbian michaelskis's avatar
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    Quote Originally posted by zmanPLAN
    But, of course, we'll NEVER ask the CEOs to cut their pay...
    Corporate greed is killing this country. The little man needs to get togeather and make things happen. United we Stand.

    Quote Originally posted by jaws
    Let's go on strike! We'll show The Man who's really in charge here!! Who's with me?
    Hey a stike might not be a bad idea! Stoping production will hult income for the fat cats and require them to listen to the workers and meet the needs of the Union.
    "A long habit of not thinking a thing wrong, gives it a superficial appearance of being right, and raises at first a formidable outcry in defense of custom. Time makes more converts than reason." - Thomas Paine Common Sense.

  16. #41
    Quote Originally posted by michaelskis
    Well, it looks like the end could be near as Delphi closes 21 of itís 29 plants. This is going to be a serious kick in the head for the Michigan Economy.

    CNN LINK



    Why do you think that all of this is happening?
    Michigan isn't the only place that is happening. My community stands to lose 1,000 jobs.
    When did I go from Luke Skywalker to Obi-Wan Kenobi?

  17. #42
    Cyburbian michaelskis's avatar
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    Quote Originally posted by michaelskis
    Corporate greed is killing this country. The little man needs to get togeather and make things happen. United we Stand.

    Hey a stike might not be a bad idea! Stoping production will hult income for the fat cats and require them to listen to the workers and meet the needs of the Union.
    Off-topic:
    Please not the date of the post...


    Here is how I see all this... a foreign auto company such as BMW, Toyota, or Honda will save GM by merging much like Chrysler and Daimler did a few years back.
    "A long habit of not thinking a thing wrong, gives it a superficial appearance of being right, and raises at first a formidable outcry in defense of custom. Time makes more converts than reason." - Thomas Paine Common Sense.

  18. #43
    Cyburbian geobandito's avatar
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    Quote Originally posted by michaelskis
    Corporate greed is killing this country. The little man needs to get togeather and make things happen.
    Not dealing with the realities of globalization is going to kill this country. The little man needs to adapt. And so does the big one.

  19. #44
    Cyburbian michaelskis's avatar
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    Quote Originally posted by geobandito
    Not dealing with the realities of globalization is going to kill this country. The little man needs to adapt. And so does the big one.
    That post was a Aprils Fools Day Joke... I donít actually believe what said and I think that the scope of education is what is killing America today.

    But yes, I agree with you 100%
    "A long habit of not thinking a thing wrong, gives it a superficial appearance of being right, and raises at first a formidable outcry in defense of custom. Time makes more converts than reason." - Thomas Paine Common Sense.

  20. #45
    Cyburbian geobandito's avatar
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    Quote Originally posted by michaelskis
    That post was a Aprils Fools Day Joke... I donít actually believe what said and I think that the scope of education is what is killing America today.

    But yes, I agree with you 100%
    Sorry, michaelskis. I wasn't really addressing it to you specifically. I just know lots of people who think that way. (And I'm reading The World is Flat right now )

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