MoneyTV-Do We Let GM Go Bankrupt?

[AJstar9]

@KrokE71 you got your wish but guess what the uaw workers still have jobs.the ones that got srewed is shareholders ,banks and every body they owed money to.bankrupt isnt the way it should have beenthats whats wrong today

[tenrazo215]

I said it before: it's futility to bail out gm & chrysler. again we pay for govt incompetence.

[andgate2000]

Let them fail !!!! isnt that capitolism, you know, the american way!!!!

[idq000]

I think the US government should stand by and allow GM to fail. Then the government should take control and fire everyone from GM, which effectively does two things: (1) get rid of the cancer (UAW) and (2) make the UAW members feel what it's like without jobs. The UAW is guaranteed to dissolve very quickly. After a year or two of firing them, begin hiring them back slowly and make them sign a document that bars them from forming unions. I'm sure most would be happy to oblige.

[AJstar9]

@idq000 YOUR A SICK FUCK WANTING TO MAKE PEOPLE FEEL WHATS ITS LIKE NOT TO HAVE A JOB.

[AJstar9]

@idq000 lol the goverment took conrtol and gave the company to us the uaw you cant beat a great union

[emforty2]

GM just laid off a bunch of workers and cut production and then used up the bailout money and now its gone and asking for MORE BAILOUT Money

nothing has changed except the $16M salary the Ceo pull every year driving the business to the ground !

[alexkvaskov]

hmm..

some of you say thatgm needs to go bankrupt now and come out later - relatively fresh

that will not happen

the banks loaned gm money

they want it back. did you know that the government hired lawyers specializing in money retrieving business? they gave gm money and want it back. if gm does come back, they will be sold off piecemeal to return the loans

[pmacgilli]

If GM files for bankruptcy it will not be "devastating" to the world economy. Try to keep at least a little perspective Mr. Commentator sir.

[ericsanchez2005]

A rock is not very strong sir...

[emforty2]

GM said they were "Like A Rock"

now they acting like wimps

[YeeSoest]

sry 4 the people...but YESS!!

this is just what the us deserve for fucking with the world for 70 years now.

jfk, entering vietnam war, 9/11...you just pushed it too far and destiny strikes back finally.

the us-industry is crashing down and they don´t deserve any better.

who likes us cars anyways? (except ford)

i won´t miss anything without y´all, so BYE BYE, superpower^^

[helio2]

Let the oil Industry Bail them out.

[SBha30]

This is an example of what a union workforce will do to the rest of the american manufacturing base. With today's lean supply chains need reliability and flexibility. Yes, GM's has had inept senior management for most of its recent life, but the UAW carries most of the blame. If they get a penny of our money GM needs to show the American public a good solid business plan. States in the north need to pass laws to reduce the UAW's grip on power.

[AJstar9]

@SBha30 THE UAW ISNT TO BLAME FORD IS DOING GET AND THEY ARE UNION.HATE TO TELL YOU BUDDY THERE ISNT MUCH AMERICAN MANUFACTURING LEFT .JUST BECAUSE POOR STATE IN THE SOUTH WORK CHEAPER DONT MAKE THEM BETTER

[SBha30]

@AJstar9 What? Ford is doing great and it is unionized? That is your argument? Ford practically invented the modern automotive industry and it has been beat by Toyota, VW and Renault/Nissan. It has a dismal return on equity and the stock has a very low PE ratio. You make the assumption that if the plants are not unionized, then they are going to get paid minimum wage.

[AJstar9]

@SBha30 vw and nissan has never out sold ford and ford so far this year is beating toyota in market share and in profit.and i hate to tell you if not for the uaw toyota would be paying minimim wage.the big reason labor cost more in union plant is 1,most are in bigger citys where cost of living is higher 2,the main reason they have be around longer so they have so many people retired thats there biggest cost.toyota has only been here in us stnce 1988 they have no one retired.

[SBha30]

@AJstar9 Toyota, VW, GM, Renault/Nissan, Hyundai are the top 5 producers of cars in the world in 2009 (source: OICA). Your explanation of why union labor is higher is weak.

[AJstar9]

@SBha30 you do know all but hyundai are union even toyota is union in japan and this is 2010 ford is out selling gm and hyundai.boy you look dumb now.

[AJstar9]

@SBha30 by the way toyota workers made more than uaw works last year.so i guess union labor isnt higher. but toyotas recalls and lawsuits and fines was pretty high

[SBha30]

@AJstar9 You need to think from a global mindset. The 2009 rankings won't change much in 2010. You also didn't understand my original post. Unions', particularly the UAW, ideals run counter to the natural trends that are taking place. The US manufacturers are global to face stiff competition from not only Korea, but also China and India. This means that they will have to cut costs. Labor is one component, but flexibility is the other. The UAW runs counter to both. Use logic not emotions.

[AJstar9]

@SBha30 i think global and we have cut costs we are saving over 500 million a year.but i know we are not taking a pay cut.just because china works for $150 A MONTH we not going to.india is a few year away they cant pass test to get in usa.ford has been here over a 100 years we are ready for a 100 more.the ranking changed alot when toyota started tanking after recalls

[AJstar9]

@SBha30 i can tell you havnt been in a uaw ford plant we dont run counter are plant can run up to 6 cars its very flexibillty.and or labor is only 8% of cost of car.i like how someone who knows nothing about are union can speak like they know every thing because they watch glenn beck

[AJstar9]

@SBha30 think ford will be ok they have made over 5 billion in profit so far this year and its been like the 2nd worst year in car sells last year was the worst.if they can profit and gain market share in bad times .they are going to fly when the market turns around.......

[SBha30]

@AJstar9 You make assumptions after assumptions... Yes, I have been in plenty of UAW shops both for the main assembly ops as well as tier 1 and 2 global suppliers.There are plenty of slugs who are the cause of the majority of the problems.These are the people who hide behind the protection of their local union stewarts.I think Alan and Bill's strategy at Ford with the single global platform is definitely the right path. This will pose a huge challenge for the UAW. U know why?

[AJstar9]

@SBha30 you still have said anything about those companys being union.

[AJstar9]

@SBha30 sorry you in the south cant kill the uaw

[essayant2]

I don't think anyone wants GM to fail, what they want is a free market. No one will bail me out if I squander my money the way they do. Why should we have corporate welfare, when we deny such rights to average joe?

If GM wants MY approval, they should:

Sell all corp jets

Cap top salaries at 250k

Take UAW to the tables at deal seriously

Mandate VP approval for all exp over 20k

Only research environmentally friendly motors.

Survival of the fittest corps. Show you deserve a loan.

[jakesdoc]

I agree with everything you said except the part about dealing seriously with the UAW. They should just eliminate the UAW- period. It would be like taking a hundred pound weight off the chest of a dying smoker on oxygen.

But, you're right. If these idiots just had the common sense you just presented, they wouldn't even BE in the crisis they are currently in.

[AJstar9]

@jakesdoc THE UAW ISNT GOING ANY WHERE FORD IS UNION AND THEY ARE DOING GREAT NOW.WHY BLAME THE UAW

[jakesdoc]

@AJstar9 The UAW is a huge part of the problem. For ex., currently, GM workers START at $29+ per hour. There is NO reason to start this kind of job at that those wage rates. It is difficult to stay competitive when foreign worker's starting salaries are less than half that. Also, the UAW makes it almost impossible to get rid of crappy employees that do poor to mediocre work, and, when they DO get fired, they are compensated greatly. It's as if they are rewarding stupidity and laziness.

[AJstar9]

@jakesdoc DONT KNOW WHAT YOUR TALKING ABOUT AT FORD STARTING PAY IS $14.00 A HOUR. WHEN I STARTED IT WAS $18.00 GOT A $1.00 RAISE EVERY 6 MONTHS TOOK 3 YEARS TO TOP OUT.YOU DONT KNOW WHAT YOUR TALKING ABOUT.YOUR BASEING SHIT ON A LIE

[jakesdoc]

@AJstar9 I did not comment on Ford. Read my comment again. Also, there is no need to use all caps. We can have an intelligent debate without getting angry or "yelling" can't we? ...even if you disagree...

[cheeriopisser2]

I do, that would put more Hondas and Toyotas on the road.

Stupid shitty American cars and their shitty unions protecting lazyassed worthless non-productive people.

[jboidaman99]

shitty american cars? fuckhead.

[cheeriopisser2]

In case you weren't aware, American cars are world reknown for being atop the "shitty" category.

Now you know.

[ricerlove]

You must have heard that from Consumer Reports haha. If you really believe what they say your a class A Dumb Ass. As of right now GM has the best motor in production.

Now you know.

[AJstar9]

@cheeriopisser2 guess that why ford is doing to well over seas

[AJstar9]

@cheeriopisser2 UNIONS BUILDED THE MIDDLE CLASS FORD IS UNION AND THEY SELL MORE THAN HONDA AND MADE MORE MONEY SO FAR THIS YEAR THAN TOYOTA.YOU SHOULD TALK ABOUT SHIT YOU DONT KNOW

[AJstar9]

@essayant2 it would be nice to have a free market. but where japan and other dont allow but a few of are car to be sold when they are allow to sell as many as they want its not free trade

[LOLOLOLSEAN]

There's so many ignorant people on here. Everyone wanting the Detroit 3 to fail is just asking for America to go into a deep depression. I mean yeah, they definitely weren't managing themselves well before (what with GM buying SAAB and Hummer) but if they collapse, so will everything else. Hundreds of thousands and even millions will lose their jobs. Is that something we really want as a country?

[IamtheNAG21]

Let them all go bankrupt!!!

[markylevin]

just sell it to improve there quality and reliabilty..even with the bailout there sale is gonna be thesame .poor poor..

[sungmee45]

Companies that does wrong, they should fall. Just like everyone else. To bailout any of these companies,is a big mistake. We don't have to bail them out of their own mess, which they have created. I don't agree on bailout!! Will never agree!

[lasuvidaboy]

No massive paycuts-no bailout. The UAW workers need a reality check! Tie any taxpayer funded bailout to a 30% across the board paycut for ALL employees-management included. Then go after the generous pension packages. These workers need to realize this is'nt 1955 and we all live in a Global economy. GM can continue to operate in bankruptsy-many companies have. Most of the US airlines did and came out stronger after paycuts and expensive union workrule changes.

[AJstar9]

@lasuvidaboy WE DONT NEED A REALITY CHECK YOU DO .WE KNOW IT ISNT 1955 SO WE DONT WANT PAID LIKE IT IS.LABOR IS ONLY 8% OF THE PRICE OF A CAR .SO DONT BLAME WAGES.

[MiamiTouri]

If GM goes bankrupt, 1 Mio Americans will get jobless.

[jakesdoc]

That's not true. Most of the airlines have gone bankrupt as well as a multitude of other companies and continue to function today.

Bankruptcy does not mean that the company ceases to exist, rather, it allows the company to restructure their business and alter debt repayments.

Basically, it allows them to start over again at least semi-fresh. It may be the only way out of this mess. Some argue that if they DON'T go bankrupt, they will ALL lose their jobs because the company will collapse.

[sophiegromit]

Rich individuals should buy an American car IMMEDIATELY!!! What's a 20K car if you're worth millions??? You can use it to drive to the end of your 1/2 mile long driveway to pick up the mail.

[chasingbeads]

Let them go bankrupt!!!

[AJstar9]

@chasingbeads you got your wish how does that help u

[PhotonDrive]

More BS! 1978 rewarmed! The truth is: new techs are coming in World-wide, & NONE OF THEM USE MOTORS! General Motors TIME IS UP! Their disappearance means REAL CHANGE! Volt is SHIT! We engineers LAUGH at their feeble attempts to catch up. They ain't got the Bodies, they ain't got the techs developed, they ain't got the CONCEPTS! They are PART of the OIL DICTATORSHIP that is GOING OUT! That's why their lame talk sounds so much like McSames! They BLOCK all progress & must GO NOW!

[fastalan]

After market GM parts are just as good as parts that comes from GM dealer. If that some one makes parts for GM, that some one also makes parts for GM cars under other private label. Warranty for newer models will be another issue....

[kasdri]

What will happen with the warrenties and parts if general motors goes under ?