GM warns it may be forced into bankruptcy

It seem GM will ask for other billions.

www.reuters.com...

It would be better for the economy to let them do it and then restructure. Pouring more money into that would only do us more harm.

I said already just after the bail out that GM will go bankrupt within six months.

By may they will be liquidating.

Bailing out the auto makers didn't make sense to me with the economy crumbling, regardless of jobs affected.

I mean, who's going to be able to buy a new car other than the Federal Government cars we get to pay for via HR1.

Obviously the turning radiius of GM is too tight? The can't seem to change their cars and their ways quick enough. It almost is as if the power steering has gone out and the wheel is frozen... But does GM stand to actually improve as a globalized entity even if the US workers are all hung out to dry? I think so.

They've already got a well designed 4-banger which many people are building aftermarket parts for. They already know how to make low profile, economical cars, they just don't know how to make it profitable like the Vette. All this knowledge is just not meant to be used at this time to help Americans. I think GM's plans go beyond the American worker. It is as if the American worker in GM's eyes is obsolete. They won't try to retool the factories, it's easier to move them to other global player-states and let the US base collapse.

But also I noticed that on EBay I can buy a nicely used mid-1980's Benz which run ons straight veggie oil OR diesel and which costs around 5 grand. The point is this: People play dumb but they really aren't. Everyone knows that automobile tech has reached a convergence of low cost and reliability and this is a threat to the ongoing scamming of the consumer via planned-obsolescence. They have low cost cars and all the work has already been done but US car execs still haven't answered their main question; "How are we going to be uber-rich off cars like our grandpappy was when things keep getting simpler and used cars are too reliable?"

So let them go bankrupt.

Someone else said this .. I don't know where -

A free market without the threat of bankruptcy is like Christianity without the threat of hell It doesn't work.

If they put out a good product at a reasonable price then they wouldn't be in this mess. It's their own fault. Free market says - let them go bankrupt.

Cold but true.

What an utter waste of money on GM. It is absolutely astounding to me. This is like trying to bailout the Titanic with tea cups to keep it from sinking.

GM needed bankruptcy restructuring ages ago and we just wasted billions in TARP funds for nothing. Imagine what that money could have accomplished if it was actually infused into the market via the hands of the taxpayers.

[edit on 5-3-2009 by jibeho]

Originally posted by lernmore
Bailing out the auto makers didn't make sense to me with the economy crumbling, regardless of jobs affected.

I mean, who's going to be able to buy a new car other than the Federal Government cars we get to pay for via HR1.

Lernmore, you said a mouthful! That is what I have been thinking, ya know how they are giving all this cash to banks to quote open up the lending market again? Well let's just hide and watch how easy it is to go in and get a loan from these places. The majority of Americans have some blips on their credit now; these banks are going to hold onto that cash for dear life.

They are going to milk the taxpayers for all they can get. Probably did have an engine that got 100+ MPG in the past and the government classified it under national security. Now they're playing hardball. They'll get their money or break the unions.