it's late, enjoyed a few too many and been a good eve .........can't help myself and checked in.
first of all, gov't motors apparently is not going down, nor do i want it to.......but i do appreciate you continuing to say so!!! by all means, please don't stop!
sori mallen, but some people, me included, think that the domestic automotive industry will be quite healthy going forward. Regarding the earlier poster, I doubt he is asserting as you wrote. One certainly has to ask themselves what would incent a foreign automaker to build a factory in the united states (or anywhere) in the absence of domestic competition. VERY LITTLE. What about the loss of the HUGE amounts of technical prowess gained in producing cars domestically? shall we put a price to that? What about national security? Feel good relying on a foreign producer to come through during an event? WHAT ABOUT THE HUGE TRANSFER PAYMENTS INVOLVED IN SHUTTERING JOBS AND COVERING PENSIONS? What about the loss of government revenue when TAX PAYERS become TAKERS?
Idiotic???????!!!!!!!!! U haven't a clue........really.......
You REALLY dont want to ask who makes better cars either. You can hold out for the Camry, 5 Series, Carrera all u want..............they CONTINUE TO GET TROUNCED IN VIRTUALLY ALL PUBLICATIONS.
American car makers don't make a car to suit everyone. Fine. But they also make many of the BEST cars.
Gd weekend all............
Someone thinks if one airline goes out of business, all airlines go out of business. OR, few million people no longer fly.
When Magnavox, RCA, Zenith, Curtis Mathis stopped manufacturing TV sets, all those people are now listening to radio and do not own TV sets..Right
What an idiotic argument and the worst part of it is, it is one that was thrown out there BEFORE the bankruptcy to see who would buy into it. We have at least one who has surfaced.
<<<<<<had gm been allowed to file bank rup.this would now all behind us.>>>>
Old GM Corporation DID file on June 1 2009 when it was unable to make a required bond interest payment.
Old GM Corporation went out of business.
The bondholders, by rights, should have been the new owners of the remaining assets of GM. Instead, they got scraps.
The govt had two choices: give the bondholders what they deserved and own no part of new GM, or screw the bondholders and claim ownership of much of New GM for themselves. That way taxpayers could not howl as much.
Instead of cancelling pension plans, as should have happened, and HAS happened to employees at many other failed companies, the company and its union were handed tens of billions of OUR tax money.
Worse yet, they were given $42b more in future tax breaks by Obamas IRS when they restructured.
GM then reopened as GM Company.
What the bondholders should have gotten, instead went to the UAW and the govts of the US, Canada, and Ontario, and the UAW.
Normally, if you go out of business, both your debts AND tax writeoffs from past losses go away. But GM's largest creditor was the UAW and Obama made sure THAT debt stayed on the books. And his IRS let them keep their $42B in tax writeoffs.... Sort of added insurance to make sure they dont fail and embarrass the Poser in Chief.
The UAW came out WAY better than they should have under US Bankruptcy law.
The bondholders were screwed out of owning the assets of Old GM.
Our financial laws were made a mockery. No one will be able to trust the Corporate bonds of a US company when things like this are allowed to go on.
The whole thing was a disgrace, and in my opinion was a BLATANT favor to a labor union as payback for the political support that helped Obama win electoral votes.