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  1. #1
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    GM needs government assistance to operate

    GM's estimated liquidity during the remainder of 2008 will approach the minimum amount necessary to operate its business. Looking into the first two quarters of 2009, even with its planned actions, the company's estimated liquidity will fall significantly short of that amount unless economic and automotive industry conditions significantly improve, it receives substantial proceeds from asset sales, takes more aggressive working capital initiatives, gains access to capital markets and other private sources of funding, receives government funding under one or more current or future programs, or some combination of the foregoing.

    Link:
    GM Reports Third Quarter Financial Results: Financial News - Yahoo! Finance


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    Re: GM needs government assistance to operate

    Hello next bailout.


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    Re: GM needs government assistance to operate

    bye bye GM.



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    Re: GM needs government assistance to operate

    Jeez GM, I think what you need is a few more lines of products!

    General Motors | GM Vehicle Search | Find your Car, Truck, or SUV


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  5. #5
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    Re: GM needs government assistance to operate

    GM spread themselves too thin instead of focusing on a small group of quality cars.



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    Re: GM needs government assistance to operate

    I know allot of people will lose jobs, but I say, let them die. How many time have they gotten themselves into similar situations and the "government" (us) have had to bail them out. Obviously there is not a strong enough demand for the product that they are selling, why would it different with government money.



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    Re: GM needs government assistance to operate

    I'm a GM fan and surprised that they reached this point. I thought that with the improved product that they've been releasing and have in the pipe that it would turn around. But they've blown through their cash reserves much faster than I thought they could. It makes me sad.

    I'm no economist, but I don't think a bailout is the best option here though. It may be time for GM to file bankrupcy and come out of it a leaner and hopefully smarter company. I'm still just shocked that they're almost out of money.



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    Re: GM needs government assistance to operate

    Quote Originally Posted by jaretac View Post
    I know allot of people will lose jobs, but I say, let them die. How many time have they gotten themselves into similar situations and the "government" (us) have had to bail them out. Obviously there is not a strong enough demand for the product that they are selling, why would it different with government money.

    22,000 people work for GM and I have no clue how many work for their vendors.

    I agree they've gotten themselves into a mess but I think the entire economy will feel the ripple effects if GM is allowed to fail.



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    Re: GM needs government assistance to operate

    Part of the reason GM is in this situation is because of CAFE standards forced by gov't in the first place. Government regulations with no funding to support it.



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    Re: GM needs government assistance to operate

    Quote Originally Posted by 4429 mcc View Post
    22,000 people work for GM and I have no clue how many work for their vendors.

    I agree they've gotten themselves into a mess but I think the entire economy will feel the ripple effects if GM is allowed to fail.
    Those 22,000 people can look in the mirror and partially blame themselves. The ridiculous labor unions and the crazy labor rates that GM has to pay is a big reason why they are in trouble now and the reason they had quality problems (not being able to compete with Honda and Toyota) in the past.



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    Re: GM needs government assistance to operate

    Quote Originally Posted by 4429 mcc View Post
    22,000 people work for GM and I have no clue how many work for their vendors.

    I agree they've gotten themselves into a mess but I think the entire economy will feel the ripple effects if GM is allowed to fail.
    Quote Originally Posted by bhoodjer View Post
    Those 22,000 people can look in the mirror and partially blame themselves. The ridiculous labor unions and the crazy labor rates that GM has to pay is a big reason why they are in trouble now and the reason they had quality problems (not being able to compete with Honda and Toyota) in the past.

    Both valid points. The amount of assistance will go up with these people being unemployed, which I would assume would effect us all. Support companies will go out of business unless they can cut deals with other auto manufactures but I dont see alot of that taking shape. Unions are a joke these days. They seem to harbor alot of turds.



  12. #12
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    Re: GM needs government assistance to operate

    Quote Originally Posted by 4429 mcc View Post
    22,000 people work for GM and I have no clue how many work for their vendors.

    I agree they've gotten themselves into a mess but I think the entire economy will feel the ripple effects if GM is allowed to fail.
    I understand that, but when is enough, enough? It seems like GM has had more then enough chances.

    In a normal economy, the demand for cars would go up with a loss of a large manufacturer, which would in turn result in other companies success and therefore increased employment in those companies which would balance out the loss. As we all know, this is not a normal economy so it is hard to say what effect this would have.

    The 10 million billion dollar question is, do you subsides a profitless company, that has had problems for a long time, in order to save jobs and keep the status quo; or do you take a chance and let them die in hopes that their absence will bring forth a more profitably company which may result in more jobs then we had with GM? My opinion, the status quo hasn't helped GM or our economy much, let's see if there is someone that can do a better job.



  13. #13
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    Re: GM needs government assistance to operate

    Quote Originally Posted by bostinelosd View Post
    Unions are a joke these days. They seem to harbor alot of turds.
    Best statement I have read today. There are a few instances where unions have some worth, but for the most part all they do is drive labor cost way up without any incentive for the worker to go up and beyond the call to earn his wage. Anytime your tenure is worth more then your on the job performance, you know the employer is screwed......



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    Re: GM needs government assistance to operate

    they probably need to go the bankruptcy route to break the union contracts, recapitalize, etc. they won't be closing the doors anytime soon.


    Last edited by kilgore_trout; 11-07-2008 at 01:20 PM.

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    Re: GM needs government assistance to operate

    Quote Originally Posted by Cyclonesrule91 View Post
    Best statement I have read today. There are a few instances where unions have some worth, but for the most part all they do is drive labor cost way up without any incentive for the worker to go up and beyond the call to earn his wage. Anytime your tenure is worth more then your on the job performance, you know the employer is screwed......
    What would it take to break the union contracts? Honestly if they want to become viable in a world market and stop being a tax burden they probably need to do that.



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