Posted on 06/01/2009 9:51:58 PM PDT by BigKahuna
In its filing in the Federal Bankruptcy Court for the Second District of New York, GM claimed assets of about 83 billion dollars, which is quite impressive. Impressive, that is, until one looks at its debts, which currently total nearly 173 billion dollars.
It is drowning, quite frankly, in a sea of bad debt, bad management decisions, and sweetheart labor contracts given to a union (the UAW) that long ago lost its way, and which has proved famously bullheaded in recent years, conducting a strike against General Motors on a company-wide basis as recently as 2007. Looking back now, we have to ask ourselves what the union leadership could have been thinking.
(Excerpt) Read more at entitlementsyndrome.com ...
Hey UAW.... “You Asked for it!.... WE GOT IT!... TOYOTA!!!”
Gawd, I hope Ford can outlast Obuma.
Ditto what you said!
Only if the auto czar allows it to last.
Think of what Barry can do with regulatory waivers, tax breaks, sneak peaks for Gov Motors at upcoming mandates, etc. Also, now that Zero and the UAW are partners (sorry, it's the UAW pension that owns the shares), the collusion could be deviating. Yep, unwilling participants in running the auto industry...
and if we think the union GM workers had outlandish pensions, seniority rights, medical, etc...they would pale next to govt workers..
and the govt workers will most assuredly and are breaking the back of all govts in the US....federal, state, county, school, etc....only worse so than the union workers at GM....
The question is: “when will bullets start flying?”
Ford is probably next to go. There is no way Obama will allow a free market competitor a chance to best his pet project(GM/Chrysler). Look for tax payer subsidies to help GM/Chrysler make their cars so cheap that Ford will lose its ability to remain profitable. Then they get “bailed out” and all US car manufacturers are gone. When we all drive high mileage cars or ride public transit then he can tax the daylights out of gasoline and average consumers wont complain that much. Only businesses, which will still depend on low mileage trucks, vans, and planes will complain and the stupid consumer will pay the tax via inflated prices for goods and services.
Most people won’t be smart enough to figure out that all those taxes are really whats driving higher prices. If the Euro Peons can’t figure it out what makes you think enough Americans will? Stupid Stupid People!!!
Agreed, Cherry. They are getting a pass so far. Americans need to be educated on the criminal swindling of the government union set. Compare your own compensation to that of the average federal worker.
The danger here is Obama would then promise every American that they could have the same benefits too if they would stop working for the evil rich guys in the private sector. Most would believe it because they wouldn’t stop to do the math.
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