A government bailout may not be the best solution. They can file Chapter 11 (or 13?) and tighten their belts (so to speak) and start over....May be best in fact, so they can restructure and rebuild what is currently a top-heavy corporate structure...

 

I don't like the Idea of a bailout, but the alternative it much worse. I don't want my friends and neighbors to lose their jobs just because the Management ( If you want to call it that) at General Motors has been consistent in only one area, Making bad decisions. Thus proving that having thousand of well educated and astute leaders in upper management doesn't mean anything worthwhile is going to happen. Bailout: Yes, Upper management out: Yes ! It takes these people years not weeks to made critical decisions, and the poor management has become a "Way of life" at GM and must come to an end.

 

For those that have read the book All Corvettes are Red, it is quite easy to learn very early on of the complete nonsense at the corporate level, mid management level.

If there were ever a PERFECT example of "too many cheifs and not enough Indians" GM would fit that to the letter.

Also, some may recall when Ross Perot was put onto the Board of Directors at GM 20-30 years ago (I think) and he tried in every way he could to upset the balance of the way things worked as the status-quo of big business, too much corporate waste. As he pointed out by 'threatining' to go public with the inside workings, GM gave him a check for 20 million bucks to LEAVE, just go away. He went on TV and lamblasted GM for the mismanagement and used his 20 million dollar check to show how crazy things were, so he vowed NEVER to cash that check, and he didn't!

Government bail out to the Big 3 - NO WAY -- if there is to be any bail-out, it should be ANYONE with a title and a business card at GM to bail the hell out and don't come back.

Balderdash I say

 

speaking of that...if you buy stock, and then the company goes bankrupt, what happens to it (stocks) ?

 

for those who were not aware of this....its hitting corvette....

Cuts on way for Corvette facility: January layoff, production slowdown planned

Nov 08, 2008 (The Daily News - McClatchy-Tribune Information Services via COMTEX)

More job cuts are on the horizon at the General Motors Bowling Green Assembly Plant.

The plant intends to layoff 110 workers in January and shut down production for two weeks while it cuts Corvette production from 15 to 11 vehicles an hour.

The plant will also shut down its Cadillac XLR production during December, temporarily laying off about 30 employees who work on the XLR line. The layoffs in January affect both Corvette and Cadillac XLR production workers. The plant employs around 800 workers.

Plant officials informed employees of the cuts Friday morning.

"Most of our employees knew that more changes would be made to our production schedule, based upon more recent sales figures," said Andrea Hales, communication director for the Bowling Green plant. "I just don't know if they expected it to be as big of an impact as what we announced this morning."

The January cuts top a list of gloomy announcements for GM workers this month. Officials announced last week plans to close the plant for a week in December to re-evaluate inventory and lessen production numbers for the month. That shutdown is still scheduled to occur, Hales said.

And about a month ago, the Bowling Green plant closed for a week to slice Corvette production from 18.5 to 15 vehicles an hour, a move that resulted in about 70 lost jobs.

Plant officials plan to cut XLR production in 2009 but do not yet know details of the production cuts. Officials also are not sure if the Corvette line will face further cuts next year, Hales said.

"At this time, nothing is certain and we really just take it in stride and watch our sales figures, our sales results and the overall market," she said.

Corvette sales took a nosedive in the past few months. Sales plummeted about 53 percent in October compared to sales through October last year. Cadillac XLR sales decreased 56 percent this year compared to sales through October 2007 last year.

"Corvette sales, they were doing fairly well until the last few months," said Tom Wilkinson, spokesperson for General Motors. "A lot of luxury segments have been pretty heavily impacted."

A lack of consumer confidence due to a dwindling economy is to blame for the sales plunge, he said.

"The people who have the money are not spending it," he said. "And the people who don't have the money are having trouble getting credit."

General Motors recently reported a $2.5 billion loss in its third quarter for this year.

"Third quarter earnings in industry sales are very, very low right now," Wilkinson said. "By some measures, it's the worst industry (situation) since World War II."

The company plans to lay off about 3,600 workers and slow production at 10 assembly plants early next year, according to reports.

The Bowling Green plant will shut down the week of Jan. 5 and the week of Jan. 12, Hales said.

"It's an unfortunate situation," Wilkinson said. "But sales are running at a very low pace, and nobody is sure when they are going to pick up."

Automakers are requesting $25 billion in government funds for economic relief, according to reports.

The Energy Department has taken steps to offer $25 billion for the production of fuel-efficient vehicles, but automakers are lobbying the government for more loans to help repair the wounded automobile market, reports say.

"The U.S. government's actions to help stabilize the credit markets and eventually ease the credit crunch are an essential first step to the economy's and the auto industry's recovery," GM CEO Rick Wagoner said in a news release. "But further strong action is required."

Wilkinson said government-backed loans are critical "to get through the next year or so. We think the auto industry is absolutely worth supporting."

Still, GM officials believe the market will improve, and they are determined to keep the company afloat "so we're around to see that happen," Wilkinson said.

"Production cuts are difficult, but we need to keep the company viable," he said. "And we think the Corvette will definitely take off again."

And while doses of uncertainty and fear haunt those at the Bowling Green plant, workers are still holding onto hope.

"Our employees are hopeful that we will see a turnaround," Hales said. "If the market improves and we gain consumer confidence back, then we're here to build more Corvettes."

 

A Japanese company will buy GM, continue to make Vettes-Type R---

 

Ummmmm, while I agree that GMs "management" is suspect of myriad violations, we also gotta look at the market. People bought the H2 in droves, so there was BIG DEMAND for the product.

People avoided the early electric cars in droves, so there was NO DEMAND for the products, primarily until gas prices shot up. With all their advertising dollars, neither Honda nor Toyota were successful in driving demand for electrics, hybrids, etc., until the motoring public became scared of prices at the pump.

Is GMs "management" caught flat footed, behind the power curve in developing alternative cars? You bet.

 

I heard on CNN today some talk about waving the interest on car loans if you buy American. Imagine that!?!

Time for me to pick up a ZR1 at 150K. I'll put ten bucks down and pay zero interest for 5 years. My payments will be more than an average mortgage, but NO interest!

However, to celebrate, I won't be buying Budweiser, soon to be owned by INBEV a Belgian company.

Doesn't matter. Yingling is better anyway, LOL.

 

Your left holding an empty bag. Been there, done that.