Like the illusion of Wall Street, with its vast and powerful investment banks, now shuttered, China too is an illusion perpetuated by the Globalists that gave us the 15,000 mile Caesar salad, poisoned cat food and lead based paint on babies' pacifiers. Like the illusion that money would come from thin air to always push housing prices higher, China has spent a generation pursuing its illusion. Pursuing an unattainable dream to be like the West, while 6000 years of its carefully shepherded top soil blows into the sea.
Posted: Sat Aug 02, 2008 8:00 am Post subject: Re: GM, Ford, and Chrysler Death Watch Thread
Quote:
“I do not see any panic here,” Ray Young, G.M.’s chief financial officer, said in an interview Friday. “I do see more of a resolve. We need to take these actions and focus on what we can control.”
Hey Ray, by any chance, do you have a guaranteed pension, or golden parachute, or are you in the same circumstances as most GM employees? Just wondering if your economic situation may give you a better feeling of calm before the storm.
"According to documents available only to plan members and regulatory officials, actuaries estimate GM's pension plan for 43,717 hourly rated employees, retirees and survivors in Canada would be short 43.5 per cent of the money needed to pay all pension promises if GM failed, based on estimates as of November of 2006."
More ominous is this statement by the head of the Canadian Auto Workers, Buzz Hargrove: "I think it's inevitable GM will file for Chapter 11 (bankruptcy protection) in the U.S., but that doesn't mean that all the GM plants will close".
This plant made brakes and master cylinders. It's a whopper of a plant, requiring a 3 day sale. Former Delco Moraine? Wonder who buys all this specialized stuff? Presses, grinders, decoilers, and CNC machines, Yeah, I can see a market, if not a big market just now, but all the dedicated automation for assembling brakes?? Probably scrap iron now. _________________ Local fix-it guy..
Posted: Wed Sep 03, 2008 2:00 pm Post subject: Re: GM, Ford, and Chrysler Death Watch Thread
Quote:
U.S. auto sales continued their slide in August despite stepped-up incentives to buyers, with Japan's Toyota Motor Corp. (TM) posting a 9.4% decline and Ford Motor Co. (F) reporting a 27% drop.
Posted: Wed Sep 17, 2008 10:31 am Post subject: Re: GM, Ford, and Chrysler Death Watch Thread
Can i have some money please? Is just temporary, till business get back again...
Quote:
DETROIT — Executives from General Motors and the Ford Motor Company pressed their case on Tuesday for $25 billion in federal loans in a series of high-level meetings with lawmakers in Washington.
The appearances by G.M.’s chairman, Rick Wagoner, and Ford’s executive chairman, William C. Ford Jr., underscored how vital the industry considers the loans as it tries to meet tougher fuel-efficiency regulations.
Mr. Wagoner traveled to Washington shortly after G.M. unveiled the production version of its Chevrolet Volt electric vehicle in Detroit. The timing was coincidental, given that G.M. was celebrating its 100th anniversary on Tuesday.
Posted: Wed Sep 17, 2008 8:02 pm Post subject: Re: GM, Ford, and Chrysler Death Watch Thread
RacerJace wrote:
Snowrunner wrote:
.....
If GM really wanted to do something though, why not start bringing Astras etc. over from Opel? They would need to get re-batched, but they could at least start selling them in short order and I don't see the demand for individual transportation go away any time soon in North America, the entire country is build around the car.
I'm sure they'd like to but the unions would never allow it. GM Holden was able to export a small number of Monaro rebaged as Pontiac GT Coupe to the USA but the unions squashed it pretty quickly. They also killed the importation of the Commodore Ute before it even got the go ahead. And these were thumping V8 'brute force and ignorance' machines not your 2 litre sippers.
Um, they already did it- rebadged as the Saturn Astra.
I don't believe GM has any intention of building the Volt. A smokescreen.
They'll run to Washington crying "You can't let us fail. You must bail us out because we're building a 'green' car. Can we have $100 billion? Pretty, pretty please?"
Joined: Aug 03, 2007 Posts: 4590 Location: Boston Suburbs
Posted: Thu Sep 18, 2008 11:19 am Post subject: Re: GM, Ford, and Chrysler Death Watch Thread
Niagara wrote:
They'll run to Washington crying "You can't let us fail. You must bail us out because we're building a 'green' car. Can we have $100 billion? Pretty, pretty please?"
It's not mutually exclusive. They can both build the Volt and use it for PR/leverage in washington. GM already used the Volt prop in Washington to try to escape CAFE' and failed. _________________ http://doomsteaddiary.blogspot.com/
Joined: Aug 24, 2005 Posts: 442 Location: Costa Geriatrica, Spain
Posted: Thu Sep 18, 2008 11:33 am Post subject: Re: GM, Ford, and Chrysler Death Watch Thread
timmac wrote:
smallpoxgirl wrote :
Yeah 35 km/gal would make a lot more sense wouldn't it?
I am not sure how that metric/imperial works out in American mpg but would he have really mean is that it only gets 20 mpg American,, if so that is not so great after all but not to bad for most of our big suv's over here..........
1 UK (aka Imperial) gallon = 1.2 US gallons
or
1 US gallon = 0.83 UK gallon
a UK gallon = 4 UK quarts = 8 UK pints
in continental Europe fuel consumption is quoted as litres per 100 kilometers - nb the inverse of mpg used in UK and USA i.e fewer litres = better fuel consumption
imperial and metric are *not* mixed - nobody would ever quote '35km/gal' its either mpg or L/100km
Last edited by skeptik on Thu Sep 18, 2008 11:35 am; edited 1 time in total
Posted: Thu Sep 18, 2008 11:33 am Post subject: Re: GM, Ford, and Chrysler Death Watch Thread
Let them die. That's capitalism. The future belongs to Aptera, Zap and Tesla. No need to prop up a dying car company. We can make cars here. They won't be made by the big three, but they will sell like hotcakes.
Those ICE carmakers are so twentieth century. Let's move on. _________________ Deep in the mud and slime of things, even there, something sings.
Joined: Nov 01, 2005 Posts: 846 Location: Euro high horse bastard on the run
Posted: Thu Sep 18, 2008 1:08 pm Post subject: Re: GM, Ford, and Chrysler Death Watch Thread
Well, I'm afraid that even after the Rummy's reshuffle of Pentagon for next gen warfare, the establishment is well versed in the WWII history and the importance of tanks, trucks and jeeps for some type of land based conflict even in this thermonuclear age.
You just can't afford to fail all three of Detroit, perhaps only one..
To let Detroit fall is just impossible from the national security standpoint, and the J6P and his offsprings will gladly work for 100hours a week and less money, to support the tax structure for these government bailouts. To run an empire is not a joke, everybody has to give his best..
_________________ DOOMerotron: at all-time high [8.1] out of 10..
Posted: Thu Sep 18, 2008 7:34 pm Post subject: Re: GM, Ford, and Chrysler Death Watch Thread
We can't afford to bail them out. We are bailing out all the banks. Why are we going to bail out ailing car companies that make a bunch of cars nobody wants? A guy offered to trade his newish Durango for my solar-electric car yesterday. Why do we need to bail those leviathans out?
We need to build a million of these:
www.sunnev.com _________________ Deep in the mud and slime of things, even there, something sings.
Joined: Nov 01, 2005 Posts: 846 Location: Euro high horse bastard on the run
Posted: Fri Sep 19, 2008 5:51 am Post subject: Re: GM, Ford, and Chrysler Death Watch Thread
There are lot of stupid central bankers in the world who will gladly support you further down the road aka lend more money from their taxpayer's pockets.. In fact that's what is going on right now.
SunNEV is a great local concept but impossible to materialize out of the corporate world, unless the government mandates it. And I'm afraid it would be great money looser even then. The vehicle is too tiny to present any profitability in the traditional car industry, and the local - low volume shops have got horrible economies of scale.
It could work only as sort of infrustructure overhaul a gift to citizens if you will.
Government mandate has to be ironhand strong and last for some predictable amount of time, unless means nothing to the industry hawks, look back at ZEV/CARB of California, EV1.. _________________ DOOMerotron: at all-time high [8.1] out of 10..
DETROIT (AP) — Fitch Ratings downgraded General Motors Corp.'s credit rating deeper into junk status Monday, saying the automaker faces headwinds in almost every direction and its liquidity could drop to "minimum required levels" within the next year.
The credit ratings agency said it reduced GM's issuer default rating one notch to "CCC" from "B-." Both ratings are noninvestment, or junk, grade.
Fitch analyst Mark Oline said GM faces pressures from tightening credit in the U.S., weakening overseas sales, rising raw materials prices, continued sales declines in North America and the need for a large amount of capital spending to transform its lineup from trucks and sport utility vehicles to smaller, more fuel-efficient models.
"If industry sales stay flat in 2009 with a deeply depressed 2008, we do think that the revenue pressures that GM and the industry will face will likely be in excess of their ability to reduce costs," Oline said in an interview. "So we do project that liquidity will continue to decrease, and the company's access to capital is severely limited by the conditions of the industry and the capital markets."
On Friday, GM said it was drawing down the last $3.5 billion of a $4.5 billion secured revolving credit facility to add liquidity during "uncertain times in the capital markets."
And let's cap that off with some serious delusion:
Quote:
Pickup truck sales, which had accounted for a huge chunk of GM's revenue, are likely to rebound when the housing industry starts to recover from its slump, Oline said. If truck sales rebound by 2010 when GM starts to see more benefits from the UAW contract, and if the economy improves by then, GM could recover, he said.
"You could see some significant improvement in cash flow," Oline said. said. "Clearly they need both time and liquidity, and the market is increasingly short on both."
GM shares fell $1.50, or 11.5 percent, to $11.58 Monday.
GM is terminal. Toyota will pick up the Volt program at a fire sale. _________________ Cogito, ergo non satis bibivi
C'mon man, who're you gonna believe?
You cannot post new topics in this forum You cannot reply to topics in this forum You cannot edit your posts in this forum You cannot delete your posts in this forum You cannot vote in polls in this forum
News
Discussions
Resources
Members
Forum FAQ
Search
Usergroups
Profile
Log in to check your private messages
Log in
