GM going down the toilet???

[sledge]

Is this really going to happen? Will Obama let this happen just as he takes over the watch?

http://jalopnik.com/5079567/gm-declares-bankruptcy-imminent-after-42-billion-third-quarter-loss

[fred]

Doesn't look like it:

http://jalopnik.com/5079818/president+elect-barack-obama-is-detroits-personal-jesus-plans-to-help-not+so+big-three

Hopefully they last long enough for Obama to actually do anything... If they go bankrupt in December, who knows what's going to happen...

[bobthebiker]

I wouldnt miss GM in the least bit. I hate their products.

[cafeboy]

Well I have a Blazer and have had Blazers for years and I LOVE IT.
Some crack head old man went down the off ramp for I 85 a few years ago and hit my wife head on.
Totaled his car. Broke the front axle of my Blazer and totaled it but my wife and son walked away fine.
Toyota can't do that.

[commuterdude]

Toyota can do it.  I hit a parked car at 55 miles an hour and my Tacoma would start, run, and drive.  AC worked fine.   I could have bought that '04 4wd Tacoma from the insurance company for 4000.00 and I should have.

[Juan1]

I'd be sad to see Ford go away, as they now make reliable cars and seem to be turning things around.  The Focus is a good inexpensive vehicle, and with the sharp looking Fiesta coming to American shores, I think their future is relatively bright.

The company of GM can die, although it would suck to have so many Americans out of work.  They haven't taken aggressive steps to turn things around like Ford has.  Their labor force is too big, their vehicles are obese, their reliability is low, and their cars aren't particularly stylish. 

[cafeboy]

Bring yo Toyota over and we'll chain them together and see what pops   

[jdw03n]

I have no sympathy for the execs, because they made the decision to sell out economy for SUVs. If everyone rode bikes ....

I do feel bad for the folks who will lose their jobs if the companies go under.

Besides, I drive a foreign car anyways. My domestic van is a smoking piece of crap.

[ohgood]

Bring yo Toyota over and we'll chain them together and see what pops   

i think that was a useless comparison that just snapped, not a part of either truck.

gm > toyota ? reliability ? really ? damn, i'm in an alternate universe or something.

let companies that fail DIE. plain and simple. what's the point in trying if the gov't will bail out all the losers ?

[ohgood]

Is this really going to happen? Will Obama let this happen just as he takes over the watch?

http://jalopnik.com/5079567/gm-declares-bankruptcy-imminent-after-42-billion-third-quarter-loss

Well, if GM can't make a profit, I believe they should go away. Survival of the fittest makes a better product. GM is making a boat load of it's product in Canada and Mexico now, so I don't see the need in propping up foreign workers with our tax dollars.

Let em tank.

OR

Let them start making reliable vehicles that are competitive with Toyota and Honda. They're had YEARS to realize they needed to compete with them, but they took the low hanging fruit with over-priced / over-profitting SUVS and trucks. Too bad for em. They coulda done something awesome.

[Paulcet]

let companies that fail DIE. plain and simple. what's the point in trying if the gov't will bail out all the losers ?

I couldn't have said it better myself.

[sledge]

Yeah but GM are involved in many industries, not just making cars. If they go fun bags up and bring down the shutters  it will impact on just about every developed country in the world.....it wont be good news.

[fred]

Yeah but GM are involved in many industries, not just making cars. If they go fun bags up and bring down the shutters  it will impact on just about every developed country in the world.....it wont be good news.

Yeah, but I doubt that will actually happen. The worst thing that could possibly happen to them is they go in to bankruptcy and get bought. If that happens, it is likely that they will be torn apart and sold for scrap, but the important parts of their operation that actually make money will be sold to some other company. I highly doubt they would just run out of money and cease to exist. Someone will buy them for pennies on the dollar and make a fortune doing it.

[ohgood]

Yeah but GM are involved in many industries, not just making cars. If they go fun bags up and bring down the shutters  it will impact on just about every developed country in the world.....it wont be good news.

I've watched Toyota get stronger over the years. Look at their stock price. I've also watched GM push crap cars and huge trucks while the market was changing.

I can empathize with people losing their jobs. I've seen machine shop after machine shop close down. Some without more than 24 hours notice. It sucks to make a good part, under budget, and please a customer only to see the shop close. It sucks to know the guy next door that washes uniforms won't have a paycheck, and the kids t-ball field won't have a sponser, but that's life.

The suppliers for GM will have to cater to a new brand. Maybe their quality will have to improve also. That's not a bad thing for consumers. It's a short term hardship. Provided people have planned ahead, not financed every dime away, and can adapt to the job market, they'll be fine.

BTW - I'm not anti-GM or anti-FORD so much as I am anti-CRAP-PRODUCT-PROPPED-UP-BY-BIG-GOV't.

If Toyota made a POS product I'd call it that. Hell Hyundai is kicking GM's pants right now, and look where they were 10 years ago ! If GM wanted a comeback, it was time to re-tool, re-invest, and re-evaluate 5 years ago, not when they are dead on the table.

Sorry for the rant sledge, seems like all of mine head that way lately.

[commuterdude]

Bring yo Toyota over and we'll chain them together and see what pops   

Most likely the U joints on the Blazer...if the POS transmission doesn't burn up first.

[GeeP]

Ohgood,

If GM goes down let's rent a couple semis and go to the auction.  Delphi was a grab and run, at the GM auction they'll be begging for bids.  Where else could you buy a 4x8x2' NEW Rock of Ages A grade rock with stand for $50 bucks?  How about a Monarch 1000EE for a grand with EVERY accessory ever made for it, 50 hours on the spindle, AND the P.O.?  Yes, it's true!   

If GM goes down I'm going to the auction! 

FWIW: 

I doubt a Chinese buyout of any of the big 3.  China is starting to fall into recession itself.  Possibly worse than here.

[yamahonkawazuki]

If they go down, ill  blame it on Obama, hell why not. the man in charge gets teh blame whether deserved or not

[ohgood]

Ohgood,

If GM goes down let's rent a couple semis and go to the auction.  Delphi was a grab and run, at the GM auction they'll be begging for bids.  Where else could you buy a 4x8x2' NEW Rock of Ages A grade rock with stand for $50 bucks?  How about a Monarch 1000EE for a grand with EVERY accessory ever made for it, 50 hours on the spindle, AND the P.O.?  Yes, it's true!   

If GM goes down I'm going to the auction! 

FWIW: 

I doubt a Chinese buyout of any of the big 3.  China is starting to fall into recession itself.  Possibly worse than here.

i'm there !

i managed to scoop up a few Fowler and Federal indicators when the plant in Meridian, MS closed. they were running over A FReAKING TON of indicators with a forklift, then pushing them into a hopper for scrap ! ARRRRRGH !

call me a vulture or whatever, but when a company tosses $100,000 worth of tech for no reason other than to have to move it, i say dumb !

btw- there were also several hundred thousand dollars worth of rocks, CCM's, air gauges (yes, the kind with digital readouts!, DRM's, and other high-dollar items being trashed. just plain shameful.

[gearman]

The US auto makers won't be allowed to fail. It's a national security issue. A country's ability to prevail in a major military conflict depends largely on it's manufacturing capacity. As it is, we don't even produce the clothes on our troops backs or the boots on their feet.

[bobthebiker]

The sad reality is that GM wont be allowed to fail by the govt as its cheaper for them to bail out a terrible auto maker than it is to find another manufacturer for their HMMWV(which is likely being phased out anyways)

The worst thing is, the Hummer M series issued to the US military is probably the very best thing GM has to offer, considering its still running the 6.2 or 6.5L Detroit Diesel motor under the hood.

But like has been said, GM has been the horse with a broken leg for awhile now,  its time to shoot the horse and get on with it.