GM filing for bankruptcy - Mercedes-Benz Forum

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post #1 of 44 (permalink) Old 05-17-2009, 05:21 PM Thread Starter
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GM filing for bankruptcy

I just got this info from a reliable source on GM truck forums. GM is filing for bankruptcy on 1 June 09. Too bad it had to come to this.
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post #2 of 44 (permalink) Old 05-17-2009, 05:37 PM
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Ouch, GM too? Chrysler I could understand but now this. I'm betting that they reorganize and dig themselves out eventually.

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post #3 of 44 (permalink) Old 05-17-2009, 05:38 PM
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Good. They can be rid of the onerous union contracts that have served to ruin them for the past 50+ years.
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post #4 of 44 (permalink) Old 05-17-2009, 06:13 PM
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They are in a better position now than four months ago but it is still going to slam a bunch of small businesses that don't need their contracts or AP "adjusted".

As for the unions, the pensions are guaranteed by the government so we pay either way, no value add to that.

It will help them break dealer contracts as they contract dealer footprints, a necessary evil but one that, as we have seen will have a pretty big impact on a bunch of local economies and more shrinking of Federal, State and local Tax Bases.

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post #5 of 44 (permalink) Old 05-17-2009, 06:32 PM
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Good. They can be rid of the onerous union contracts that have served to ruin them for the past 50+ years.
Agreed that the end of the Legacy obligations will be beneficial but it can be argued that had GM and the others been more responsible to workers’ needs 100 years ago the unions would not have come into existence – the UAW is in essence Detroit’s creation.

However symbolic I believe it is important for a First World industrial nation to have the capacity to engineer and build domestic cars. GM has never competed with the World market – moving from de facto monopoly to being behind the Japanese and Germans by the 70s. Perhaps this will have a kind of World War II effect: tear down the American auto industry and rebuild from scratch with a dedication to world-class design and quality. We will indeed see but I am not encouraged.
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post #6 of 44 (permalink) Old 05-17-2009, 06:35 PM
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They are in a better position now than four months ago but it is still going to slam a bunch of small businesses that don't need their contracts or AP "adjusted".

As for the unions, the pensions are guaranteed by the government so we pay either way, no value add to that.

It will help them break dealer contracts as they contract dealer footprints, a necessary evil but one that, as we have seen will have a pretty big impact on a bunch of local economies and more shrinking of Federal, State and local Tax Bases.
That would probably make the smaller governments more dependent on the larger entities as their limited coffers are drained with no recourse such as the ability to create funds by printing more money, no?

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post #7 of 44 (permalink) Old 05-17-2009, 07:22 PM
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That would probably make the smaller governments more dependent on the larger entities as their limited coffers are drained with no recourse such as the ability to create funds by printing more money, no?
Or they raise sales taxes and property taxes and utility taxes and school taxes and other levies to insure cashflow for both essential services AND the growing social services as more and more folks move from middle class to the poverty class.

Then they will ask for money from the Federal government. Does anyone want to guess just how much cheaper it would have been to just have worked quicker and smarter to help keep the car companies in business?

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post #8 of 44 (permalink) Old 05-17-2009, 07:22 PM
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yay!
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post #9 of 44 (permalink) Old 05-17-2009, 07:24 PM
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yay!
Does anyone know the Japanese word for backlash?

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post #10 of 44 (permalink) Old 05-17-2009, 07:35 PM
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Or they raise sales taxes and property taxes and utility taxes and school taxes and other levies to insure cashflow for both essential services AND the growing social services as more and more folks move from middle class to the poverty class.

Then they will ask for money from the Federal government. Does anyone want to guess just how much cheaper it would have been to just have worked quicker and smarter to help keep the car companies in business?
That sounds suspiciously...like a "plan"'

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