Auto Bailout Bill: Dead

[Jon325i]

The bill as we have been hearing about officially died on the floor of the US Senate tonight - no additional headway is anticipated at least until early 2009 when the elected officials return from their holdiay break. GM has announced that they have hired advisors to discuss possible bankruptcy options.

Discuss.

http://www.foxnews.com/politics/2008/12/11/auto-bailout-collapses-senate-despite-intense-negotiations/

Jon

[Massive Lee]

GM should file under chapter 11. It is not bankrupcy, and allows them to reneogciate certain things. Such as work/salary conditions with unions, and payments to the banks.

[Farbin Kaiber]

The Wall Street Bailout didn't make it the first time either.

[gwb72tii]

GM should file under chapter 11. It is not bankrupcy, and allows them to reneogciate certain things. Such as work/salary conditions with unions, and payments to the banks.

chapter 11 is in fact bankruptcy my friend
if you're an equity holder, you will be toast if they go chpt 11

chapter 7 bankruptcy is where a company is liquidated and creditors are paid whatever $ are raised, and the company is no more.
chapter 11 is where equity holders are wiped out, and the company reorganizes at the discretion of the creditors, who as a block can vote no and force chapter 7

[Jon325i]

I agree with both your points guys - I think this bailout scheme is far from over. It will be back in 2009 - and should it happen I hope there will be far fewer concessions being made to the UAW.....that's what is sapping this industry dry of funds. I know it would be a bitter pill to take, but I'd like to see GM file for bankruptcy so all existing union contracts can be laid to waste. Of course, this could open the door for more of the same, but at least everything will be exposed and subject to criticism. Many supply vendors would be hurt in the process too.


Jon

[Jand3rson]

All I have to say is good.

[Mastrcruse]

I have alway said when I buy a "new" car it was going to be American but I ended up getting a Civic.

Nothing that American car makers make, except for a few select things, are worth a damn. We have American and foriegn cars in the family, new ones (2006+) and the American ones get worse gas mileage, shittier interiors, noisy, and rattle inside like fucking crazy...and we really take care of our cars in the family. Non-american ones are the opposite. I know people will tell you they care...but Not many people really give a fuck about the gas prices (1.54 here today YEA!). We are HP/TRQ hungry, we want sports cars that take premium/mid...but beside that GOOD QUALITY

We just don't want shitty, outdated cars and thats what the American car makers keep brewing up. They need to really think about their product.

On the flip side, I watched them about a week/2 weeks ago talking with the government w/ a professor of economics and the UAW president and they really get fucked with the Union buyout bullshit. I live in Toledo Ohio, by a lot of car stuff and I know a TON of people that have gotten laid off. One of the people I know, used to be my coach got laid off for the winter (for the FUCKING winter) has worked there, Chrysler Stampling plant right down the road from me, for 20+ years. Said that buyouts are an average 300,000 for his experience and lowest is around 140,000...that sucks. Then he told me that some of the people he work with ON THE LINE are making near 100K a year! Hell with college if you can get that. (obviously you can't now)

OOO...and NEWS FLASH! Ford, I was told, is hoping that the Flex is going to help them out in rough times...THE FLEX!! Helen Keller wouldn't drive that fucking thing what an overpriced piece of ass. I walked up to one of the nicer models and it got shit for gas mileage and was like 42+K.

[cruisermon]

Well said...

[Jand3rson]

Has anyone else noticed that the Flex is essentially nothing more than a much larger Scion Xb?

[CAOSyAMOR]

LOL the Ford Flex reminds me of someones living room. Sure it can seat plenty, and sure it has things like comfy seating and TV/DVD/Cooler etc etc. Shit it even has 12 cup holders if you count them all - fucking 12!?!? In my mind all it is good for is a booze cruise and nothing more. Tell you what ford, put a standard size fridge in there for all my beer and you might be on to something - but its not building vehicles, LMFAO.

[Asbradley21]

I've only seen one Flex, it's ugly as hell. The weird lines along the side and back looks like ass. I'd rather have the Scion.

[Mastrcruse]

Haha, haven't really thought of that but I guess they do have about the same body lines..just longer on the flex.

They just aren't making it worth buying any of their products. Let me take that back...they make some cars that we want, others that not a single person wants in the US, and the ones that the US people want are only available overseas. As we say in strategic marketing..all of the Big 3 have experienced Strategic Drift (actually applying something from class, wow), were they are focused on something, then something new comes up and they drift alittle bit over to get some of that market...and so on. Eventually they lose want they really were good at.

[shiftbmw]

Let 'em burn.

[Massive Lee]

The Flex is exactly what we don't need. Another low quality big and heavy gaz guzzler with poor build and design quality. The front grill shakes by barely touching it...

[h0lmes]

I think the big 3 should merge and dump all the shitty brands. They should do some serious restructuring and actually start making quality, environmentally friendly vehicles for the 21st century.