Obama's Road Map for Detroit

Obama's bailout, is a FRAUD, and any one with basic common sense knows it's stupid, and the people who is advising him is operating for an outside force not the interest of America. You can build what ever you like, if no one has the money to buy them, it stays on the forecourt, no one who is not sure about their job is going out to run up debts, and people who are unemployed cant get loans.

If Obama has money to give away give it to the people it's after all their TAXES.

There is something about too big to fail that doesn't ring true: http://blogdredd.blogspot.com/2009/04/too-big-to-flail.html

An honest solution to GM and other problems does not start with who is biggest.

It doesn't much matter what President GoodWrech does with GM-Chrysler.Even if they manufacture his $40K green cars that have to be plugged in every 10 minutes, no one is ever going to invest their cash in a multi-billion dollar industry being run by an ex-community organizer with a messiah complex

Government Motors is going bankrupt.

GM and Chrysler are going bankrupt because most fiscally responsible people who get up at 6:00, go to work, pay their bills and refuse to live within an inch of their means are not going to buy their cars.

We are the ones that pay most of the taxes and buy half the cars and we do not need a petition or website or some blog to communicate. We think the same way.

GM's and Chrysler are going bankrupt regardless of what Obama does because we have already decided. We are not buying their cars UNDER ANY CIRCUMSTANCE.

Goodbye Government Motors and good riddance.

Screw em. Let's close them down.

Government Motors is going bankrupt because most fiscally responsible people who get up at 6:00, go to work, pay their bills and don???t live within an inch of their means do also.

We???re the ones that pay all the taxes and buy half the cars and we don't need a petition or website or some blog to communicate. We all think the same way.

GM's and Chrysler are going bankrupt regardless of what Obama does because we've already decided. We're not buying their cars UNDER ANY CIRCUMSTANCE.

Goodbye Government Motors and good riddance.

.......................................It is obvious that Americans have been seduced into buying vehicles that consume too much gasoline and are not good for America to be driving these impractical cars that are being put on our highways.............It is tempting Vehicurlar Candy and we need to re-think our Automotive Purchase Choices without waiting into future years..........The Car Culture Fun is over.....we need prctaclal transportation without the frilly temptations!!!!!

What Mr. Gross fails to recognize is that at some point (probably somewhere around twenty cents on the dollar, there is more value for the bondholders in losing it all than there is in taking "assets" in exchange which the bondholders deem to be "likely to be worthless". Even if the bondholders are crushed like everyone else in an imminent bankruptcy, those losses have real tangible value in the form of losses which can reduce tax liabilities in current or future years.

If a bondholders look at the so-called restructuring and conclude that GM will ultimately fail (or even worse will cling to life support indefinitely) then they are probably no worse off taking a "bird in the hand" now than the "corpse in the bush" later.

Before you get too critical of the auto industry, and write it off completely, remember that it's not just a few rich suits, or overpaid UAW workers we're talking about. It could be 4-6 MILLION Americans whose jobs are gone!! I for one have been a Chrysler tech for 25 years, yes union, and yes HONEST and hardworking. What I want to know is why we just give hundreds of billions to bankers that MADE this mess, virtually no questions asked, but when it comes to guys who are trying to support a family on 50-75K a year, well screw them. So when you shake your holier-than-thou fist and say "screw em let them fail" remember that whatever business you are in, you WILL be affected by 6 million more folks out of work.

I love all the people who say "screw em, let them close down". Do you have any clue what the ramifications of that would be? we're not talking about firing a few dumb suits, or losing a couple lazy overpaid UAW workers, we're talking about 4-6 MILLION jobs GONE!!!!!! So hopefully some of you holier-that-thou folks don't work in any industry that might be affected by 6 million more Americans on the street, and thanks in advance for working every day to pay my bills, pay for my kids school, and my health care because I surely won't be able to. FYI I am a Chrysler technician at a dealership, I am union, and I work my ass off so you whiners can stay on the road..

Oh, really - the folks at Newsweek defending another atrocity against America? Anyone in their right mind would have cancelled Newsweek when they endorsed censorship (ENOUGH!).
The audacity of hypocrisy.

Sadly it is the end of an American industry. However, it is what has to be done. Those companies clearly have not been able to compete on the open market for years, and leadership did not make viable plans to become competitive. We as tax payers can not continue to dump money into a bottomless pit that is the American auto industry. Obama made an extremely difficult decision that of course will likely cost thousands a job and him votes in 4 years.

Here's the Irony...

1. Most of You Own a Japanese Car or German Car.

2. Most of You Would Not Buy a Used GM or Chrysler Car.

3. Most of You will Jump at the Chance to Attack The Government or President Obama...

Yet had little or Nothing to say about George W. Bush for the past [[8 Years]] of Economic Devestation. ...

"Destroying this Country's Wealth ,as well as the Un-Regulated Greedy, Corporate CEO's and Wall Street Heavies, who had and are still having a Ball with Your Tax Pay Monies...

Note: You, the Tax Payer are the New Owners of ...

GM:USA and Chrysler:USA

Spare me, Your Whining & Moaning...

Bush, Obama and the Congress saved BOTH Car Giants from being Down and Done for, with Tax Payers Money !!

You Hypocrites.

GM and Chrysler are not [[Private Companies]] Any More..

They Cease to be Private, when Billions of Tax Payers Dollars...

Your and My Dollars were Heavily Invested in them, to keep them in Business...

You Ding Dongs !!

http://www.abcnews.go.com/Blotter/story?id=7208201&page=1
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Correction: Wagoner Leaves with 20 Million of our Tax Money !!
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Rick Wagoner will leave his post as CEO of bailed-out General Motors with a $20 million retirement package, the company's financial filings show.

Although the Treasury Department has barred GM from paying severance to Wagoner or any other senior executive, Wagoner is eligible to collect millions in retirement benefits from his former employer, according to the documents reviewed by ABC News.


With all the Tax Payer Billions Invested to keep the American Zombie Car makers alive and Breathing...

Barely that is !!

Nationalize the Industry..Now !!

GM: USA & Chrysler: USA Auto...

Sounds Good to Me !!

Under Wagoner's tenure, GM's market share declined from 29 percent in 2000, when Wagoner took the reins, to its 2008 rate of 20 percent.

When he took control of the company, the stock was peaking around $90 a share. It's currently below $3 a share. That's about $50 billion in shareholder wealth that has vanished.

GM in the last two years has lost $70 billion.

And then there's the restructuring plan Wagoner submitted to the Treasury Department last month, one the Obama administration considers weak, with unrealistic sales assessments and insufficient urgency.

"The GM plan, in its current form, is not viable and will need to be restructured substantially," a senior administration official says.
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* Some of the restructuring initiatives aren't set to be finished until 2014;
* The assumptions in GM???s business plan are too optimistic -- the company has been losing 0.7 percent of the market share every year for the last 30 years, and yet GM's projections assume a decline of only 0.3 percent;
* President Obama's auto task force believes GM's plan retains too many dud nameplates (Hummer, Saturn, Saab, Pontiac) that tarnish the GM brand, "distract the focus of its management team, demand increasingly scarce marketing dollars and are a lingering drag on consumer perception, market share and margin";
* GM's plan doesn't close enough unprofitable/underperforming car dealers quickly enough, in the Obama administration's view;
* GM's plan relies too much on the high-margin trucks and SUVs that are "vulnerable to energy cost-driven shifts in consumer demand";
* GM lags significantly on green R&D;
* even with all its optimistic assessments, the plan assumes too much debt.

GM Factoids: Under Wagoner's tenure, GM's market share declined from 29 percent in 2000, when Wagoner took the reins, to its 2008 rate of 20 percent.

When he took control of the company, the stock was peaking around $90 a share. It's currently below $3 a share. That's about $50 billion in shareholder wealth that has vanished.

GM in the last two years has lost $70 billion.

And then there's the restructuring plan Wagoner submitted to the Treasury Department last month, one the Obama administration considers weak, with unrealistic sales assessments and insufficient urgency.

"The GM plan, in its current form, is not viable and will need to be restructured substantially," a senior administration official says.

AUTO INDUSTRY HAS BEEN RAISING PRICES AND MAKING FAULTY CARS FOR MANY YEARS.

" BUY AMERICAN " = CRAP ON A STICK.

SOCIALIST WORKERS IN UAW ARE OVER PAID AND PRAISED BY OBAMA FOR MAKING A BAD PRODUCT; YET, EVEN OBAMA KNOWS THE RETIREES NEED TO LOSE IN RE- NEGOTIATIONS.

THOSE BOND HOLDERS AND UAW ARE IN FOR A BIG SHOCK IF THIS INDUSTRY GOES INTO BANKRUPTCY COURT.

BANKRUPTCY OR RE-NEGOTIATIONS; EITHER WAY, THE SOCIALIST PARTY WORKERS ARE GOING TO LOSE.

PREZ OBAMA IS A TRICKY LITTLE CON ARTIST.

HE SAYS ONE THING AND DOES SOMETHING ELSE ---- A MAGIC ACT.

KEEP THEM GUESSING.

OBAMA SUPPORTS THOSE WHO VOTED FOR HIM AND WANTS THEM THERE IN HIS CORNER IN FOUR MORE YEARS.

DETROIT WORKERS ARE THE MOST OVER PAID SOCIALIST ORGANIZATION IN AMERICA.

OBAMA WOULD THROW HIS OWN MOTHER IN FRONT OF A TRAIN ( IF SHE WAS STILL ALIVE ); RATHER , THEN TURN ON A FELLOW COMRADE IN THE AUTO INDUSTRY ( THE TRUE WORKERS PARTY ).

THE WHITE HOUSE HAS INDICATED THAT THE AUTO INDUSTRY MUST CHOOSE BANKRUPTCY ON THEIR OWN INITIATIVE, OBAMA CAN'T APPEAR TO HAVE BLOOD ON HIS HANDS.

This is much better than the bank bailout. We are still smarting from that. If the bank bailout profits Wall Street and costs the taxpayer you can bet big Obama is a one-termer.