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Bye bye GM/Chrysler/Ford??


drogon

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I'm happy about this. Credit markets can't go back to functioning normally if industries think they can go to the government for better terms. At some point, we have to let the markets figure out where the bottom is...

 

I'm happy too for this very reason. We need auto companies that manufacture cars that people will buy at prices that enable the company to operate at a profit. We do not need car companies that stay in business by successfully obtaining payments from taxpayers irrespective of whether those taxpayers own one of their cars or not.

 

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I'm happy about this. Credit markets can't go back to functioning normally if industries think they can go to the government for better terms. At some point' date=' we have to let the markets figure out where the bottom is...[/quote']

 

I'm happy too for this very reason. We need auto companies that manufacture cars that people will buy at prices that enable the company to operate at a profit. We do not need car companies that stay in business by successfully obtaining payments from taxpayers irrespective of whether those taxpayers own one of their cars or not.

Although you are right in theory in practical terms not supporting the industry at this point in time will create a very very bad scenario ....

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Asia has been falling all day, now EU stock markets and then wall street -> then more falls for some time....

 

Worst, the $ has taken a pounding today...

 

Although I have to agree with RY (not usual but these last days it happened) I would like to ask if these 3 companies close down -> will it kill the US economy for good for a very long time?

 

(in addition to far more jobless Americans)

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I agree with you on this RY. Cars that people want, at affordable prices seems to be the only way forward. The companies were caught seemingly by surprise by the changes that occurred in the consumer market place, then by the downturn. Any business with such poor leadership will go down the tubes. Why do they get bailed out? It doesn't happen elsewhere. Why do tax payers have to bail out companies whose execs are clearly incompetent?

 

I also fully understand SDs point. A lot of suffering will occur if these companies fail, but change is painful. It is unrealistic to support a failed business. These companies will need a lot of support for the foreseeable future, their whole culture needs to change. Their entire leadership needs replacing to begin with.

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...I would like to ask if these 3 companies close down -> will it kill the US economy for good for a very long time?

 

(in addition to far more jobless Americans)

I believe this 1,000%. It will throw 15+% more into the unemployment ranks (now estimated to be 12.2% already), plus closing 1,000s of small businesses. No country could take it. It would be the end of the US as we know it. I'd fully expect violence & anarchy within a year.

 

Cheers,

SD

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