OT: Buying GM Stock, a steal at $2?

[brp987]

Originally Posted by Fred Demara

that's the point...the reason GM needs a bailout is because no one was purchasing the "widget". In capitalism, we vote on a companies success with our dollars. Overwhelmingly, Americans, and the world have voted GM out of the car making business.

As I understand it, GM is profitable outside the US. Also, I see lots of GM cars and suv's around. Their bread and butter stuff may be bland, but most people aren't enthusiasts.

Originally Posted by Fred Demara

And in a capitalist system, when you file chapter 11, your pension is done. No rights, no wrong, no moral judgements - it's just the set of rules that define a fair market.

If someone invests their career with the assumption of a pension and that pension is taken away too late for them react, I wouldn't consider that right morally. Practically, the gov ends up assuming the pension, although at lesser value, so you and I end up paying anyway. I'm not a lawyer, but thats my understanding.

Originally Posted by Fred Demara

When the fed steps in and (against the majority of Americas wishes) MAKES us responsible for GM's success, when they have failed miserably, that is called communism.

Hey, I'm on-board with the Peter Schiff thing, but GM is small potatoes compared with the wreckless Wall Street and home=ATM crowd.

[threpwood]

My broker said GM will not go bankrupt in anyway because the stake is too high for Americans. The stock will continue to deplete and can probably reach 1 cent a share. I wonder why USA doesn't nationalized the GM and fired those dumb CEOs?

[Brucelee]

Originally Posted by threpwood

My broker said GM will not go bankrupt in anyway because the stake is too high for Americans. The stock will continue to deplete and can probably reach 1 cent a share. I wonder why USA doesn't nationalized the GM and fired those dumb CEOs?

A mild defense of the CEO of Ford. The guy has not been responsible for Ford's demise, as he has only been around a short while and he has done some good things. These companies took decades to get where they are.

Waggoner deserves the boot, but then so does about half of Congress.

1) GM makes money outside the US? Wonderful - when they file for chapter 11 and reorganize, maybe they'll be smart enough to focus on those markets.

2) Morally, I agree. It's sad, it's tragic, it's not fair - and sadly, in my experience - life isn't fair. It's morally wrong that a black child can't get into college because the inner city school he went to never taught him to read, because it was underfunded. It's morally wrong that firestation#26 in atlanta's staff has been cut 1/2 - and people are watching their homes burn to the ground due to short staffs...terrible, tragic...not fair. It's morally wrong that a vet can come home from Iraq after loosing both of his legs, and he can't get the proper VA benefits to treat him, or get him a decent pair of prosthetics. Tragic, sad, unfair, morally wrong.

My dad worked for Polaroid for 38 years. The government made a deal that paid him 6cents on the dollars for his retirement fund. It wasn't fair...but that's life, that's capitalism.

And I agree - the Madoff's of the world should be sent to prison for life. What happened to those who invested with him just wasn't morally fair.

Originally Posted by brp987

As I understand it, GM is profitable outside the US. Also, I see lots of GM cars and suv's around. Their bread and butter stuff may be bland, but most people aren't enthusiasts.

If someone invests their career with the assumption of a pension and that pension is taken away too late for them react, I wouldn't consider that right morally. .

[Jaxonalden]

Quote;
Fred Demara
"And I agree - the Madoff's of the world should be sent to prison for life. What happened to those who invested with him just wasn't morally fair."


You know, I agree it wasn't morally fair but, after watching the news program about the Madoff scam and who was affected I couldn't help but think "Why would people and organizations put so much trust in one man with their life savings?". There is only one answer, the seven deadly sins;

Lust, Gluttony, Greed (guaranteed 19% return), Sloth, Wrath, Envy and Pride.

Maybe this country needs a little moral adjustment by the seven deadly contrary virtues;

Chastity, Temperance, Diligence, Patience, Kindness and Humility.

Just my thoughts.