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

regardless of how, and why GM is losing billions of dollars...the fact remains...GM is losing billions of dollars, and most of the "experts" agree (even some GM execs agree) that chapter 11 is the best route.

I really feel for anyone who has lost their pension, or is going to loose it...but the UAW is partly to blame for GM's current situation. They aren't innocent in destroying this once great company - and them lobbying congress to make us (and our children) libel for their misdeeds to protect their pension plans is morally wrong.

At least in my book.

Originally Posted by Blue-S

I'm no fan of GM, but the concept that "no one was purchasing the widget" just doesn't fly. It was big news that Toyota finally overtook GM in 2008 as the world's largest automaker, as measured by sales. How can it be said that no one was buying the widget, when the company is #2 in sales?


As for the loss of pension in a Chapter 11...that shouldn't happen.

http://www.pbgc.gov/media/key-resources-for-the-press/content/page13542.html

[Paul]

Obama will continue to find ways to protect unions.

http://washingtontimes.com/news/2009/feb/07/obama-signs-4th-pro-union-regulation/

http://www.thehotjoints.com/2009/01/30/obama-signs-union-pandering-executive-orders/

[Brucelee]

I don't "blame" the union for destroying GM. The union is free under US law to organize, bargain and strike, as long as they do it legally.

The company is responsible for what IT negotiates. They could have said no any time they wanted but usually, they chose to go along and push the cost out into the future.

Well, welcome to the future.

It is, what it is.

The union was just doing its job and clearly, did it better than management IMHO.

It's a good point...Do I blame a union rep for fighting for it's janitor to make 50/hour while his counterpart in Japan only makes 4.50/hour...Hell no. Good for them.

They had a great ride...but for 30 years the "experts" warned the big three that they needed to cut costs, or someday, they'd be looking down the barrel of a loaded gun. And that day is now.

And here we are...does it matter how we got here? Well, it'll make for good debate for future historians. Blame doesn't stop this titanic from sinking.

The question before American taxpayers right now is, are you willing spend billions of our money so the UAW will survive, and GM can continue to make sub-standard non-profitable products?

We all agree - it's not fair...it stinks...but it's happened to hundreds of thousands of other retiree's...it's life, it's not going to be easy. But printing money to pay a failed companies debt is not the answer...it's equally unfair to the generations behind us who'll have to pay the piper.

Originally Posted by Brucelee

I don't "blame" the union for destroying GM. The union is free under US law to organize, bargain and strike, as long as they do it legally.

The company is responsible for what IT negotiates. They could have said no any time they wanted but usually, they chose to go along and push the cost out into the future.

Well, welcome to the future.

It is, what it is.

The union was just doing its job and clearly, did it better than management IMHO.