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Well we knew it was coming, but it still hits hard.....



http://www.msnbc.msn.com/id/31030038/


General Motors filed for Chapter 11 bankruptcy protection Monday as part of the Obama administration’s plan to shrink the automaker to a sustainable size and give a majority ownership stake to the federal government.

GM’s bankruptcy filing is the fourth-largest in U.S. history and the largest for an industrial company. The company said it has $172.81 billion in debt and $82.29 billion in assets.

As part of its restructuring, GM w ill permanently close nine more plants and idle three others to trim production and labor costs under bankruptcy protection.
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as crazy as this sounds, it feels like I lost part of a family. My family and I have ALWAYS purchased GM vehiles (more chevy) but they are illiminating some good products but keeping others that does not make any sence to me IE: Buick (granted they are a big hit in china) People are going to look at it like I will not buy another GM product (because of the current circumstance).. I guess I'm more speachless than anything. so what is going to be the new name for General Motors? Government Motors?
 

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It does suck, and my prayers go out to all of the families about to face hardships because of EVEN MORE "workforce reduction". I wonder, will any of you still buy GM products? What vehicles will even be kept around? Other than plastic cars, and trucks that are way too large to be practical, all they have are the Camaro, Cobalt SS and the Avalanche. And they might not meet "new government standards". Something tells me that I will not purchase new in my lifetime. And this may not be the last GM product, but lets face it. Before long there won't be a decent Chevy under ten years old, and they didn't make enough Trailblazers to last forever. At least Ford isn't in the same boat yet. One American name left.
 

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It does suck, and my prayers go out to all of the families about to face hardships because of EVEN MORE "workforce reduction". I wonder, will any of you still buy GM products? What vehicles will even be kept around? Other than plastic cars, and trucks that are way too large to be practical, all they have are the Camaro, Cobalt SS and the Avalanche. And they might not meet "new government standards". Something tells me that I will not purchase new in my lifetime. And this may not be that GM product, but lets face it. Before long there won't be a decent Chevy under ten years old, and they didn't make enough Trailblazers to last forever. At least Ford isn't in the same boat yet. One American name left.
True this. I have a 90 cavalier (show) 07TB and a 08 uplander, so I'm set for quite a while, Time will tell on what happends next. I've told my self I will NEVER own a Ford, but never say never. If things get fishy with GM I may end up stepping over to the dark side, or in this case the blue oval side.
 

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At one time the largest corporation (GM) was thought to be immune from failing and bankruptcy. Could our great country soon go down that same road? Our Government has been throwing billions at the auto industry (and other areas) and still did not save GM and Chrysler.
 

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as crazy as this sounds, it feels like I lost part of a family. My family and I have ALWAYS purchased GM vehiles (more chevy) but they are illiminating some good products but keeping others that does not make any sence to me IE: Buick (granted they are a big hit in china) People are going to look at it like I will not buy another GM product (because of the current circumstance).. I guess I'm more speachless than anything. so what is going to be the new name for General Motors? Government Motors?[/QUOTE]

The word Phoenix comes to mind....
 

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I understand that they filed for bankruptcy, and I don't completely understands what happens when a company like this goes bankrupt, but the news said the Government had a plan to try and save the company, even if they drop some makes of vehicles, they could bring them back when the company is in better shape if they turn around. :undecided
 

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I hope they come back because i don't want to think that FORD will be the only big 3 left it will suck

They have some of the greatest vehicles I.E. TV's but every vehicle that they make they have to have enough spare parts to last 10 years after they make the vehicle
 

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I'll buy used GM stuff, but I won't buy a new Government/UAW Motors car as long as they are owned by those (2) groups... No way, no how... My next new car will either be a Ford or a Honda...

Mike
 

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The American way? Honda? Yea thats the way to think.:hahano:
Most Hondas that we get here are built in Ohio (and some at SIA in Lafayette, IN), as well as a lot of the calibration engineering for US models... Honda and Toyota are largely non-union, but I've never liked Toyota's non-sports-car cars... I suspect that Ford will no longer be an option, as soon as the people building their cars (UAW) have a personal and professional financial stake in making sure that GM and Dodge have a better product than Ford (i.e. I see Ford's quality dropping off when the group making them owns a large % of the competition)

Mike

ETA: 80% of all Hondas and Acuras sold in the USA are built here...
 

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GMs problems have nothing to do with the government. They stem back 40-50 years. The "plan" all along was to force them into bankruptcy. GM as we know it today, well frankly, they suck. Granted they're building better cars than ever before. And I don't buy for a minute that Honda or Toyota build a better car. But the reality is that it's been a poorly run business for far too long. Worse, the stock holders have always come before the customer.

That being the case, I believe that without the baggage they've built up over the years, and once people accept the new streamlined GM, they have the potential to be once again be the #1 auto maker. Two things that I hope they can accomplish: 1) Never allow the pencil pushers to influence design and functionality. Just let the designers do their jobs and focus on saving money in how things are done internally. 2) Stand behind the cars. Too many design flaws have been buried under the guise of "TSBs". Many of us are tired of having to pay for expensive repairs on things that have been known issues for many years. Start making those recalls instead of TSBs, just like Toyota does. Yes, its costs more money. But it'll build a die hard customer base, just like Toyota has. Tie that kind of reliability requirement to someone's salary, you can bet that GM will have better, more reliable cars than anyone else.

I think the bankruptcy may just be the best thing to happen to GM in the last 40 years. They now have a golden opportunity in front of them (something similar was stated by GM's CFO today). Let's hope they don't blow it.

PS: Many Hondas and Toyotas are assembled in the US, its true. But the majority of their parts are still made overseas. And where do you think the profit ultimately goes to?
 

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I'm thinking about finding another TB to put in storage for parts....
Junkyards are already doing this for you. And for me. My new EXT rear axle was SUCH a bargain.
At one time the largest corporation (GM) was thought to be immune from failing and bankruptcy.
Aha! Very close to the root of the problem as I see it. Besides the design and engineering issues, some of the burden of UAW retirees' pensions and medical care was being passed on to CURRENT purchasers. Instead of being fully funded and independent, paid for by the vehicles assembled by the retirees when they were working, the cost was being added to all NEW vehicles.

That ONLY works when the organization can print its own money, and is indeed immune from failing BY DEFINITION. That's the US government, and it's how social security is funded. And even THAT can't last forever.

GM's model failed a long time ago, but the unions insisted on climbing on top of the other poor suckers as the Titanic was sinking.

Worse, the stock holders have always come before the customer.
And the unions got theirs before the stockholders.
 

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Most Hondas that we get here are built in Ohio (and some at SIA in Lafayette, IN), as well as a lot of the calibration engineering for US models... Honda and Toyota are largely non-union, but I've never liked Toyota's non-sports-car cars... I suspect that Ford will no longer be an option, as soon as the people building their cars (UAW) have a personal and professional financial stake in making sure that GM and Dodge have a better product than Ford (i.e. I see Ford's quality dropping off when the group making them owns a large % of the competition)

Mike

ETA: 80% of all Hondas and Acuras sold in the USA are built here...
:eek:fftopic: didn't Honda just build a new assembly plant in Greensburg, IN?
 

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GMs problems have nothing to do with the government. They stem back 40-50 years. ....

...GM as we know it today, well frankly, they suck. Granted they're building better cars than ever before. And I don't buy for a minute that Honda or Toyota build a better car. But the reality is that it's been a poorly run business for far too long. Worse, the stock holders have always come before the customer.
I completely agree...


PS: Many Hondas and Toyotas are assembled in the US, its true. But the majority of their parts are still made overseas. And where do you think the profit ultimately goes to?
The majority of big-3 parts are made overseas, in Canada, and in Mexico, as well (and Honda and Toyota to get a lot of their parts made here, because I've got several friends from school that work at parts suppliers for those companies)...

The profit goes overseas (as well as most of the Engineering), which is why I have yet to own an asian brand vehicle (with 4-wheels, that is)... until my next car... I even get the GM employee discount, as long as they don't take it away from retirees (grandpa), but (mainly) the .gov and (secondly) the UAW owning so much of the company are a BIG turn-off to me... I may buy another GM new IF the government decides they want to get out of the car business, but when have you EVER known the government to get out of anything?

I should clarify that I don't have a problem with UAW workers, as much as the bureaucracy at the top that controls everything...

Mike
 
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