J.P.

Ford was around $1 many years ago and I am sure back then everyone said they are gone to.........

J.P.

Also, if they do not get bailout money in the next 2 weeks, they are still in business.

Even if they wait for everyone to take the new office, they will still be alive and by then they will get some money.

rdgdawg

Details forthcoming but there is some rescue dollars supposedly agreed to...

UAM CEO just said if one goes under, it guarantees TWO go down... GM below $2.00....

4 senators from OH & MI... no news on $ amount...

BLOOMBERG

GTSLEX

iTrader: (2)

I hope those greedy union workers get what they deserve. They are so greedy they are unwilling to take any type of concessions even when their employer faces bankruptcy. That is just so pathetic.

J.P.

The unions need to not only give some more up, they need to kill many of the death hold rules they have about who can do what kind of work as well.

Also management, across the board, all the way the top, need to give up some cash and benefits too.

If you are REALLY about to go out of business, you make cuts like crazy and we have not see that yet.

I see it as GM making it sound worse then it is to get money. Not saying they are not bad off, but they are turning it into a grab for money......

CDNROCKIES

That is exactly my point in an earlier post. Have any of the Big 3 opened their books to the government or an independent body to actually show the financial hardships they are facing???

rominl

iTrader: (4)

i think that's not a bad idea. let them fail and the build up again. get rid of the stupid union crap, that thing dragged down the big 3 big time

RON430

Supposed is far more accurate than "in place". In the follow up investigation, the Senators that put the plan together, and I think they are the same MI and OH ones, said they have a plan but had not even showed it to Reid yet so they don't know if he will even bring it to a vote. The press conference should be soon but if you want to see the indicator of what is going on, watch the DJIA. The market has been down over 200 today but on the news of this deal, it went up to plus 200. Now, we are back to even.

The market wants a bailout because if it doesn't happen, stocks go lower. So you can pretty well tell what the chances are about putting the auto makers on welfare by how the market does today. Should be interesting to see what goes on at the press conference.

RON430

At Gettelfingers press conference this morning he pretty much told Congress to not adjourn without a deal. He also was quite specific on who the traitors are to America are. It is the state of Alabama. He went down probably every deal they have cut with foreign auto companies to bring jobs to the US. If the UAW survives, my guess is they will want Obama to put in import restrictions on cars.

CDNROCKIES

Huh??? That is the most a@@ backward logic that I have heard in a long time.
So someone else makes a better product at lower cost, so the U.S. should exclude the product from their market to protect themselves rather than being competitive??? Didn't think this was how U.S. free market capitalism worked.

RON430

I think you can watch the press conference at:

http://www.c-span.org/Watch/C-SPAN_wm.aspx

Should be up within a half hour.

ST430

This contradicts earlier reports that they do not have enough majority votes to get this through, and that the only 2 ways that a lifeline loan can be extended to the Big 3, is via Bush (not likely in hell) or via the $25 billion appropriated to the Big 3 for "green" development.

rdgdawg

Speaking right now, saying they're going to work on it over next two weeks... at least December, Big 3 showing no accountability... REALLY?

RON430

I guess I want to keep an open mind but there is such a disconnect between what I saw from the CEOs over the last 48 hours to somehow having a fully prepared restructure plan put together in 14 days is just too much for me to believe.

4TehNguyen

iTrader: (1)

they need to use Chapter 11, why go thru all this BS. Only way to rid yourself of the union thats damaging you is Chapter 11 which lets you void contracts.