General Motors bankrupt

Dr S

Old School Grand Master
One of the worlds largest motor companies has gone belly up this week. Maybe there is a credit crunch resession after all? Looks like another huge US government bailout will save them (although they had a huge chunk just three months ago). Who's next??

Just found this ad.........

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Well if they weren't bailed out the jobs loses would be thousands+ and would hurt the country to much.
But like the ad :)
 
Thing is, bailing them out is a black hole. Sales of big cars are never going to go back to what they were, because their future is completely untenable.
 
How does it work then , they're declaring themselves bankrupt but reckon they'll be back in a few weeks in a different guise. Does this mean everyone they owe money too gets shafted?
 
im not a believer in the job losses thing . its a job providing something nobody needs or wants . they should spend the time at work learning new skills instead of watching all the robots make crappy cars
 
perry":3nvywvcm said:
im not a believer in the job losses thing . its a job providing something nobody needs or wants . they should spend the time at work learning new skills instead of watching all the robots make crappy cars
Exactly. Why not cut out the middle man, give the workers benefits and educate them for another job?
 
Chapter 11 bankruptcy protects the company from it's creditors. This would have saved Woolies. It gives the company some breathing room to sort out it's future and restructure. Masses of jobs at GM are still going to go but they are already working on newer, smaller cars and hybrids. Just takes a while to get these things into production.

In terms of protecting jobs? Was Thatcher right to close the mines, given that Poland and Germany could provide more coal for less money? Close a major employer in any town and no amount of retraining will put money in the tills of the local businesses previously supported by that group of employees/consumers. And where do these folk go to work?

Very difficult balance to strike. I'd not want that responsability!
 
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