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Posts Tagged ‘GM’

GM to import Chinese Cars

by Phantom Ace ( 22 Comments › )
Filed under Barack Obama, China, Economy at May 14th, 2009 - 6:42 am

This really is not right. We are spending billions and are now part owners of GM (aka Government Motors). This was done in order to save American jobs. As a reward for us bailing them out, GM is planning to import cars made in China!

Chinese imports could bring GM political troubles

DETROIT (AP) – As thousands of General Motors workers await word on more U.S. plant closures, reports that the company plans to import Chinese-made vehicles to the U.S. have created a political problem for the automaker and the White House.

The reports, which GM will neither confirm nor deny, could mean trouble because GM is supported by $15.4 billion in U.S. government loans, largely due to the Obama administration’s desire to preserve the company’s 90,000 U.S. jobs.

The United Auto Workers charged last week that the Detroit automaker intends to almost double over the next five years the number of vehicles it imports to the U.S. from Mexico, South Korea, China and Japan.

Government sponsored outsourcing is wrong. The point of the bailouts was to preserve American jobs, not build up China’s economy. The Corporatists have helped turn China from a backward 3rd world nation, to a Regional Superpower with a modern Military. This has been done at the expense of American jobs. This is a national security issue for me and I feel the Corporations that are outsourcing jobs to a military rival like China are traitors. This is wrong and I hope Congress kills this idea.

If we bail out an American company, the jobs must be kept in America.

GM: Government Motors

by Phantom Ace ( 15 Comments › )
Filed under Barack Obama, Democratic Party, Economy at April 29th, 2009 - 8:28 am

The US increasingly has a Marxist economy. In the latest move, the US Government now is the majority owner of General Motors!

GM could become leaner, government-owned company

DETROIT – General Motors, once the colossus of American capitalism, will become a leaner, government-owned company if the Obama administration goes along with the automaker’s plan to slash jobs, close plants and eliminate the legendary Pontiac brand.

As GM laid out the proposal Monday, new agreements fell into place between Chrysler and its unions in the United States and Canada, making it apparent that the future of both companies now rests with their creditors.

General Motors CEO Fritz Henderson said the company would offer the Treasury Department more than 50 percent of its stock to absolve GM of $10 billion in government loans.

So now the Government will decide what products to make and when to make them. This sounds like Marxism to me. This is definitely very Communistic. What irony Russia and China are the capitalist Pigs now! Thank you Comrade Obama.

Chairman Obama asks GM CEO to resign

by Phantom Ace ( 116 Comments › )
Filed under Barack Obama, Economy at March 29th, 2009 - 4:36 pm

Our dear leader Chairman Obama has asked for and got the resignation of GM CEO Rick Wagoner. This is an act that Stalin, Mao and Castro would love!

GM CEO resigns at Obama’s behest

The Obama administration asked Rick Wagoner, the chairman and CEO of General Motors, to step down and he agreed, a White House official said.

On Monday, President Barack Obama is to unveil his plans for the auto industry, including a response to a request for additional funds by GM and Chrysler. The plan is based on recommendations from the Presidential Task Force on the Auto Industry, headed by the Treasury Department.

Marxism USA style has arrived. Obama is now our Boss! This is a step towards Totalitarianism. The next step is that if you speak out about Obama, you could lose your job.  This is a worrisome event.

GM auditors raise doubts about viability

by Phantom Ace ( 24 Comments › )
Filed under Economy at March 5th, 2009 - 2:13 pm

We gave GM Billions for nothing. Their Auditors are still saying they will have to into bankruptcy.

GM auditors raise the specter of bankruptcy

DETROIT (AP) — General Motors Corp.’s auditors have raised “substantial doubt” about the troubled automaker’s ability to continue operations, and the company said it may have to seek bankruptcy protection if it can’t execute a huge restructuring plan.

The automaker revealed the concerns Thursday in an annual report filed with the U.S. Securities and Exchange Commission.

The corporation’s recurring losses from operations, stockholders’ deficit, and inability to generate sufficient cash flow to meet its obligations and sustain its operations raise substantial doubt about its ability to continue as a going concern,” auditors for the accounting firm Deloitte & Touche LLP wrote in the report.

GM has a bad business model. They have too many brands, dealers and cars people don’t want. They need to go into Chapter 11 and restructure. I want GM to survive for the sake of American production and workers. But real change is needed, not throwing money at a bad model.