|
|
Watched the GM news conference today
02-17-2009, 05:11 PM
|
#1
|
Full time employment: Posting here.
Join Date: Feb 2006
Posts: 599
|
Watched the GM news conference today
- Saturn is officially history by 2011. They will try to sell the distribution network to someone. I bet dealers are pissed, since they all had to build new stores to get the franchise. Wow. Sad for the dealers. Who is going to buy a Saturn vehicle now that they know they are being phased out?
- Got the extra 4B today. May need a total of 30 billion by 2012.
- 2100 fewer dealers forcasted by 2014. Wow. Big number. No big GM funding to speak of to help dealers as they go away.
- Bankruptcy could cost the federal government a total of 100B vs an estimated 30B in loans out of bankruptcy, mostly due to demand falling off a cliff.
- Still working on trying to sell Hummer, and if it does not happen by March they will just chunk it.
- Saab will either be sold to the Sweeds, or go into some kind of bankruptcy, but in Sweeden not here in the US.
That's it for now. Another slow day with no sales. Going home to kick the dog................
|
|
|
|
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
|
02-17-2009, 06:01 PM
|
#2
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2004
Location: SW Ohio
Posts: 14,404
|
|
|
|
02-17-2009, 07:45 PM
|
#3
|
Thinks s/he gets paid by the post
Join Date: Oct 2008
Location: Naples
Posts: 2,179
|
I'm a GM salaried retiree and leased a Saturn Vue in March 2008. I think it's a great car. It's really my wifes. Heard through the grape vine that GMAC, in harmony with GM, that they will not be wanting any vehicles back at the end of the lease and that they will be offering them at about a third off the Kelly Blue Book value. If that's the case I'm going to buy it. It's a year old, only 4000 miles and no problems so far. Think I'll see how it goes for another two years and what happens in the market, but this sounds like a great deal if it all comes about. From what I hear, it's not just Saturn, but any leased vehicle. The finance companies don't want them back.
|
|
|
02-17-2009, 08:11 PM
|
#4
|
Recycles dryer sheets
Join Date: Feb 2006
Posts: 146
|
Seems like the auto companies are toast. Only a structured bankruptcy will save them. These "loans" are akin to using a ventilator on a brain dead patient. Delays the inevitable.
__________________
The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of misery.
Winston Churchill
|
|
|
02-17-2009, 08:45 PM
|
#5
|
Recycles dryer sheets
Join Date: Jun 2008
Posts: 85
|
Quote:
Originally Posted by mark500
Seems like the auto companies are toast. Only a structured bankruptcy will save them. These "loans" are akin to using a ventilator on a brain dead patient. Delays the inevitable.
|
Yes, agreed. The government should have never gone down this slippery slope of bailing out anyone. Let them fail. I am so sick of bailout after bailout, no one will bail me out but my tax dollars go to bailout corporate greed and poor products many people do not want to buy. And for all those companies who have outsourced all the jobs out of the US, they should be forced to pay an import tax.
We are in for bad times it seems for a long long time with no end in sight.
|
|
|
02-18-2009, 06:32 AM
|
#6
|
Thinks s/he gets paid by the post
Join Date: Feb 2008
Posts: 1,281
|
The whole bailout thing kind of reminds me of Cleavon Little holding a gun to his own head in Blazing Saddles.
__________________
Retired 2009!
|
|
|
02-18-2009, 06:48 AM
|
#7
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
|
Quote:
Originally Posted by Texarkandy
The whole bailout thing kind of reminds me of Cleavon Little holding a gun to his own head in Blazing Saddles.
|
That's a pretty good comparison, actually, now that I think about it...
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
|
|
|
02-18-2009, 06:57 AM
|
#8
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2007
Location: New Orleans
Posts: 47,500
|
Quote:
Originally Posted by cardude
Another slow day with no sales. Going home to kick the dog................
|
Sorry to hear that. Are prices coming down? I guess dealers are caught in the middle and can only lower prices so far.
Since kicking the dog seems to be an unpopular choice, I'd suggest an extra-hard workout at the gym instead.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
|
|
|
02-18-2009, 07:03 AM
|
#9
|
Thinks s/he gets paid by the post
Join Date: May 2006
Location: Where the stars at night are big and bright
Posts: 2,847
|
The bailouts do seem to be helping everyone who was fiscally irresponsible. It comes down to are we being stupid and helping the wrong people, or are we being smart by keeping them afloat so they don't drag us down with them?
Quote:
Harriet Johnson: Isn't anybody going to help that poor man?
Dr. Sam Johnson: Hush, Harriet! That's a sure way to get him killed!
Bart: [high-pitched voice] Oooh! He'p me, he'p me! Somebody he'p me! He'p me! He'p me! He'p me!
|
Whatever it is I think it is out of our hands. But I can't help thinking of that old saying that if you can't identify the sucker at the card table it means you're the mark.
Quote:
[Bart places his hand over his own mouth, then drags himself through the door into his office]
Bart: Ooh, baby, you are so talented!
[looks into the camera]
Bart: And they are so *dumb*!
|
__________________
There is no pleasure in having nothing to do; the fun is having lots to do and not doing it. - Andrew Jackson
|
|
|
02-18-2009, 07:21 AM
|
#10
|
Recycles dryer sheets
Join Date: Nov 2005
Location: Lost State of Franklin
Posts: 424
|
I knew several people that had Saturns the first few years they were built and loved them. It was almost like they belonged to a cult. Birthday parties for the company and all. One still has his as a second car with a ton of miles on it.
Then they just became another car company.
Jeb
|
|
|
02-18-2009, 07:30 AM
|
#11
|
Full time employment: Posting here.
Join Date: Feb 2006
Posts: 599
|
Quote:
Going home to kick the dog................
|
That was a joke. Sorry. I have a great dog-- a black Lab mix. She is 14 years old and still kicking, or at least walking around. Her name is Daisy.
|
|
|
02-18-2009, 08:19 AM
|
#12
|
Thinks s/he gets paid by the post
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,635
|
IMHO this is the biggest "transfer of wealth" this country has ever seen and it seems to be getting worse as time goes by. Seems that the prudent, thrifty, financially sensible, and LBYM in this country are only going to get a larger tax bill and higher prices to pay for all of the idiots that think money "grows on trees"; it does not - it is shipped in from Washington.
Even Mark Haines on CNBC (I know) was really ranting about the latest "housing rescue plan" this morning - IMO he is about the only "smart" guy/gal on that show. The rest just "go with the flow".
__________________
Vietnam Veteran, CW4 USA, Retired 1979
|
|
|
02-18-2009, 08:31 AM
|
#13
|
Full time employment: Posting here.
Join Date: Feb 2006
Posts: 599
|
Quote:
Even Mark Haines on CNBC (I know) was really ranting about the latest "housing rescue plan" this morning - IMO he is about the only "smart" guy/gal on that show. The rest just "go with the flow".
|
I heard that on my way into w**k this morning as well. He was really mad about the whole housing relief deal, and I can see his point. I feel like he does. I bought a home recently, and I'm in the process of doing a refi, and now I'm wondering if I can get in on some of that money (especially the principle reduction money). However, my current loan is not in trouble (yet, lol) and I've got a little money so I'm sure I don't qualify.
I really suported the initial emergency GM bailout because I have a vested interest being a GM dealer, but now that I'm almost out of business here at the dealership I'm thinking like a regular consumer/tax payer, and I think it's a stupid idea. The government seems to be digging us (and our kids and grandkids) a big financial hole.
Did anyone hear the Rupublican(!) Senator (can't remember the name) talking yesterday about how we need to start think about nationalizing the banks? How scary is that? Supposedly that's why financials sold off so much. Disclosure-- I own a decent bit of Wells Fargo in my taxable portfolio, and also through my Berkshire holdings.
|
|
|
02-18-2009, 08:52 AM
|
#14
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
|
Quote:
Originally Posted by cardude
Did anyone hear the Rupublican(!) Senator (can't remember the name) talking yesterday about how we need to start think about nationalizing the banks? How scary is that? Supposedly that's why financials sold off so much. Disclosure-- I own a decent bit of Wells Fargo in my taxable portfolio, and also through my Berkshire holdings.
|
Don't worry, Warren will get you out of that happens, and/or he'll start lending the Fed money at HIGH interest rates.........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
This Thread is USELESS without pics.........:)
|
|
|
02-18-2009, 08:54 AM
|
#15
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
|
Maybe, but his own stock seems to be going to zero, so maybe he should be buying it back instead...
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
|
|
|
02-18-2009, 08:56 AM
|
#16
|
Thinks s/he gets paid by the post
Join Date: Jun 2006
Posts: 2,083
|
The reasoning is, even though it isn't fair (and this goes for any of the bailouts) that if you can help the economy it helps everyone.
However, that is a big IF. I don't believe the auto bailouts will work, just put off the need for bankruptcy and drain the goverment (e.g. our) pockets.
__________________
"We do not inherit the earth from our ancestors, we borrow it from our children.
(Ancient Indian Proverb)"
|
|
|
02-18-2009, 08:59 AM
|
#17
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
|
Quote:
Originally Posted by Zathras
The reasoning is, even though it isn't fair (and this goes for any of the bailouts) that if you can help the economy it helps everyone.
However, that is a big IF. I don't believe the auto bailouts will work, just put off the need for bankruptcy and drain the goverment (e.g. our) pockets.
|
I think it's all more of the same: continue trying to prop up today's more mature generations by burying their kids and grandkids in an insurmountable mountain of debt. The problem is that I think we've been doing this for 30-40 years -- pretending the "deal" working people were getting was sustainable when it wasn't -- and it's getting harder and harder, and more and more costly, to continue to prevent the house of cards from collapsing and continuing the denial that things have changed and not for the better.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
|
|
|
02-18-2009, 09:08 AM
|
#18
|
Full time employment: Posting here.
Join Date: Feb 2006
Posts: 599
|
|
|
|
02-18-2009, 09:09 AM
|
#19
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
|
Quote:
Originally Posted by ziggy29
I think it's all more of the same: continue trying to prop up today's more mature generations by burying their kids and grandkids in an insurmountable mountain of debt. The problem is that I think we've been doing this for 30-40 years -- pretending the "deal" working people were getting was sustainable when it wasn't -- and it's getting harder and harder, and more and more costly, to continue to prevent the house of cards from collapsing and continuing the denial that things have changed and not for the better.
|
Hopefully we are not headed for a 20 year recession like Japan......
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
This Thread is USELESS without pics.........:)
|
|
|
02-18-2009, 09:15 AM
|
#20
|
Full time employment: Posting here.
Join Date: Feb 2006
Posts: 599
|
Quote:
Hopefully we are not headed for a 20 year recession like Japan......
|
Has anyone back tested the 3-4% SWR idea in an environment like Japan's 20 year recession? Will it work? Are we doomed?
|
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|