Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Watched the GM news conference today
Old 02-17-2009, 06:11 PM   #1
Full time employment: Posting here.
cardude's Avatar
 
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................
__________________

__________________
cardude is offline   Reply With Quote
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!

Old 02-17-2009, 07:01 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2004
Posts: 11,615
Quote:
Originally Posted by cardude View Post
  • 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?
Saturn had such a loyal following, but GM blew them off. I liked the plastic body panel idea, but GM ditched it. If they'd been able to build tight, high-quality cars, they could have been a contender. Sorry to see them go, but the brand was just a shell of its former self.
Quote:
Originally Posted by cardude View Post
  • 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.
I guess I should feel like I'm getting a bargain. Instead, I feel like I just put a down payment on a Saturn SUV --with a on a ten year note -- financed at 15%.

Quote:
Originally Posted by cardude View Post
That's it for now. Another slow day with no sales. Going home to kick the dog................
I hope things get brighter. Ease up on that pooch!
__________________

__________________
"Freedom begins when you tell Mrs. Grundy to go fly a kite." - R. Heinlein
samclem is offline   Reply With Quote
Old 02-17-2009, 08:45 PM   #3
Thinks s/he gets paid by the post
 
Join Date: Oct 2008
Location: Naples
Posts: 2,161
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.
__________________
JOHNNIE36 is offline   Reply With Quote
Old 02-17-2009, 09:11 PM   #4
Recycles dryer sheets
mark500's Avatar
 
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
mark500 is offline   Reply With Quote
Old 02-17-2009, 09:45 PM   #5
Recycles dryer sheets
 
Join Date: Jun 2008
Posts: 63
Quote:
Originally Posted by mark500 View Post
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.
__________________
tsturbo is offline   Reply With Quote
Old 02-18-2009, 07:32 AM   #6
Thinks s/he gets paid by the post
Texarkandy's Avatar
 
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!
Texarkandy is offline   Reply With Quote
Old 02-18-2009, 07:48 AM   #7
Moderator
ziggy29's Avatar
 
Join Date: Oct 2005
Location: Texas
Posts: 15,612
Quote:
Originally Posted by Texarkandy View Post
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)

RIP to Reemy, my avatar dog (2003 - 9/16/2017)
ziggy29 is offline   Reply With Quote
Old 02-18-2009, 07:57 AM   #8
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,852
Quote:
Originally Posted by cardude View Post
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
W2R is offline   Reply With Quote
Old 02-18-2009, 08:03 AM   #9
Thinks s/he gets paid by the post
Leonidas's Avatar
 
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
Leonidas is offline   Reply With Quote
Old 02-18-2009, 08:21 AM   #10
Recycles dryer sheets
Jeb-NY's Avatar
 
Join Date: Nov 2005
Location: North Coast of NY
Posts: 269
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
__________________
Jeb-NY is offline   Reply With Quote
Old 02-18-2009, 08:30 AM   #11
Full time employment: Posting here.
cardude's Avatar
 
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.
__________________
cardude is offline   Reply With Quote
Old 02-18-2009, 09:19 AM   #12
Thinks s/he gets paid by the post
OAG's Avatar
 
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,598
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
OAG is offline   Reply With Quote
Old 02-18-2009, 09:31 AM   #13
Full time employment: Posting here.
cardude's Avatar
 
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.
__________________
cardude is offline   Reply With Quote
Old 02-18-2009, 09:52 AM   #14
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Quote:
Originally Posted by cardude View Post
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.........:)
FinanceDude is offline   Reply With Quote
Old 02-18-2009, 09:54 AM   #15
Moderator
ziggy29's Avatar
 
Join Date: Oct 2005
Location: Texas
Posts: 15,612
Quote:
Originally Posted by FinanceDude View Post
Don't worry, Warren will get you out of that happens, and/or he'll start lending the Fed money at HIGH interest rates.........
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)

RIP to Reemy, my avatar dog (2003 - 9/16/2017)
ziggy29 is offline   Reply With Quote
Old 02-18-2009, 09:56 AM   #16
Thinks s/he gets paid by the post
 
Join Date: Jun 2006
Posts: 1,666
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)"
Zathras is offline   Reply With Quote
Old 02-18-2009, 09:59 AM   #17
Moderator
ziggy29's Avatar
 
Join Date: Oct 2005
Location: Texas
Posts: 15,612
Quote:
Originally Posted by Zathras View Post
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)

RIP to Reemy, my avatar dog (2003 - 9/16/2017)
ziggy29 is offline   Reply With Quote
Old 02-18-2009, 10:08 AM   #18
Full time employment: Posting here.
cardude's Avatar
 
Join Date: Feb 2006
Posts: 599
Quote:
Don't worry, Warren will get you out of that happens, and/or he'll start lending the Fed money at HIGH interest rates.........
I'm so glad I've got Warren making these hard decisions for me. I really feel like he is setting the shareholders up for quite a few years of nice gains with his latest moves. This is the perfect time for someone like Buffett, who really has a knack of exploiting uncertainty like we have now.

Quote:
Maybe, but his own stock seems to be going to zero, so maybe he should be buying it back instead...
The stock will come back. Come on, Ziggy, drink the Kool Aid with me! Seriously, in 2-5 years we are going to look very smart when the returns from all these recent investments start hitting the income statement and when the derivitives get priced correctly and when some of the struggling operating companies start to recover.. ....Of course, I may be totally wrong and we may all be broke in a few years!
__________________
cardude is offline   Reply With Quote
Old 02-18-2009, 10:09 AM   #19
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Quote:
Originally Posted by ziggy29 View Post
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.........:)
FinanceDude is offline   Reply With Quote
Old 02-18-2009, 10:15 AM   #20
Full time employment: Posting here.
cardude's Avatar
 
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?
__________________

__________________
cardude is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Timothy Geithner's Press Conference Today Gpond FIRE and Money 4 02-11-2009 06:51 AM
Accidentally watched a Kiyosaki video today NinjaPigeon FIRE and Money 31 03-07-2007 03:50 PM
I saw the News Today Maximillion Other topics 1 06-04-2006 09:49 AM
Social Security News Today - 06-28-05................... Cut-Throat FIRE and Money 52 07-04-2005 04:46 PM
Social Security News today - 3/2/2005 Cut-Throat Other topics 17 03-04-2005 12:54 PM

 

 
All times are GMT -6. The time now is 06:46 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.