GM done for
 

This is chilling. I feel like I'm on a snowball headed downhill fast I think we ain't seen nothing yet. Looks like it is time to have a backyard garden like the grandparents used to have.

GM - lowest stock price since July 26, 1934

They need to go bankrupt, an orderly bankruptcy should have been done instead of the original Bush bail out. It is the only way they can be free of their legacy costs, and can re-invent themselves.

Quick, throw more taxpayers' money at it!

Saab just went under today. They filed for bankruptcy in Sweden.

I expect GM will begin to slide now. I wonder if Opel, Vauxhall, and Holden will be spun off or if a rump GM can keep them. I am sure Buick, Hummer, Saturn,and Pontiac are leaving us soon.

I'm shoveling! I'm shoveling!:o

Sheet agin' the tide.:rolleyes:

Oh you sailors with your nautical talk!:(

Try adjusting that 1934 stock price for inflation. The stock would need to be at just over $23 to match its low back in 1934 adjusted for inflation. So, in real terms the stock is down 95% since 1934.

Fire up the presses! :rolleyes:

They are not allowed to go under until I've got a couple thousand saved up for a trailblazer

One of the reasons I'm buying a Ford is because I knew this was coming.

I studied GM's fincial statements as part of an accounting project pretty closly last fall with some pretty smart accounting students. Having seen there horrible sales figures, and amazing cash burn we saw that Bush's bailout money would run out in March, and they would need more or go under. Well guess what? Our accounting project on GM was dead nuts on.:D

As I have said before GM is no longer a viable company, they have only 3 options, well 2 and an out...

1. Bankruptcy and restructure.
2. The economy comes back strong and people start buying SUV's like mad again.
3. The government buys them out and they become a state run company.

Remember GM has a $2.5B per month burn rate, they can reduce that and are trying to, but thats not something you can do overnight. They are in a tight spot now because they have no cash, and no credit.

Let GM file for bankrupsty, and re-organize...they would come back as a stronger company, fiscally speaking. Look what happened to the airline industry...

Ford could buy Chrysler and run it better than it was run under Iacocca.

I don't understand why they havn't done that. Looking at there reports it seems like the best option. Irrational fear is all I can come up with as to why they don't.

Many have pointed out that if they go into Bankruptcy they might as well liquidate and close up.....as people won't buy a car from a company in that position when they can go buy a nice Hyundai or Toyota and not worry about re-sale value and support down the road.

They need a restructuring as said many times before.


They are targeting too many segments, and its just not working.

If they done restructure, their entities are just going to fold and close up...

I wrote to my congressman to urge him to vote against the bailout. Of course he defied my wishes, saying in a roundabout way that we can't afford to lose the jobs. Well now it looks like most of them will be lost anyway.