GM'S COMMITMENT TO THE AMERICAN PEOPLE
We deeply appreciate the Congress considering General Motors’ request to borrow up to $18 billion from the United States. We want to be sure the American people know why we need it, what we’ll do with it and how it will make GM viable for the long term.
For a century, we have been serving your personal mobility needs, providing American jobs and serving local communities. We have been the U.S. sales leader for 76 consecutive years.
Of the 250 million cars and trucks on U.S. roads today, more than 66 million are GM brands — nearly 44 million more than Toyota brands. Our goal is to continue to fulfill your aspirations and exceed your expectations.
While we’re still the U.S. sales leader, we acknowledge we have disappointed you.
At times we violated your trust by letting our quality fall below industry standards and our designs become lackluster. We have proliferated our brands and dealer network to the point where we lost adequate focus on our core U.S. market.
We also biased our product mix toward pick-up trucks and SUVs. And, we made commitments to compensation plans that have proven to be unsustainable in today’s globally competitive industry. We have paid dearly for these decisions, learned from them and are working hard to correct them by restructuring our U.S. business to be viable for the long term.
Posts
26 comments:
A little off topic, but todays market ticker is a must read.
http://market-ticker.denninger.net
I am so damn angry and pissed to see what is happening in our country. I am a renter for the past several years. I saw how home prices went sky high with no fundamentals supporting it. I mean $699,999 for a ranch house that is 1800 square feet? Oh, I forgot, it had granite kitchen slabs!
Now that the market will revert to it's mean and come crashing down, the government steps right in with one plan after another. Now, I know some people who bought a house they couldn't afford, took out a massive HELOC and spent all of the money.
There is no fucking responsibility in this country no more. Those who work hard, save their money and try to prosper are GETTING SCREWED. While those who scam, lie, cheat and then spend away the money they received from lying and cheating are rewarded.
I just read an article on msn news site that lenders will start forgiving credit card debt and mortgages. So Sashers, sure we were right about this housing bubble that popped. But so what? Now we are screwed because the government will do anything to prevent prices to come down to reasonable levels (i.e. the government stopped the short selling of financial stocks).
So what should we do? Should we just give up and fuck the system? God, I feel like taking out all of my credit cards and maxing them out and not pay back one red cent!
That's a good start, that ad. But they MUST add two critical points. 1) We admit Mgmt has been overpaid and overprotected : we gave ourselves huge salaries and bonuses even when we failed and we rigged the board to stiffle investor based change. 2) We admit we have helped damage the country by offshoring and outsourcing jobs. We realize this is not a sustainable business practice. Even Henry Ford knew workers must be paid well in order to purchase the very products they build. We will repatriot jobs to America for the next 10 years.
If they don't add that, then forget it.
"So what should we do? Should we just give up and fuck the system? God, I feel like taking out all of my credit cards and maxing them out and not pay back one red cent!
December 8, 2008 5:54 PM"
Go to Nick's New Seminar entitled:
"How to be a douchebag like ME" to find out how to do it properly.
DIE U PIGS
"We have paid dearly for these decisions, learned from them and are working hard to correct them by restructuring our U.S. business to be viable for the long term."
And there's no losers in the auto world as long as everyone tries!
And this money is for .... loans?! Ohh man the auto companies are really screwed. They're never going to pay that back. It would be better just to give them the money.
Brother can you spare an $18 billion?
Swear to God I'll use it right this time.
Sorry Keith YOU got this one WRONG
Here's the REAL GM Ad to the American Public:
http://buffalobeast.com/133/bigthree.jpg?ref=patrick.net
Up Yours, America.
DIE U PIGS
Anon 5:54, I know just how you feel. Take heart. The government can only postpone the inevitable; the crash will come sooner or later. The Fed/Treasury may well destroy the dollar along the way, but you will see this coming and get out of dollars in time. The irresponsible won't.
Keith, it's time to drop all of the fanciful wishes for Big Ideas from Great and Visionary Leaders like Barack H Obama to Make America America Again and face some reality.
Here's an excellent post from Denninger that explains where we are today:
To Obama's Transition Team by Karl Denninger
And to understand why none of these pie in the sky Big Government Programs to stimulate America will never work you need to read the classic and concise:
Economics in One Lesson by Henry Hazlitt
This is so sad. Why don't they just publish pictures of the auto company CEOs taking turns kissing Barney Frank's hairy ass?
Bread and Circuses.
"I am so damn angry and pissed to see what is happening in our country. I am a renter for the past several years."
Agreed. However, I think I'm even more pissed off and angry about this disaster then you.
I still want to see the entities who profited the most like investment banks, flipping genius homedebtors, and the Fed fail. If I were to get one wish for Christmas that would be it.
"We have paid dearly for these decisions.."
--------------------
No, you have not yet paid dearly enough for your bad decisions.
Now, you either fix your problems on your own - without my tax dollars, or you should go bankrupt and fade away, and allow a better-managed firm to take your place.
-The Management
Hey Steely Damm!
Cut that out now. I was trying to eat my dinner!!
;-)
Denniger says a lot. He's totally convinced that nuclear power is the way to go and flat out insists that "pie-in-the-sky" technologies i.e. solar, wind, bio-fuels are good but can't possibly cover the energy needs of America.
Here is where Denniger is flat out wrong. Building any nuclear plants to cover our power needs is like what he claims the US government is doing to cover their needs i.e. printing money left and right.
Nuclear power will take us down a very dangerous road. Having over 100 plants built - is like having over 100 prime targets for terrorists, domestic and foreign. Given the state of technology and the track record of nuclear power. I'm not willing to take that chance.
Look, people who insist on building nuclear plants, while having a noble interest at heart to produce cheap, "clean" energy that does not pump out C02 are completely misguided.
You can produce more energy from solar, wind, wave power with the right implementation than you could ever need. The question is how to do it. The answer is by investing in these technologies now - not by building nuclear power plants which are essentially part of the same old electricity system - large, networked and vulneralble.
You decentralize the whole system. Local production, local consumption.
Take at look at some new technologies where building sensors power themselves from the sun, from motion, etc.
We also need to drastically reduce the AMOUNT of power that is needed.
You reduce consumption while implementing the combined wind, solar, wave energies.
It does not always have to be "Scotty I need more power!".
You should be able to power today's household including all appliances on the power it used to take to run my Grandmother's old fridge from the 1950s.
It's completely possible.
Mr. Scott, you're wrong, even if all the left wing blogs say you're not.
Currently Wind and Solar are gov subsidized and STILL provide less than 1% of the electrical power consumption. Hummm, I wonder why???
Any everything you read about, Oh... a technological marvel is just around the corner, is BULLSHIT, or more discretly called Public Relations in corner offices.
These are FACTS. Stop complaining about coal oil, saudi shaiks and global warming if you're not prepared to consider responsible implementation of nuclear. And by 'fact' I mean it is a truth known by actual existence, not subject to whim prejudice or political ideology, and further, no amount of ha ha from a Colbert changes a fact.
What dispirits me is their use of Corporate-ese.
Personal mobility needs?
I can walk, thank you.
GM, you build cars!
Once you get that through your fat noggins, you might begin to build good cars!
We should let them fail.
I hate what we've become.
Also to Mr. Scott: Having over 100 plants built - is like having over 100 prime targets for terrorists, domestic and foreign.
Not anymore than our already existing power plants are. Dams, anyone? I think you're confusing nuclear power with Atomic Bomb power.
Given ... the track record of nuclear power, I'm not willing to take that chance.
The disasters from nuclear power plants before were a result of poor implementations. The Russians found out quick you can't cut corners when it comes to nuclear power. And believe it or not, we do have the technology to correctly run nuclear power plant without a meltdown these days.
Here is the 31-page draft text of the auto bailout legislation that Congressional Democrats shared with the White House today.
UPDATE: Here is a list of several key provisions in the bill after an initial review:
* No confirmation process for “President’s designee” or Car Czar (page 3)
* Only benefits three companies in a much larger marketplace (page 4)
* Federal Advisory Committee Act does not apply (page 8 )
* Car Czar has sole authority to provide long-term financial assistance (page 10)
* Creates bailout in addition to the previous $25 billion bailout (page 12)
* 7-year loans (or longer) at 5% for 5 years and 9% thereafter (page 12)
* Veto authority of Car Czar over any business transaction greater than $25 million (page 15)
* Prohibits legal challenges to state laws that increase emissions mandates on automakers (page 16)
* Warrants for stock equal to at least 20% of financial assistance value (page 17)
* 162(m)(5) of IRC applies (page 19)
* No bonuses or incentive compensation to 25 highest paid employees (page 20)
* Aircraft divestiture (page 20)
* Prohibitions on dividend payments (page 21)
* Public transit repurposing (page 25)
* Sense of Congress on negotiated or legislated restructuring (page 29)
* COLA adjustment for judges (page 31)
http://senateconservatives.com/2008/12/08/text-of-auto-bailout/
"Afterthoguht said...
What dispirits me is their use of Corporate-ese.
Personal mobility needs?
I can walk, thank you.
GM, you build cars!"
EUREKA!
Let GM retrain its workforce to MAKES SHOES = 'Personal Mobility Devices".
Naah, on second thought the chinks do better than the UAW ever could with shoes... TH\he autoworkers would have a hard time with the laces...
Really, the UAW doesn't make anything worthwhile. Let them all DIE.
Bye Bye Chrysler. Bon Voyage GM.
Go Go FORD!
Happy Days are here again...
Fine, 'a mean and greedy sob' and 'DDM.'
----------------
Let's build the next new nuclear power plant just down the road from your house.
Are you okay with that?
Let's build the next new nuclear power plant just down the road from your house.
Are you okay with that?
I don't see why not. This isn't Chernobyl or Three-Mile Island; the world has moved on from such events. Nuclear Power is pretty prevalent in Europe at the moment and I haven't heard of a meltdown there yet: http://www.euronuclear.org/info/maps.htm
When done right, Nuclear power is the obvious choice. When done wrong, nuclear power is a frightening thing. To answer your question: If they skimp on the budget, keep it away. If they go the whole nine yards, then yes. Dear God yes.
As a REALTOR, I will give you any apology you want as soon as you have Hank Paulson deposit a $300 million bailout check in my account.
DDM "I think you're confusing nuclear power with Atomic Bomb power."
Not at all. Have you done your homework on the continuing problems left behind from the 1986 Chernobyl accident? It's far from over - It's an ongoing problem, a sleeping dragon if you will.
It's the fallout, the permanent contamination, the cleanup, the global spread of the waste. That's what makes nuclear power a no-go.
It can't be contained WHEN and accident happens.
_______________________
a mean and greedy sob said...
Currently Wind and Solar are gov subsidized and STILL provide less than 1% of the electrical power consumption. Hummm, I wonder why???
Any everything you read about, Oh... a technological marvel is just around the corner, is BULLSHIT, or more discretly called Public Relations in corner offices.
These are FACTS. Stop complaining about coal oil, saudi shaiks and global warming if you're not prepared to consider responsible implementation of nuclear. And by 'fact' I mean it is a truth known by actual existence, not subject to whim prejudice or political ideology, and further, no amount of ha ha from a Colbert changes a fact.
______________
Indeed, I wonder why wind and solar are only able to provide 1 % or less of the power. Of course the nuclear industry isn't subsidized at all is it? Nor the oil or coal industries.
Why do you think I'm complaining? I have nothing against technologies that are VIABLE - nuclear, when done right...etc. But it is never done right. Nothing we do is done right to the degree that would be necessary to operate a nuclear power plant. It's too risky. As far as a dam breaking and flooding the area below. Sure there is damage but there wouldn't be damage for 50,000 years after!!
A large swath of Europe got hit hard by the Chernobyl fallout. You are fine with the lingering effects from that?
The reason solar, wind, wave power are not being advanced is simple and always has been. It's about profits over people.
Who of you would still want to pay for electricity if you local community decided to disconnect from the grid and provide for it's own power and heating?
Think it can't be done? Well there are a number of communities in Europe that have done just that. They get criticised when oil or natural gas drops in price but when the price goes through the roof, guess whose smiling?
At this point, America no longer has a stronghold on emerging technologies. If some other country comes up with better implementation first, America will be stuck with half-finished nuclear power plants or worse, overpriced, poorly built nuclear plants that require even more of a bailout than the automakers.
>It's about profits over people.
How about the people's profits? Their income vs. their expenses, specifically their expense for energy. The plug in hybrid car could change everything, but we'll need lots and lots of clean cheap electricity.
To answer your question, wind and solar are 1% because they're not technologically feasible. That's all. No way around it.
We've got 137 nuclear power plants working in this country today, and since 9/11 they've been fortified against terror attacks with shit like this:
http://www.youtube.com/watch?v=OgcMTpAzPMk
Also there hasn't been a nuc plant built in America in over 30 years. Certainly they could be built much safer today than they were in the 60's and 70's.
Take a look at this incredibly informative article from GQ mag. I learned a lot. I think you will too. Peace.
http://men.style.com/gq/features/full?id=content_6424
You're all missing the greater point here.
Saving GM and F specifically is an act of Nationalism. Not Globalism.
Only when America is on the verge of disaster, does America just begin to get it.
This is the begining of the end of Globalism. Each nation again will act in it's own self interest for survival.
Globalism, as practiced today, is falling apart. Unfortunately the downside is that means the risk of international conflict is growing.
Quote Mr. Scott: Have you done your homework on the continuing problems left behind from the 1986 Chernobyl accident? It's far from over
O-okay? I don't see how that applies today when technology has advanced far enough to very reliably prevent disasters like that.
Again, the Russians had no flipping idea what they were doing and cut costs to boot. We, believe it or note, do know what we are doing with nuclear power plants today.
Your argument is like looking at a computer from 1985(while you're in 2008) and stating that computers will never be faster because of that moment in time, despite the fact computer we have are exponentially faster than ones in 1985.
Post a Comment