That was a charity car, so that dough didnt go to GM not that a million bucks means anything to them. Barret Jackson is a JOKE. All no reserve auctions and they allow the current owner to bid on their own cars and they allow shills.
The US auto industry is dead along with a collection of US airlines. We can no longer keep up with the rest of the world. Our populace is uneducated and unwilling to work in anything other than services. Everyone wants to do a small amount of work and collect a large paycheck. We have become too PC and follow the herd. Very sad times, no one with power seems to be seeing our problems.
While GM does look GRIM, most people do not realize GM's global sales are UP, not down. They're looking at 2-3% increases in sales per year. In North America their sales are down just about the opposite. Therefore, the main and nagging problem with GM is their retired or retiring workforce and their absolutely ridiculous benefits package. Dissolve the union or move the labor to mexico and GM will be roaring. Their products and styling were lagging a few years ago but currently their new hybrid SUV's are not only incredibly gorgeous but advancing technology in the correct way. As far as debt, look at every large auto manufacturing and you'll see they all have MASSIVE debts. The most important number on an auto manufacturer's balance sheet is their Inventory and out of this number you can calculate their inventory turnover. Lets not be totally pessimistic here fellas
It seems like they are finally making some improvements in styling and fuel efficiency. I hope they can get their act together, but I fear the unions have already nailed this coffin shut.
Gm Balance Sheet Total Cash (mrq): 26.69B Total Debt (mrq): 44.34B TM Balance Sheet Total Cash (mrq): 25.06B Total Debt (mrq): 132.22B
I couldn't have said that any better myself!!! I so desperately want my Country back! Just please give me a shred of the common sense we once knew here! I could yell that from the tallest peaks, only to fall on not deaf, but dumb, lazy, PC ears. It's sad. I have considered moving (once my kids are finished with high school) to Japan. I can trade there, and have much less regulation than here, as they are still a society built on HONOR, not the sickness that this once great Country has stooped to. "sorry I had a rant in the GM thread." (Forrest Gump-GREAT movie!) Yes, GM will most certainly trickle downward, as the reasons you stated will kill even the best business plan if the people are a majority lazy, dumbER, PC, and wanting something for nothing. I'm sure we'll become like some other Countries who went the PC route, and are now paying 60% in taxes to their Government to support those will not work, do not want to work, but want their Govt. to "take care" of them. Like Lieutenant Dan said: "God Damn Bless America!"
One more thing. I tee totally cannot believe this Country would even fathom an Obama President!!!:eek: :eek: Just absolutely scary! We're at a point in the U.S where the leftist media can hand pick a President, and the Country MAY even do it! I don't think people are smart enough to vote anymore, and that's mind bending. I guess we'll find out in time just how screwed up we are when a large group of dumb asses can't punch the right hole BESIDE the name of the person they want... Maybe an IQ test for voters registration is needed? Possible test questions (1) 2+4+2= A) 8 B) 64, because I am entitled to free thinking C) $100, because that is what people who make too much money owe me. D) I don't know the answer, but if I chose this one, I get a check in the mail. (2) The sky is what color? A) Blue B) The news said that this question is socially unfair, and if I pick this one, I will get credit for a correct answer. C) Both A and B D) The sky will fall someday anyhow, so I'll get a chack for that. (3) For Males only-If you zip your dong up in your drawers: (A) It will be a painful experience (B) I wear my drawers sagging around my thighs (C) Us males are dumb according to my "Cowleege," so we deserve this. (D) Look at the trees in the sky, and pick B, C, D as partially correct answers.
Update: GM stock price in March 2008: $20 GM stock price currently: $11 Goldman finally cuts rating on GM to "sell" from neutral.