Breaking News on money.cnn.com: "U.S. says GM and Chrysler are not viable, offers billions more in short-term aid - holds out possibility of 'structured bankruptcy."
It's hard to say what this will mean for current owners of their cars. However, I do not see it affecting warranties on our XFs or any other GM or Chrysler vehicles. Bankruptcy typically results in financially stronger companies when they emerge from it. I don't think it is in anyone's interest to nullify the warranties on these vehicles.

http://money.cnn.com/

 

Further breaking news from Yahoo that the White House denies further bailout funds for GM and Chrysler.

http://finance.yahoo.com/news/Obama-...-14777855.html

Another from Wall Street Journal: "U.S. Sees Fiat Pact as Chrysler's Best Hope"
http://online.wsj.com/article/SB123838344107168599.html


Here's the good news for us:

"In an effort to bolster consumer confidence, Obama planned to announce government backing of warranties for GM and Chrysler vehicles. An administration official said there is no price tag yet associated with that promise."

 

Obama also asked Rick Wagoner to step down from his role at GM, and he is doing so effective immediately. OK, I get that the US government is loaning billions of $$ to GM and Chrysler, but does it bother anyone else that the government can dictate to a corporation who can and can't run the place?

 

UUHmmmmmmmmmmm! me.

Seems OK to take care of Geitner's pals and Chris Dodd's pals, but not all those union guys out in Detroit.

Trust me, the top executives at GM and Chrysler will find other companies to run. They will still make great salaries. They will sell their million dollar homes in Ann Arbor and move to million dollar homes in Atlanta.


Will the Blue Collar guys find other work that pays as well? Where will they move?

roadster with a stick

 

Very disturbing and the timing couldn't have been worse.

Wagoner and some of directors on GM's board were simply the govt's sacrificial lambs to show that they're serious about restructuring the auto biz.

 

What is wrong with dumping the ships captain overboard? he led the ship onto the rocks, the salvage crew does not need him nor (sadly) a lot of the crew.

 

The Board of directors of GM had supported Wagoners restructuring plan that was effectively saving the company until the financial melt down. He was their best. Whether he was the fall guy or the reason for GM's troubles is irrellevant. The President simply over rode a design decision of a private corporation. This is disturbing.

My company had a bad year in 2000,2001,2002,2003,2005,2006,2007. Yet we kept alive by not keeping everyone working. Could the President of the USA come in and remove me at any time he was unhappy with my performance? If so, Why would I risk my house and my future?

You don't see the danger in that?


roadster with a stick

 

I worked for GM for nearly 20 years. There is always change in a corporation and that is usually a good thing. Wagner was a different leader for GM, he was and is a car guy. He replaced a long line of bean counters who if you check your history were responsible for the disaster of GM back in the late seventies and throughout the eighthes.

With that said Wagner stepped down and My concern is not that he did. My concern is that Washington forced this. I am in total agreement with Franc on this and I can't believe that this doesn't concern everyone.

This is historic and should be of concern to anyone who owns and runs a business! If this is OK why didn't they do the same thing on Wall Street? Why are my Grandchildren going to be paying off the Wall Street CEO bonuses for the crooks that got us here?

Frightening, absolutely FRIGHTENING!

Try to stay safe...


Respectfully,


Paul (MisterTaz)

 

IT'S OK! IT'S OK! DON'T WORRY!


I just heard the President promise that the US government will stand behind the GM and Chrysler warrantees, should they fail.

For those of us who can't get decent service on our Crossfires from a Chrysler dealer, will this mean now "WE CAN!"

I feel so much better now, don't you.


roadster with a stick

 

ABSOLUTELY NOT!


Respectfully,


Paul (MisterTaz)

 

Sure pal.

Alan Mulally must be feeling very happy with Ford's decision not to take the money.

 

Everyone raise their hand if you saw "Goodfellas"!

Loan sharks lend money to a struggling restaurant owner and in 6 months have driven it into the ground.

 

And this is in the "Coupe Section" of the Forum...for WHY ?

 

Of course I agree that Govt shouldn't dictate what a company does, but technically, all the President did was ask him to step down [according the post above, I haven't had a chance to read any of the articles yet]. That's certainly not his place, and Wagoner/the board could have said **** off, but if the Govt is giving our money away, shouldn't they/we have a say in who should get the money an why? [our say, obviously came when the majority of us decided the Pres Obama was a better fit for the office than any of his competitors]. I'm certainly not saying it's right, and I personally I think anyone who used an ARM or the like to buy a house, normally beyond their means, should have to stand up for the choice they made...but I also understand that when that many loans go unpaid, that it's going to affect the US economy, and that something needs to be done.

If this means that the current unions get disbanded, then I think I'm okay with Govt overstepping it's bounds, 'cause that's probably the only way that the way that unions work will change significantly. [I don't know what kinds of changes the unions have recently made to help the car companies in their times of trouble, so maybe I'm being overly harsh...if there is anyone on here that is pro-union, I'd certainly be willing to hear you out on the subject].

my 2 cents,

dh

 

Let us see if Barry is OK with this.
http://www.foxbusiness.com/story/mar...l-italys-fiat/

He appears to have scared them into it with his demand to fire GM/s Wagner.
It is what he asked for. If the boss says jump, ya'll better ask "How High?" but do so on the way up.

OK Rush and Onehundred80, you can look up the word Fascist now.

roadster with a stick

 

Franc, there are a couple scholarly books written in the past decade or so documenting that contemporary liberalism is more closely aligned with Fascist philosophy. That is a possible result of where we are headed today, but the first step is Social Democracy as outlined in this NYT's article.

http://opinionator.blogs.nytimes.com...t-a-socialist/

Obama will never admit to being a Fascist and he denies being a Socialist, but he clearly embraces Social Democracy as we see in Europe, and he is not denying that claim.

What he is doing to the American car industry is a clear example of the Europeanization of the US.

 

You are correct my friend. I don't mean to pick a nit but this is what happened to Europe allright...............IN THE 1920'S!

Can anyone remember the result?

To quote that most famous Italian leader, "But the trains ran on time."


roadster with a stick

 

And are sphelin' ain't so goud iether.

But that doesn't change the importance of this discussion a nit.


roadster with a stick

 

His highness,"the Holy Obama" is driving this country into a situation that we may never recover from.

 

Actually, the proposed bailout deal is only to honor warranties on new vehicles sold during the bail out period.

See the link for the "New Warrantee Commitment Program" at this page:

http://www.thetruthaboutcars.com/wil...eaded-for-c11/