GM is slashing 14,700 factory and white collar jobs in North America; may close five factories

[Grand Mal]

Making America Great Again!
#winning

Eh, that ****ing fat idiot in the White House will come out with some stupid Tweet soon, blaming this on everyone under the sun, except himself. And his Fan Nation will line up like good foot soldiers and repeat his bull**** message.

See what happens when the Democrats sieze control of the House? This is just the marketplace responding to the impending socialism.

 

[MTAtech]

No, Obama DID NOT hand over a stable improving economy. The non-natural born Citizen was a economic failure proving that a minority should never be elected President.

Not only are you wrong on your economic facts you're a birther too.

Obama was inaugurated, there were 840,000 auto jobs, which dropped to 640,000 due to the reccession. That rose to 960,000 when he left office.

 

[Conservative]

Trump promised us new auto jobs in Michigan. Guess not.

And Obama claimed he saved the auto industry by taking over GM, Guess NOT!

 

[Conservative]

And it was doing fine until the moron Trump decided to start playing with the economy. Well, a lot of Trump's top staff say he's an idiot, so perhaps "the idiot Trump" would be more appropriate. How's that trade war working out, eh?

Oh, absolutely, doing absolutely great, no GDP growth, no union contract changes, but like all liberals blame Trump and ignore personal responsibilities.

 

[Lutherf]

Trading of GM’s stock at the New York Stock Exchange is currently halted.

Yeah. I just checked and right now GM stock has negatively tanked by a little more than 5%. If this keeps up the the stock will be negative junk by the end of trading.

 

[MTAtech]

And Obama claimed he saved the auto industry by taking over GM, Guess NOT!

Your post voices delusions, as usual. GM is a privately own stock corporation (selling at 37.75 at this moment.) The government has no stake. Obama never said that him "taking over GM" saved it. Obama did save it by providing liquidity.

 

[tres borrachos]

And Obama claimed he saved the auto industry by taking over GM, Guess NOT!

It was saved from 2008-2018. It only took Trump 2 years to wreck it.

 

[Visbek]

Yeah but Trump lied to you in that he said in March at a rally that there will be new jobs and auto expansions in Michigan. That didn't happen and now jobs are leaving the area.

Yeah, I'm not a Trump supporter, not by a long shot. That doesn't change the fact that primary factor here is changing tastes, not tariffs or trade wars. Higher steel and aluminum prices didn't help, but it is not the key cause behind slow passenger car sales.

In comparison, soy farmers are seeing a much more direct impact of tariffs, as China shifts buying away from the US and to other soy export nations like Brazil.

I.e. believe it or not, the President is not to blame for every piece of economic bad news.

 

[Visbek]

Yeah. I just checked and right now GM stock has negatively tanked by a little more than 5%. If this keeps up the the stock will be negative junk by the end of trading.

I think you have it backwards. As of 1:30 PM EST GM is up $1.75, or 4.3%. It's been in positive territory all day. Wall Street tends to reward layoffs, at least in the short term.

 

[tres borrachos]

Your post voices delusions, as usual. GM is a privately own stock corporation (selling at 37.75 at this moment.) The government has no stake. Obama never said that him "taking over GM" saved it. Obama did save it by providing liquidity.

You'd think someone who fancies himself an expert on the US economy would know that the US government sold the last of its GM stock in December of 2013.

 

[MTAtech]

Only working Immigrants of White European heritage make our country a little bit better.

You do a great deal of damage to the narrative of Republicans/conservatives. They've been trying hard to claim that they aren't racists and xenophobic -- and there you are proving them wrong.

 

[Taylor]

You sound triggered. Bad economy got you down?

 

[tres borrachos]

Sorry, I don't have time for monkey videos from the Trump fan site. Anything to articulate?

 

[Lutherf]

I think you have it backwards. As of 1:30 PM EST GM is up $1.75, or 4.3%. It's been in positive territory all day. Wall Street tends to reward layoffs, at least in the short term.

Right. That's what "negatively tanked" means. I was just trying to explain things in a way that the OP would understand.

 

[Conservative]

Your post voices delusions, as usual. GM is a privately own stock corporation (selling at 37.75 at this moment.) The government has no stake. Obama never said that him "taking over GM" saved it. Obama did save it by providing liquidity.

The delusion as always is with you, a massive Federal Govt. supporter who ignores the $52 per share purchase of controlling interest in GM by Obama and then the sale of Chrysler to the Italians. Do you ever admit you are wrong on any subject? Net loss to the taxpayers was $10 per share and that supposedly saved the auto industry. that was refuted then and now as Obama just kicked the can down the road

https://www.politico.com/story/2009/05/obama-reluctant-shareholder-in-gm-023165

President Barack Obama struck a cautious note Monday as he announced the bankruptcy of General Motors and the government’s decision to invest another $30 billion in the company, take a 60% ownership stake in the beleaguered automaker, and take control of a number of slots on the board of directors.

 

[Conservative]

You'd think someone who fancies himself an expert on the US economy would know that the US government sold the last of its GM stock in December of 2013.

Yep a great deal, purchased the shares for $52 per share and sold it for WHAT????????????? There is something about Obama and liberalism that destroys the ability of supporters to think and even do research.

you people appear to be totally clueless on this issue and others

U.S. sells last of GM shares, ending 'Government Motors' era

DETROIT -- The U.S. Treasury on Monday sold its last shares of General Motors stock, ending more than four years of government ownership in the nation’s largest automaker at a loss of about $10.5 billion to U.S. taxpayers.

 

[dcsports]

thank you Obama for kicking the can down the road with his GM Takeover and support for the Unions, a fact the left wants to ignore

I'm amazed at how completely people in the media (and here) are ignoring that. The GM restructuring wiped out a bunch of debt, but didn't address the underlying issues that GM has, especially with regards to labor costs. 8 years later, they've built up $171 Billion liabilities, including $67 Billion in long term debt, and have $755 Million in interest expense (gross). Sales started slumping... and they're right back where they were.

https://www.marketwatch.com/investing/stock/gm/financials/balance-sheet

 

[MTAtech]

I'm amazed at how completely people in the media (and here) are ignoring that. The GM restructuring wiped out a bunch of debt, but didn't address the underlying issues that GM has, especially with regards to labor costs. 8 years later, they've built up $171 Billion liabilities, including $67 Billion in long term debt, and have $755 Million in interest expense (gross). Sales started slumping... and they're right back where they were.

https://www.marketwatch.com/investing/stock/gm/financials/balance-sheet

From 2009:

Bankruptcy slashed GM’s debt and healthcare obligations and brought down labor costs to be on par with Japanese competitors led by Toyota Motor Corp.

The new GM will have slashed its debt and healthcare obligations by $48 billion, dropped almost 40 percent of the dealers from an unprofitable network and moved to sell laggard brands such as Saab, Saturn and Hummer.

 

[Conservative]

I'm amazed at how completely people in the media (and here) are ignoring that. The GM restructuring wiped out a bunch of debt, but didn't address the underlying issues that GM has, especially with regards to labor costs. 8 years later, they've built up $171 Billion liabilities, including $67 Billion in long term debt, and have $755 Million in interest expense (gross). Sales started slumping... and they're right back where they were.

https://www.marketwatch.com/investing/stock/gm/financials/balance-sheet

Makes you wonder doesn't it, what is it about liberalism creates this kind of loyalty and refusal to accept anything including facts that get in the way of their ideology. This is almost like a cult following and sad that so many people are so indoctrinated into this ideology refusing to admit when wrong

 

[tres borrachos]

Yep a great deal, purchased the shares for $52 per share and sold it for WHAT????????????? There is something about Obama and liberalism that destroys the ability of supporters to think and even do research.

you people appear to be totally clueless on this issue and others

U.S. sells last of GM shares, ending 'Government Motors' era

So now you're admitting that GM sold its stock 5 years ago, after I had to point it out to you. The GM bailout cost the taxpayers $10.5 billion. And lots of jobs were saved. I'm sure you'd rather have seen Bush and then Obama let them go under so hundreds of thousands of people and suppliers would have lost their jobs. How anti-American of you.

I'm not an Obama supporter and never was. You're confusing me with your liberal hero, Trump.

 

[Conservative]

From 2009:

There obviously is something wrong with you and this loyalty to liberalism, that isn't reality, bankruptcy doesn't slash costs, it defers obligations and restructures debt, just another subject you claim to be an expert on but have no idea what you are talking about. What Obama did was kick the can down the road, cost the American taxpayers over 10 billion dollars and never solved a problem which is the pure definition of liberalism, spend money in the name of compassion but never solve a problem

 

[tres borrachos]

Makes you wonder doesn't it, what is it about liberalism creates this kind of loyalty and refusal to accept anything including facts that get in the way of their ideology. This is almost like a cult following and sad that so many people are so indoctrinated into this ideology refusing to admit when wrong

You're projecting. This has nothing to do with Liberalism. The cult following isn't Liberals. You already know that though.

But it would have been so much better for Bush to let GM simply fold up, right? Who cares about all of those American jobs. MAGA!

 

[Conservative]

So now you're admitting that GM sold its stock 5 years ago, after I had to point it out to you. The GM bailout cost the taxpayers $10.5 billion. And lots of jobs were saved. I'm sure you'd rather have seen Bush and then Obama let them go under so hundreds of thousands of people and suppliers would have lost their jobs. How anti-American of you.

I'm not an Obama supporter and never was. You're confusing me with your liberal hero, Trump.

What did I even mention that? You seem to have a problem with reading comprehension, Obama did take control of GM which has been denied here, he invested 52 dollars per share and sold the remaining shares at a 10 billion dollar loss. For not being an Obama supporter you are sure ignoring the Obama actions and results.

Yes, I would rather the federal govt. let private business fail as there are consequences for poor choices and decisions made except in the liberal world where everything wrong is someone else's responsibility

 

[Conservative]

You're projecting. This has nothing to do with Liberalism. The cult following isn't Liberals. You already know that though.

But it would have been so much better for Bush to let GM simply fold up, right? Who cares about all of those American jobs. MAGA!

No refusing to accept data and facts is part of a cult following, that is reality. You actually believe what you are told that GM would fold? You are very naive and don't understand the private sector at all.

 

[tres borrachos]

There obviously is something wrong with you and this loyalty to liberalism, that isn't reality, bankruptcy doesn't slash costs, it defers obligations and restructures debt, just another subject you claim to be an expert on but have no idea what you are talking about. What Obama did was kick the can down the road, cost the American taxpayers over 10 billion dollars and never solved a problem which is the pure definition of liberalism, spend money in the name of compassion but never solve a problem

Yeah! Compassion is for the weak. Just let GM bomb. Nothing would have been grander than to let the US automakers fail, and then your beloved Chinese could take over our country. Right?

How come Trump didn't solve the problem the last 2 years? Or the Republicans who controlled Congress for the last how many years? But why be honest when you can tinkle in your panties - again - about Obama.