GM bankruptcy.

[jcal87]

So if GM goes under how do you guys think it will effect the classic car market camaros novas chevelles etc?Will the demand go up or down?

[Steve1968LS2]

It WILL happen on Monday.. take that to the bank :)


And it's just a reorg.. although the govt is involved so all the small investors will get totally screwed while the big banks and unions will do good.

Welcome to the new world where the laws are just something to be changed. I'm sure the govt will run GM as good as they run the DMV. lol

[youthpastor]

It WILL happen on Monday.. take that to the bank :)


And it's just a reorg.. although the govt is involved so all the small investors will get totally screwed while the big banks and unions will do good.

Welcome to the new world where the laws are just something to be changed. I'm sure the govt will run GM as good as they run the DMV. lol

Steve...I am not trying to kiss your ..^(**@ .. because you are a one of them there high profile magazine types... but you freaking ripped the words out of my mouth- very true...Chris

[J2SpeedandCustom]

So if the gov't owns GM and the people own the gov't (since we pay their salaries). All of us own GM as well. So we should all get employee pricing right.... :yes:

[Musclerodz]

GM won't be going anywhere, and should not effect the market value wise. Classic have already made a market adjustment. however if anymore people get laid off, may be a few more selling or not working on their toys

[Spiffav8]

So if the gov't owns GM and the people own the gov't (since we pay their salaries). All of us own GM as well. So we should all get employee pricing right.... :yes:

I like the way you think! :thumbsup:

[Jay Hilliard]

Lets see...Govt now owns GM, banks, insurance companies, soon to be govt universal health care.

Oh yeah, where has all the billions of bailout cash went to over past 8 months? When is enough, enough and the current congress and administration going to figure out that throwing money at situations doen't do a thing. If spending more money fixed things, we would have never had recessions or the great depression.

WELCOME TO SOCIALISM!

OK..Im off my soapbox.

[camaro2nv]

Heres what I dont understand. People b!itch about the governments role in GM. But at this point without it there would be no GM, right?

[Aschle]

Lets see...Govt now owns GM, banks, insurance companies, soon to be govt universal health care.

Oh yeah, where has all the billions of bailout cash went to over past 8 months? When is enough, enough and the current congress and administration going to figure out that throwing money at situations doen't do a thing. If spending more money fixed things, we would have never had recessions or the great depression.

WELCOME TO SOCIALISM!

OK..Im off my soapbox.


X 2 !!!

Jason

[tyoneal]

What till the effects of Socialism really kick in. If it is anything like the countries I have been to, We will be looking for a new place to live. Socialism totally Sucks. :-(

[Hulley]

Anybody heard about the 25% VAT tax proposal to pay for the socialized health care? EVERYTHING will rise 25%, food, clothing, cars, etc.etc. VAT = value added TAX, just like the europeans! If I wanted to be like the europeans I would've moved there. :mad: BTW you'll still have to pay your state sales tax on top of the VAT tax. Nice huh?

[tellyv]

How are they going to get more taxes out of us if nobody has a job? I dont think any of these automakers going bankrupt will hurt the value of the classic cars but all the people losing there jobs will!!

[Steve1968LS2]

It's all a scam..

I heard two weeks ago that they were going to do it on June 1st... This whole "we are trying to work until the last minute to avoid it" was just BS.

I really don't mind GM going Chap 11 and reorganizing their business.. they should have done it 6 months ago. What I mind is our government owning 70 percent of a private company and rewriting bankruptcy law to screw over the small investors and benefit the unions. Yep, the same unions that REALLY supported them in the elections and donated tons of cash. Really stinks.

I also have no faith the US govt can run GM, especially one so idealistic. I can just see it now when they kill the cars people want and "direct" GM to make a lot more tiny cars that don't sell. I also see problems with anit-trust issues. I'm sure all govt fleets will have to be GM, etc. No competative bidding. Ford was brilliant not to take the "bailout" cash.

[Steve1968LS2]

How are they going to get more taxes out of us if nobody has a job? I dont think any of these automakers going bankrupt will hurt the value of the classic cars but all the people losing there jobs will!!

Expect a VAT tax idea to start floating around. Simple math says that they need NEW streams of tax revenue.

Don't you know.. higher taxes always stimulates the economy and creates jobs.

[Steve1968LS2]

Anybody heard about the 25% VAT tax proposal to pay for the socialized health care? EVERYTHING will rise 25%, food, clothing, cars, etc.etc. VAT = value added TAX, just like the europeans! If I wanted to be like the europeans I would've moved there. :mad: BTW you'll still have to pay your state sales tax on top of the VAT tax. Nice huh?

Woops.. missed your post..

Yea.. and the fun part is that since a VAT tax hurts "the poor" they will set up a deal where those "poor" that don't pay ANY income tax will get a tax credit to help offset the costs to them for a VAT tax.

So those of us that work will pay our VAT tax AND thier VAT tax.

But we should stay on the GM topic. I also heard that they've been directed to kill the Hummer brand.

[Hulley]

Sorry about straying off topic. My wife is wanting a 2010 Camaro and we were gonna wait until 2011, but the idea of paying 25% extra (VAT) is really pissing me off, not to mention I planned on starting my frame off PT project on my 68' this summer and I know its gonna take me a few years and the possibility of it costing me 25% more doesnt settle well. I'm really mad as hell and I feel like I'm watchin the country fall apart before my very eyes and theres nothing I can do. Not only that but I think thats the plan of the idiots in congress. :(

[Aschle]

Come on guys, no "hope" with our lovely new president? :rolleyes:

Jason

[Kendall Burleson]

Come on guys you are killing me! just went I figure out how to use my LONE STAR card to pay for Pfadt Spherical Bearing kit that just came in and all the Zo6 parts that will be order next month went I get my welfare check on the 1st.with out our govt I wouldn't try and build a car to keep up with Bad Penny. I'm working on this car very hard just to keep up, with no change in hell of out running penny they said it just unfair So the union is trying to get me a new LS7 with all the money from all the 401k plan in this state.I love my govt. you will not hear me Bitching.They still wouldn't buy me race tires!The govt say its not in the budget maybe I can ask Bernnie MADOFF?:yes: :yes: :yes:

[Hulley]

:rofl:

[Steve1968LS2]

Come on guys you are killing me! just went I figure out how to use my LONE STAR card to pay for Pfadt Spherical Bearing kit that just came in and all the Zo6 parts that will be order next month went I get my welfare check on the 1st.with out our govt I wouldn't try and build a car to keep up with Bad Penny. I'm working on this car very hard just to keep up, with no change in hell of out running penny they said it just unfair So the union is trying to get me a new LS7 with all the money from all the 401k plan in this state.I love my govt. you will not hear me Bitching.They still wouldn't buy me race tires!The govt say its not in the budget maybe I can ask Bernnie MADOFF?:yes: :yes: :yes:

I'm not even going to run in the Optima race this year since they told me if I win I will have to give my award to someone who didn't win since it would be unfair for me to have all the awards.

[Kendall Burleson]

You will not have to give up the award until monday after the race .The CIA will pick it up and and fly it to the winner. Nobody will know!Then FBI will ask you to write Killer story about the winner of the race.:_paranoid :_paranoid

[Steve1968LS2]

You will not have to give up the award until monday after the race .The CIA will pick it up and and fly it to the winner. Nobody will know!Then FBI will ask you to write Killer story about the winner of the race.:_paranoid :_paranoid

Now THAT'S change you can believe in!!

[Musclerodz]

I'm not even going to run in the Optima race this year since they told me if I win I will have to give my award to someone who didn't win since it would be unfair for me to have all the awards.
Wouldn't that be something to publish in the mags.

[Aschle]

LOL ! You guys are good.... Too bad it's not far from reality :(

Jason

[PonchoJohn]

Now THAT'S change you can believe in!!

Change.... hmmmm.... seems like that's ALL we (us tax payin' folks, that is) will have soon.
Damn, I sure hope I'm not the last generation (8+) of my family to be a capitalist.


-----------------------------------------------------------------------
1.5 million people at Obama(nation)'s inauguration, and only 15 missed work.

[PonchoJohn]

It's a damn shame GM got all our tax money first...

[Steve1968LS2]

It's a damn shame GM got all our tax money first...

It's called a leveraged takeover...

Everone knew a Chapter 11 was inevitable, but by the Govt giving GM the pointless billions they could then wrest control of the company.

Ford was the smart company...

[Huxsol81]

Ford was the smart company...


HOLY SHI% someone figured it out!

[Jay Hilliard]

And the deal that makes absolutely no sense, is banks are wanting to give the bailout cash back to the goverment and the goverment will not let them.

All I have to say is: How is the hope and change working out now?

[Steve1968LS2]

And the deal that makes absolutely no sense, is banks are wanting to give the bailout cash back to the goverment and the goverment will not let them.

All I have to say is: How is the hope and change working out now?

No way.. if they take the payoff then they can't dictate salaries and in other ways "tell them how to run thier business"...

Just wait until they destroy the energy sector with thier lame "cap and trade" deal.

[Jay Hilliard]

Just wait until they destroy the energy sector with thier lame "cap and trade" deal.

AMEN brother. Average energy increase per household will be $1500 a year.

[Steve1968LS2]

AMEN brother. Average energy increase per household will be $1500 a year.

Don't worry.. the poor will get a tax refund to offset it...

Which will make our share go up.. we have to save the planet from Al Gore's money making global warming scam.. oh wait.. it's called "climate change" now since the Global Warming deal started to fall apart.

[Steve1968LS2]

By the way, as I predicted...


GM Goes Chapter 11 today...
http://www.foxnews.com/politics/2009/06/01/general-motors-files-bankruptcy-protection-new-york/

[BonzoHansen]

By the way, as I predicted...


GM Goes Chapter 11 today...
http://www.foxnews.com/politics/2009/06/01/general-motors-files-bankruptcy-protection-new-york/LOL, that was an easy call 2 months ago. They had major bond pmts due today.

They haven't been trying to save the firm from c11, they have been trying to grease the wheels to get in & out of C11 as fast and cheap as possible. Once they had the UAW renegotiate again all they had to do was tee up the bondholders, which they did last weekend. They were the last speedbump.

None of this is a surprise. It’s been all laid out in the papers for weeks.

[COYBILT]

I am going to say I represent the OLD GM not the Government Motors.

It really is sad this had to happen, but all good things must come to a end.

I blame the housing market for screwing up the economy, which lead to auto sales being down for so long it forced the manufactures into bankruptcy. I also blame the UAW and Government for helping kill GM and Chrysler. The rules were ridiculous and the unions kept throwing new demands at GM even though some of the rules were outlandish. Its all over for GM and Chrysler :faint:

[jcal87]

I blame the gas prices for everything going down hill.No one could afford gas but had to buy it to go to work and then couldn't afford there houses or to be any thing else for that matter.now we are in pretty much a full depression and everyones losing their homes and jobs but the oil company's keep reporting record setting profits screw the oil industry.if the government wants to become socialist and take over major corporations like gm why not take over the oil and manage that.:mad:

[tones2SS]

I'm just VERY nervous as to what the "new" cars that GM and Chrysler will be building.:_paranoid
I hope they build what the American people want.:yes:

[Jay Hilliard]

I'm just VERY nervous as to what the "new" cars that GM and Chrysler will be building.:_paranoid
I hope they build what the American people want.:yes:

No way they will be able to build what people want. With Goverment pushed CAFE standards going into effect on all cars by 2016, you can kiss V8's, camaros, corvette, Mustangs etc goodbye unless they make them in Hybrids.

Does the goverment give us what we want now? Why would you think they would allow GM/Chrysler to build cars/trucks we want in future.

[COYBILT]

Revolution time! If it gets any worse with this clown and administration in office, were going to need a revolution.

No way they will be able to build what people want. With Goverment pushed CAFE standards going into effect on all cars by 2016, you can kiss V8's, camaros, corvette, Mustangs etc goodbye unless they make them in Hybrids.

Does the goverment give us what we want now? Why would you think they would allow GM/Chrysler to build cars/trucks we want in future.

[Hulley]

Revolution time! If it gets any worse with this clown and administration in office, were going to need a revolution.

+1 :patriot:

[Desert68]

I'm just VERY nervous as to what the "new" cars that GM and Chrysler will be building.:_paranoid
I hope they build what the American people want.:yes:

Nervous? Maybe nervous about what Chrysler will build, but not Government Motors. Forget GM. The Corvette did well and got R&D because the margins were good. The feds will own somewhere around 60% to 70% and, as we all know, the feds don't care about margins. Obama said GM and Chrysler got in trouble because of the cars they were building. BS. All auto sales dropped 40% to 50%. Ever hear Obama go after the UAW for their part in this? How many times did you hear about the $70 per/hr payroll burden for UAW (detroit three) versus the $42 per/hr for Toyota, Honda, BMW, etc (non-UAW) in the south? Almost never. UAW = Dem votes. GM will build POS generic 'green' heaps because that's what the Obama admin *says* our country *needs* to drive. Then they'll subsidize them (feed GM fed $$$) so the prices can be dropped to the point where people will actually buy the POS green heaps. This was a power grab by the Obama admin, plain and simple. Rick Wagoner had done as much as one human could do to right that ship and what happened? Obama "fired" him. Power grab. Since when does the president of the US 'fire' the head of a publicly held corporation? How come the CEO of AIG that lost hundreds of billions of $$$ wasn't 'fired'? Harley Earl, Bill Mitchell, Zora Arkus-Duntov, Mac McKellar and the likes are rolling in their graves. RIP GM. Today I am truly embarassed to be an American and I am just about as patriotic as any American coming down the pike.

[SWAPMEETCRAZY]

By the way, as I predicted...


GM Goes Chapter 11 today...
http://www.foxnews.com/politics/2009/06/01/general-motors-files-bankruptcy-protection-new-york/

Hey Steve was I hearing things today or did the white house press secretary say that GM would emerge debt free in 60-90 days!!!!!!!! 172 billion dollars
in debt before filing today!!!! ggggeeeesssss!!!! :faint:

[1984 camaro]

Since us americans now own 60 percent of gm when do we get our company cars ?:lol:

[COYBILT]

couldn't agree more with you on this one.
I put my flag at half mast in honor of GM I am going to represent the Old GM.
Nervous? Maybe nervous about what Chrysler will build, but not Government Motors. Forget GM. The Corvette did well and got R&D because the margins were good. The feds will own somewhere around 60% to 70% and, as we all know, the feds don't care about margins. Obama said GM and Chrysler got in trouble because of the cars they were building. BS. All auto sales dropped 40% to 50%. Ever hear Obama go after the UAW for their part in this? How many times did you hear about the $70 per/hr payroll burden for UAW (detroit three) versus the $42 per/hr for Toyota, Honda, BMW, etc (non-UAW) in the south? Almost never. UAW = Dem votes. GM will build POS generic 'green' heaps because that's what the Obama admin *says* our country *needs* to drive. Then they'll subsidize them (feed GM fed $$$) so the prices can be dropped to the point where people will actually buy the POS green heaps. This was a power grab by the Obama admin, plain and simple. Rick Wagoner had done as much as one human could do to right that ship and what happened? Obama "fired" him. Power grab. Since when does the president of the US 'fire' the head of a publicly held corporation? How come the CEO of AIG that lost hundreds of billions of $$$ wasn't 'fired'? Harley Earl, Bill Mitchell, Zora Arkus-Duntov, Mac McKellar and the likes are rolling in their graves. RIP GM. Today I am truly embarassed to be an American and I am just about as patriotic as any American coming down the pike.