GM Bankrupt Again (Saturbray)

www.brayincandy.com ^ | 8/18/12 | bray

[Lancey Howard]

That’s excellent!

BUMP

[arthurus]

The gummit has no profit motive which is the simplest way to motivate people and maintain costs. When you take that out of the equation you have to replace it with bribes and graft which leads to corruption and waste making inferior products and subsidies which is what we are seeing today.

A basic truth.

[fhayek]

Maybe Romney should demand that Obama show us General Motors internal financial documents. That might be the proper reply to the demand to see Romney's taxes. What rational excuse could Obama give to not show them? And Obama accused Romney of being a criminal for violating SEC regulations. Oh, the irony of it all!

[FatherofFive]

The sooner GM goes bankrupt the sooner we can see real changes in our auto industry and in our economy.

Government simply CANNOT pick winners and losers in the private sector.

They would have been in better shape if allowed to go bankrupt the first time. Now with the Unions and the Government in control, I do not feel there is any hope for GM. Look at the Post Office.

[Attention Surplus Disorder]

“Maybe Romney should demand that Obama show us General Motors internal financial documents.”

That’s not a bad idea at all.

[beenaround]

As a public held company GM must submit financial statements to it's shareholders testifying to the health (or not) of the company. If these docs are deliberately falsified and that should be provable if the company collapses suddenly in the next few months, I would expect to see a vigorous prosecution by the SEC and the Justice Dept.

heh, heh, just kidding folks

[rodguy911]

Great stuff Buddy!

I read where GM was now basically a Chinese company with 70% of the production based in China and some of the other vital depts. also based in China.

[nc28205]

>>>"My source inside the White House is warning that the collapse of GM is imminent it is just a matter of if they can hold out until after the election."

This argument that a GM bankruptcy is imminent is ridiculous. First of all, bankruptcies for large industrial companies generally develop over several years, as oppsed to financials which can occur quickly. In the case of GM, people were talking about bankruptcy for several years before the financial crisis finally triggered it. I don't hear "credible" analysts discussing such a possibility in the medium term, let alone within a few months. Second, a review of GM financials shows cash and marketable securities have increased year to date. I don't know the term structure of their long-term debt, but unless they have a large slug of debt coming due soon which they are not able to refinance in what a relativley issuer friendly environnent, there is no reason to think a bankruptcy would happen in the near future.

[webheart]

It’s pretty good except I get irritated when people use words like gummit or goobermint rather than simply spelling out the word government. After about the third time, I stop reading. In this case I got halfway through.

[rockinqsranch]

Excellent. Thanks for posting bray.

[MasterGunner01]

Maybe the next move is for the U.S. government to divest itself from Government Motors and allow them to go through a full bankruptcy proceeding as should have been done years ago, before Obama decided to enrich the UAW at the expense of the GM investors. Time to kill the UAW and their expensive salaries, vacations, health care, and pensions. Time for mass layoffs of union thugs and plant closings. Time for real PAIN in the ranks of labor. Payback is a b-eye-itch, boys and girls.

[Common Sense 101]

Absolved from paying INCOME TAXES and still can’t produce a profit?! Sounds like libtard business “acumen” to me...

[Tupelo]

Interesting article, however I understand that Gummit Motors has a new car slated for 2013 that should save the company and end the drought and improve the wheat harvest next year.
Take a look:
www.ladausa.net

[Rudder]

The bankruptcy of Obama Motors with the entire reason for the Premier’s re-election resting on its success has the entire DNC on triple high alert.

This is a statement not to be confused with with English

[chuckles]

bump

[upchuck]

If GM goes down anytime soon that will mean GM has grossly lied to its stockholders which will mean GM will be in big trouble with the SEC.

nc you’re right. Publicly traded companies don’t just suddenly go bankrupt. bray, I’d be questioning my source very closely.

[PGalt]

OUTSTANDING, bray!

BIG GOVERNMENT IS CRONY SOCIALISM. Look what it has done to this country. Parasitic BIG GOVERNMENT socialists and their cronies looting America. Plunder and death. It’s what socialism/totalitarianism is about. Socialism devolves into totalitarianism...total control. Witness the “fundamental transformation” taking place.

DEFUND socialist collectives foreign and domestic. DEPOPULATE socialists from the body politic. Listen to them whine. Watch them go away so that we may...

live - free - republic/American

[Attention Surplus Disorder]

“This argument that a GM bankruptcy is imminent is ridiculous.”

Not knowing anything in particular about the situation, I’d generally agree with you. I didn’t give the claim in the article much, if any credence.

However, in light of what you said about financial vs mfg companies, I’d point out that “GM” also includes GMAC, their financing arm. And there, although GMAC is a lot smaller than GM, about 1/3rd the size if memory serves, we are still talking about a few tens of billions of dollars. Forget not that GMAC was actively engaged in the mortgage biz, not just financing cars.

So, I 95% agree with your take, but it’s still possible that GMAC could have a boatload of defaulted mortgages, and, as adroitly as they handle so many other things, maybe they are aren’t as sophisticated as our exalted bankster masters when it comes to hedging, declaring assets adequately marked to fantasy, etc;

[RedMDer]

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---

FReepers who believe in and support our pro-life, pro-family, pro-limited government conservative causes, enjoy reading and participating on FR, think it's a worthwhile endeavor and would like to help us keep it going.
Please click the link.
The Republic you save may be your own.