Anyone got $15 billion laying around? Merrill Lynch says GM needs it. Bad. [Reuters]
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I did, but I spent it during lunch. If only consumerist was a little faster.
If I did, I’d sooner buy pre-packaged securities backed by sub-prime mortgages, than give it to GM.
Now would be a great time for someone to get things rolling on a production electric car. There should be some available skilled workers and factory space coming up pretty soon.
Don’t worry, the [strike]Republicans[/strike] Facists will give them a bail out.
GM has no decent looking fuel efficient cars a la the current gen civic. Even the new Cobalt looks cheap and as for the Aveo, give me a break. I’m not a brand whore in any way, I think GM’s quality has increased since the 90′s when Cavaliers fell apart after 3 years. However, they still don’t get it.
@shadax:
Cobalt sales are up something like 20 percent over last year.
@heavylee-again:
On the subject of mortgages, boy is their divesting themselves of half of GMAC looking smart now!
They should sell more Hummers and Suburbans.
@dohtem:
THEY’RE TRYING, DAMMIT, THEY’RE TRYING AS HARD AS THEY CAN!
GM is the one American Company that has a chance. I’ve rented the Malibu, Impala, and others and are impressed to the point that I would buy one in place of my Honda’s and Toyota’s. The Impala was a big V-6 but cut the engine to 3 cylinders seamlessly to save fuel while cruising. To get 30 MPG with a large car is incredible, and the car handled well, was quiet, well constructed and comfortable. What more do you want? I think GM is on the right path, and I’m not easily converted after 20 years of only Japanese products.
Ford? They don’t have chance. Cost reduction programs are apparent on even their nicest models and I won’t even entertain looking at one.
Chrysler? $2.99 gas tells me that they have the most inefficient cars on the road. Why would I buy one to suffer high gas prices in 3 years? I’ll stay away.
They can take out title loans on the acres of unsold Tahoes and Hummers everywhere…
@TechnoDestructo: GMAC and Executive Trustee Services suffer from rectal-cranial inversion.
Clients of mine were trying to cure a mortgage default, and it took them nineteen days and about 5 nasty lawyerly faxes for them to even send a reinstatement amount.
That’s still better than what happened about a year ago – I was trying to call Executive Trustee Services on behalf of a client, and after failing to get through for an hour, got connected….to some other poor schmo who was trying to get their own mortgage out of default!
@dohtem: GM’s new ad campaign during football in the fall:
HUMMER. BECAUSE IF YOU DON’T DRIVE ONE, YOU HAVE A TINY PENIS.
@varro: In reality, it’s an inverse relationship: the bigger the car, the more you’re compensating.
Bring back the Excursion? Only this time: MORE CUPHOLDERS!!
@shadax:
Hey! I have a 92 Cavalier that runs just fine, thank you!
@Eldritch:
Congratulations, you won the lottery!
Big business and the wealthy constantly scream “Let the market rule!” until the market rules that they should die. The wealthy were against “socialism” when the middle class wanted to keep their homes, but now cry for it when one of their own is going under.
I say fuck ‘em. They knew about all the problems coming at them – peak oil, OPEC, the economy, etc. If they weren’t smart enough to prepare, especially when they had the knowledge to know better and the finances to prepare, then they don’t deserve to survive.
Let’s do a li’l stockholding quiz…
1. Will the market allow GM/Ford/Chrysler to fail?
2. Will the feds allow GM/Ford/Chrysler to fail?
3. Are the oil markets now in the grip of a “Dot Bomb 2.0″ bubble right now?
4. Would consumers buy SUVs if gas returned to $1-$1.50/gallon?
Answers:
1. Hell, yes. No one in their right mind would have cash in those bleeders.
2. Hell, no. Dems need happy UAWs, and Reps need happy CEOs.
3. Hell, yes. The instant oil flows from ANWR or any US coast, oil will drop about 50%. What would YOU say is the *intrinsic* value of oil? $140? $80? $40? It may not seem like it to us now, but this is 100% market psycho… logy.
4. Do bears dump on Wall Street?
Final analysis: Ford @ $5/share will be a steal in five years. GM: Same way. Chrysler? Them guys is eternally nuckin’ futs.
Remember: your mileage may vary!