GM to go bankrupt by early 2009, Ford by 2010, ask for $25 Billion bailout

[Saturos]

Anyone have status report on how Wallmart is doing? or are they still invinsible?

****ers never die

Wal-mart IS invincible in today's economy. Like Krynn said, they thrive on this shit. In fact, their new company slogan is, "Save Money, Live Better". Very catchy for those severely affected by the recession.

It won't be long before Wal-mart owns even the automotive industry tbh.

 

[Pesmerga]

What the ****. The retail industry is one of the least important sectors of the economy. Who the **** cares about Wal-Mart. They're not doing better because of the bad economy. No one in this world is going to do better because of it. The retail industry is intertwined with every industry out there, and it sucks from the same, giant, farce teat that everyone else does- the financial sector. Manufacturing, goods, agricultural, services... all those are a drop in the water compared to the biggest **** up in the history of US economics that is the financial sector. The White House is reluctant to do anything about it because of their laissez fair ideologies. I mean, who knows, the market might rebound without any catastrophic impacts. The economy goes up and it goes down, but sometimes it ****ing plummets because we had no precedent to expect it- and a debt bust has never really happened before, making it a prime candidate for such an event.

Bare knowledge of economics like Saturos is presenting you all with is what got us into this problem in the first place. He's the one most likely to jump into a 5 year loan without even reading the 30+ pages of legalese.

 

[Saturos]

Bare knowledge of economics like Saturos is presenting you all with is what got us into this problem in the first place. He's the one most likely to jump into a 5 year loan without even reading the 30+ pages of legalese.

I'm very tight with my money actually. Everything I paid for so far or currently own, with exception of my college classes, (and that's already been paid off, all $30,000 of it) has been paid with tender. Even my PC, which costed me $2500 2 years ago. My car was a piece of shit '91 Ford Festiva and it was GIVEN to me.

Loans are the devil. So are credit cards. Only owned one my entire life and it tried to suck me in like a black hole with it's outlandish interest rates and late fees. Once it's paid off next year, I'll be chopping that sucker up and throwing it all in the fire.

Your right, I know very little about economics and I don't pretend to know. The above statement about Wal-mart was just a light jab btw in case you didn't catch on.
However common sense imo is not spending money one doesn't have. If I don't have the money, I do without until I can come up with the money. That simple.

 

[Pesmerga]

I'm very tight with my money actually. Everything I paid for so far or currently own, with exception of my college classes, (and that's already been paid off, all $30,000 of it) has been paid with tender. Even my PC, which costed me $2500 2 years ago. My car was a piece of shit '91 Ford Festiva and it was GIVEN to me.

Loans are the devil. So are credit cards. Only owned one my entire life and it tried to suck me in like a black hole with it's outlandish interest rates and late fees. Once it's paid off next year, I'll be chopping that sucker up and throwing it all in the fire.

Your right, I know very little about economics and I don't pretend to know. The above statement about Wal-mart was just a light jab btw in case you didn't catch on.
However common sense imo is not spending money one doesn't have. If I don't have the money, I do without until I can come up with the money. That simple.

Again, completely farce info. Loans and credit cards are not inherently bad. Misuse of them is. Loans are a perfectly legitimate source of capital for students, entrepreneurs, and prospective house owners. Without loans, we wouldn't have companies, big or small. Without loans, most students would be children of the already wealthy. Without loans, no one would be able to afford anything until decades after they wanted to purchase it. Economics throughout history has relied on borrowers and lenders.

Credit cards is a way to earn CREDIT. Your credibility that you will be able to pay off borrowed money. The more credit you have, the less risk you are to a lender, and therefor the less interest you will have to pay (and the more things available to purchase). All in all, good and proper usage of credit cards are an amazing way to live a healthy, consuming life.

Unregulated lending practices (such as those found in nearly all established banks) lead to huge balloons in the economy. Balloons are inflated rises in borrowing- the housing balloon was a rise in borrowing without anyone paying anything back. Defaults swept across the nation because the population just, simply, couldn't pay it back. Banks just assumed they could and would. Once the realization set in that they couldn't, they didn't worry as much as they should. The media never really caught on in a big way, and most of the US population was ignorant about it from the late 90's carrying into the 21rst century until 2007 when dropping housing values finally got attention. Those banks relied on- can ya guess it? Bailouts.

Necessary bailouts followed by no changes in policy (yet).

Also, I hope your $30k college tuition is being put to better use than your current apprehension of basic macro economics shows.

 

[Saturos]

Also, I hope your $30k college tuition is being put to better use than your current apprehension of basic macro economics shows.

I was an IT student at the time. I couldn't give two shits about economics tbh, which is probably why I know so little about it.

Besides, we're both getting off-track here anyways. This thread is about the collapsing auto industry.

 

[Raziaar]

Many of these bankruptcies seem like a big ****ing joke anyways. It seems like companies like to be overly dramatic, at least that's what it seems like in the news. You get one company that needs to go bankrupt, and might be fully legitimate, then you have a whole slew of others basically going, "Oh man... He went bankrupt. I'm going backrupt too!" And then more who do it just to do it.

Reminds me of people leaving the forums, me included. Big shitstorm happens... some drama happens someone threatens to leave and leaves... then other people leave, and then I leave etc etc.

Plus, I'm not exactly sure how some companies are measuring hard times. I'm sure these days, if the oil companies took a 20% decrease in profits, they would claim they're suffering through hard economic times, even though they're still raking in billions of dollars of profit.

But, I know jack shit, so... ignore me.

 

[Pesmerga]

Oil producing companies are at liberty to shrink and expand the supply of oil as they see fit. OPEC is currently planning to cut oil production because market turmoil isn't allowing them to get the biggest buck for their bang.

And when companies like GM and Ford publicly claim they're going to go bankrupt in 2 years, it is not a joke. I don't know the whole story on freedom of information and how it applies to auto companies, but those guys have to release reports of how they're doing financially (or else you get another Enron scandal). Otherwise, it would be suicide to tell your shareholders that their investment is going to tank in 2 years- they must rely on bailouts to reassure public trust. Without public trust, no more investments, no more money, no more cars.

I'm thinking of getting a Honda, personally.

 

[Raziaar]

Oil producing companies are at liberty to shrink and expand the supply of oil as they see fit. OPEC is currently planning to cut oil production because market turmoil isn't allowing them to get the biggest buck for their bang.

And when companies like GM and Ford publicly claim they're going to go bankrupt in 2 years, it is not a joke. I don't know the whole story on freedom of information and how it applies to auto companies, but those guys have to release reports of how they're doing financially (or else you get another Enron scandal). Otherwise, it would be suicide to tell your shareholders that their investment is going to tank in 2 years- they must rely on bailouts to reassure public trust. Without public trust, no more investments, no more money, no more cars.

I'm thinking of getting a Honda, personally.

Oh I believe it's really serious with the big three, I'm talking mostly about other cases, particularly the bank thing.

American automobile companies are producing shit products quite frankly. They claim to be producing more fuel efficient cars, and that is true compared to their past efforts, but not comparable at all to the world stage.

I personally don't think they should be bailed out. I think they should be allowed to go bankrupt, and any money be used to develop a Manhattan project government automotive industry that can supply jobs and lead us forward as a nation to compete in the fuel efficient automobile markets.

I think I heard it said somewhere that our companies are competing literally against the efforts of other countries, not just other companies in other countries. Because those countries are pouring their heart and soul into their automotive industries to make them really competitive.

 

[Jintor]

lol why you take private jet to beg for money

 

[Pesmerga]

Government controlled industry is, like, socialism. True American industry has been led by private citizens since the birth of the nation. True American business should have the right to die like all companies have.

It's just... who knows what will happen if we don't bail them out. Few Americans today have any idea what it's like to live without our great patron. Without 7-11s or Wal-Marts.

My advice? Stay in college by the grace of your parents or the state and study abroad.