GM reports $2.5B 3Q loss, could run out of cash in 2009

[w¡n9Nµ7 §£@¥€r 123]

DETROIT, Mich. (AP) -- General Motors Corp. says it lost $2.5 billion in the third quarter and warned that it could run out of cash in 2009.

...

"Even if GM implements the planned operating actions that are substantially within its control, GM's estimated liquidity during the remainder of 2008 will approach the minimum amount necessary to operate its business," the company said in a news release.

"Looking into the first two quarters of 2009, even with its planned actions, the company's estimated liquidity will fall significantly short of that amount unless economic and automotive industry conditions significantly improve or it receives government funding", the news release said.

http://biz.yahoo.com/ap/081107/earns_gm.html

[IAMX 3,055]

Let 'em fall.

If they can't make a better product than Toyota or Honda, they deserve to fail.

Taxpayers should not be bailing out yet another bunch of rich assho|es who want a fat pension check. Nor should they be bailing out workers from third world countries.

Edited November 7, 2008 by SRVT

[w¡n9Nµ7 §£@¥€r 123]

Nor should they be bailing out workers from third world countries.

??

[*Robert* 2]

Awww... what a fcuking shame....

[almaty 19]

gm is needed here and is all manufacturing jobs

[NickD 203]

Nor should they be bailing out workers from third world countries.

??

Explanation? GM already shut down many of their USA suppliers and are now buying their ####### from China, a bail out would keep those Chinese working. Toyota and Honda are hurting too, but not as bad as GM.

[w¡n9Nµ7 §£@¥€r 123]

gm is needed here and is all manufacturing jobs

well realistically now, if gm no longer existed some other manufacturer would have to fill in the supply shortfall, which means they'd employ manufacturing employees instead. It just might not be in the US and it obviously wouldn't be set up to produce the same number of units GM is currently set up for.

Nor should they be bailing out workers from third world countries.

??

Explanation? GM already shut down many of their USA suppliers and are now buying their ####### from China, a bail out would keep those Chinese working. Toyota and Honda are hurting too, but not as bad as GM.

Ok.

Edited November 7, 2008 by A.J.

[*Robert* 2]

gm is needed here and is all manufacturing jobs

it certainly is bad for the workers, which is a shame, but I don't feel bad for the execs making all the big bucks

[mawilson 2,133]

No worries, Nancy Pelosi will bail it out.

$30 billion here, $50 billion there.

I'll start sending her my bills too, she won't even notice.

[w¡n9Nµ7 §£@¥€r 123]

No worries, Nancy Pelosi will bail it out.

$30 billion here, $50 billion there.

I'll start sending her my bills too, she won't even notice.

If she ends up on Faux News being raked over the coals by Billo the Clown for writing checks for $20,000 worth of arugula and soy lattes, we'll know it's you.

[IAMX 3,055]

Nor should they be bailing out workers from third world countries.

??

Ok, well, it does include some first world countries as well. The premise is the same, make sure to have your parts coming from the place where people will work for 40-60% of normal wages, and force America to compete with the likes of bad parts of European countries, or third world countries. GM is really no different, and, on top of that, I find it rather ironic that they played the political game with the EV1 and now they're sunk. Don't feel bad for them in the slightest. Karma is a ######.

Edited November 7, 2008 by SRVT

[spookyturtle 9,466]

gm is needed here and is all manufacturing jobs

Absolutely.

Let 'em fall.

If they can't make a better product than Toyota or Honda, they deserve to fail.

Taxpayers should not be bailing out yet another bunch of rich assho|es who want a fat pension check. Nor should they be bailing out workers from third world countries.

And what is your outlook for the US with no auto industry?

[Peikko 1,575]

Companies like GM really illustrate my frustrations with the US economy.

A large employer that makes goods that people think they have the right to expect, but with expectations of bailouts simply because they are huge employers when they produce goods that suddenly, out the blue (oh, yeah, right) no one wants any more.

Do they not have to make any predictions on how the oil supply might effect their industry? Is there really no accountability for huge companies simply because they are huge?

(That question is rhetorical)

[Niels Bohr 72]

"The bigger they are, the harder they fall."

[spookyturtle 9,466]

well realistically now, if gm no longer existed some other manufacturer would have to fill in the supply shortfall, which means they'd employ manufacturing employees instead. It just might not be in the US and it obviously wouldn't be set up to produce the same number of units GM is currently set up for.

And the supply shorfall will be met from the other auto makers, and ceratinley all the addtional facilities and employees would not be in the US.