http://quote.bloomberg.com/apps/news?pid=1...nNE0&refer=home

:o

 

This was a big debate when I went back home. Everyone in town is afraid that GM is going to declare bankruptcy to shed the pensions, etc.

 

A lot of those people in Marion's stamping plant are very close to retirement age. If they all lose their pensions, WOW. They just worked 30+ years for NOTHING.

 

With these kind of #'s, it's even more of a concern. Some people were of the opinion that the government wouldn't let GM declare bankruptcy because all the suppliers, etc that would get screwed over would cause a HUGE ripple effect in the economy. Being that most of the midwest is some sort of supplier to GM, etc. somehow, it would definitely send shockwaves into the economy.

Yeah, they're in trouble. I think they'll come out of it though, the union dictatorship is all but over, and Chevy has some real nice stuff coming in the next couple years. None of the big 3 will ever be as big as they once were, but will some better products and the dismantling of the union stronghold, they'll get back on their feet.

I hope the guys in the Boardroom still got their bonuses... that would be a shame if they didn't get millions for running GM like this...

 

maybe honda or toyota would buy them????

:o

 

This was a big debate when I went back home.  Everyone in town is afraid that GM is going to declare bankruptcy to shed the pensions, etc.

 

A lot of those people in Marion's stamping plant are very close to retirement age.  If they all lose their pensions, WOW.  They just worked 30+ years for NOTHING.

 

With these kind of #'s, it's even more of a concern.  Some people were of the opinion that the government wouldn't let GM declare bankruptcy because all the suppliers, etc that would get screwed over would cause a HUGE ripple effect in the economy.  Being that most of the midwest is some sort of supplier to GM, etc. somehow, it would definitely send shockwaves into the economy.

 

 

Relying on government or corporations to provide for you in your old age is looking more and more like folly these days. Thats why Im saving as much as I possibly can without sacrificing too much of what I want.

Relying on government or corporations to provide for you in your old age is looking more and more like folly these days.  Thats why Im saving as much as I possibly can without sacrificing too much of what I want.

 

Absolutely agree. People are going to be largely on their own when it comes to building a nest egg for retirement. Pensions are already pretty much dinosaurs, and everyone knows about the soc sec problem.

Relying on government or corporations to provide for you in your old age is looking more and more like folly these days.  Thats why Im saving as much as I possibly can without sacrificing too much of what I want.

 

And how are you savings? Imagine if the companies you invested in went bankrupt and your stock is worthless. That is basically (not exactly) what these people may have done. They would have invested in GM, and that seems like a blue chipper to me. Who would have thought 20, 30 years ago that a GM pension wasn't golden?

 

If you are investing in the market, you are relying on corporations. If you are buying government bonds, you are relying on the government.

 

I agree with what you are saying, but it just isn't as simple as that sounds.

Relying on government or corporations to provide for you in your old age is looking more and more like folly these days.  Thats why Im saving as much as I possibly can without sacrificing too much of what I want.

 

Today: I agree.

 

People who stated with GM in the 70's: No way they could have anticipated this. They did what everyone was supposed to do.

And how are you savings? Imagine if the companies you invested in went bankrupt and your stock is worthless. That is basically (not exactly) what these people may have done. They would have invested in GM, and that seems like a blue chipper to me. Who would have thought 20, 30 years ago that a GM pension wasn't golden?

 

If you are investing in the market, you are relying on corporations. If you are buying government bonds, you are relying on the government.

 

I agree with what you are saying, but it just isn't as simple as that sounds.

 

 

DIVERSIFY DIVERSIFY DIVERSIFY!!!!

 

 

Thats the only free lunch thats out there.

 

 

If you park all your savings in one company like all those Enron people did then you're really asking for it. I have my cash split up between 4 mutual funds ranging from a mixed equity/income to Large, Mid and Small cap funds.

DIVERSIFY DIVERSIFY DIVERSIFY!!!!

Thats the only free lunch thats out there. 

If you park all your savings in one company like all those Enron people did then you're really asking for it.  I have my cash split up between 4 mutual funds ranging from a mixed equity/income to Large, Mid and Small cap funds.

Nuke, that's today. You're smart enough to know that today. The people from 20 years ago didn't have those options.

Do any of you drive a GM car(s)?

 

Just wondering.

Do any of you drive a GM car(s)?

 

Just wondering.

 

 

No. Two Hondas here.

I say let the UAW run GM for a year.

Do any of you drive a GM car(s)?

 

Just wondering.

I own two. As a matter of a fact, I have never owned anything but US cars. 3 Chevy's, 3 Pontiacs, and a short lived Ford.

Do any of you drive a GM car(s)?

 

Just wondering.

I drove a Pontiac, bought new, back when I was in high school and college.

 

Within a year of buying the car, the "Service Engine Soon" light was coming on constantly. We'd take it to the dealer since it was under warranty...they'd hold it for a week, do nothing, and then give it back to us. A month later the light would come back on. Repeat 2-3 times. At one point...they just held the damn thing for quite literally a month, and I can guarantee it spent most of that time sitting on the lot - there were new rain drop spots on the thing when we picked it back up, and it hadn't rained in over a week before that time.

 

The only reason we got it back that day was that my dad called and spoke to the owner. I was this close to including a line in my Valedictorian speech saying "Do not shop at this dealership." I literally said to myself "That line is going in if I don't get my car back today." I got it that day.

 

After that...we did the same song & dance 1-2 more times. But eventually...probably related to the "Service Engine" light...there was a major problem with the fuel injector, which wound up causing something major to go wrong. They finally fixed it, but it starts extremely rough every time (you have to turn the key 2-3 times, with it struggling during each attempt, to get it to run.)

 

Beyond that...the Radiator seals developed a nasty leak, and kept draining the thing. We've had that one fixed a couple of times too, and the leak keeps coming back.

 

Oh, and all of this was with no accidents that I know of either. It'll be a long, long time before I even consider buying another GM vehicle.

We have a Vette.. so far, so good. I had a Pontiac Sunbird in high school.. bought the thing with 18 miles on it and the damn head gasket blew before it hit 1000. Had nothing but trouble with it after that. Then I had an Olds Alero.. another piece of s***.

 

Now we have a Galant and Montero in addition to the Vette (which only sees the light of day in the summer...). Both of them have been fine so far.

I own a 98 Ford F-150 pickup that I bought new. After 158,000 miles there is only one major repair I've had to make on it... that was to replace the transmission. Other than that, it is still a very nice truck.

Edited January 26, 200620 yr by YASNY

Do any of you drive a GM car(s)?

 

Just wondering.

 

 

i do

I did. Had a 96 Oldsmobile that was having rust issues five years in. Engine ran well though and lasted about 140,000 miles.

 

Before that I had a 95 Bonneville that lasted until 155,000 miles.

 

When I was shopping around, I just didn't see a GM car that caught my eye. The aveo was too small, the Malibu had terrible mileage, and there was nothing else that GM made that I could afford that I liked in the least.

 

GM let its design get stale. It made the mistake of trying to bail out unsuccessful Asian car makers hoping to gain world market share rather than improving its market share by making better cars.

I'm thinking about buying a 2006 Impala SS.

 

Anyone know anything about it?

I have owed 2 Saturns (which runs somewhat more independently than other units, but is still GM). Both have been very reliable. My first one was a '95 sedan, has 165k on it, and is still running (I know the current owner). Current one is an '04 VUE and I love it.

I'm thinking about buying a 2006 Impala SS.

 

Anyone know anything about it?

 

 

Southsider has one (not an '06 though). I know he likes it.

I'm thinking about buying a 2006 Impala SS.

 

Anyone know anything about it?

 

I have a 2004 that I love. Personally I would never buy a car that is in its first year after a redesign... Too many recalls as the kinks get worked out.

 

My car stories...

1988 Chevy Cavalier- Got 130,000 miles out of it

1989 Grand Am-totalled in the first month I bought it

1991 Grand Am-Stolen with 120,000 miles on it

1994 Grand Am-Totalled with 120,000 miles on it

1997 Lumina- Still running with 108,000-No real problems so far

2004 Impala- Still going with 27,000-No probs so far

I had a 1996 Baretta - transmission went with 80K miles on it

 

in 2001, bought an Alero. The same damn signs on the transmission started with 67K miles on it... so I got rid of it 4 months ago and decided to go with Toyota. I REALLY didn't want to do that, but based on every consumer report out there, the new Camry designs were the way to go... the car rides WAAAAAAAY better then either of the two GM's I had, but yea, I know, different style of car.