Posted by
BLOGASSAULT on Tuesday, June 02, 2009 11:09:17 AM
...it's Public Motors. President Obama in his prophetic wisdom just purchased the majority share of GM with monies that we haven't even given him yet. We are putting
$1.84 trillion dollars in debt on the books over the next 3 years, and in return we own a bunch of losers.
My last four vehicles have been GM products. I have always been a lover of Chevrolet trucks and would have never really considered buying anything else. Now, that is all different. Actually, it has become quite a dillema for me. My love for the brand is now in conflict with my hatred of it being owned by the government. Obama has used my money to purchase something that should have been allowed to fail. Poor management and too many concessions to the labor unions got them there and in the U.S. bad choices lead to failure. It really is the American way. I hate to see an icon of the industry go away, but that is less painfull then the strung-out death it is now going through. There is still no guaranty they will survive.
General Motors will be split in two. The New GM will be shadowed by an old "Bad GM" that will house assets and liabilities the company no longer wants, including the four brands that the company plans to sell or close: Pontiac, Hummer, Saab and Saturn. The Bad GM could have ads in which a guy rolls up in a jacked-up Pontiac GTO, V-8 engine growling, turns toward the camera and says, "That's right, we're the Bad GM." But it probably won't.
What happens to sales of GM vehicles in the next several months will be a critical test of Mr. Obama and Mr. Henderson's efforts to build consumer confidence.
GM has told owners of all its brands that their warranties will be honored and repair parts will be available. As dealerships wind down, GM says it will let customers know where to take vehicles for service.
I have little confidence in anything run by our government; and now they are going to ask me to keep buying a GM? I should get my next one for free since they used my money to build it.