News, General Motors to Slash 23,000 Hourly Jobs. (lender, loan, sales)

[John1960]

In another bid to stave off bankruptcy, General Motors today announced new plans to slash its American work force. The sputtering automaker said it will cut 21,000 hourly employees by 2010 and an additional 2,000 by 2011.

General Motors to Slash 23,000 Hourly Jobs - ABC News

[Dexterguy]

Looking back at history, it's amazing to see how this American giant fell to its knees so quickly. When all is stablized GM will be no longer the giant it was, it could fall to 5th, 6th, or even 7th place on the international ranks when all is said and done.

[taurus430]

Originally Posted by Dexterguy

Looking back at history, it's amazing to see how this American giant fell to its knees so quickly. When all is stablized GM will be no longer the giant it was, it could fall to 5th, 6th, or even 7th place on the international ranks when all is said and done.

With high salaries, benefits, pensions etc, all good things come to an end. It's to bad.

[killer2021]

Originally Posted by Dexterguy

Looking back at history, it's amazing to see how this American giant fell to its knees so quickly. When all is stablized GM will be no longer the giant it was, it could fall to 5th, 6th, or even 7th place on the international ranks when all is said and done.

GM is going to have to cut a lot. I was looking at the sales figures and it is something like a 50% cut in sales. So to say the least they'll have to be about half the size they are now, if not more.

[Dexterguy]

Originally Posted by taurus430

With high salaries, benefits, pensions etc, all good things come to an end. It's to bad.

GM is not going to go out of business, the U.S. Government will not let it.

Yes, the corporation is going to be considerably smaller, but not gone.

Chrysler, although is a different story.

[Stac2007]

Originally Posted by Dexterguy

GM is not going to go out of business, the U.S. Government will not let it.

Yes, the corporation is going to be considerably smaller, but not gone.

Chrysler, although is a different story.

You are right that the government will not allow GM to go under for the sake of the stock holders. What it will mean is that their production lines will be moved to China. So long the American worker.

[Exrvi]

You are right that the government will not allow GM to go under for the sake of the stock holders. What it will mean is that their production lines will be moved to China. So long the American worker

Actually, if Chrysler is a "model" the Government is not going to allow GM to go under...for the sake of the UAW emnployees and taxpayers. Chrysler stockholders are being wiped out, as are the lenders who are supposed to get first crack at the assets. Instead they are getting about 30 cents on the dollar and vilified by the press and BO. In fact, most of those who loaned Chrysler money are pension funds, mutual funds, etc which in turn are owned by normal people.

[texdav]

That is wrong because some of the bondholders wouldn't agree;so its to the courts to decide.We will soon learn if our court system is going to do what the law says or play politics. This could go on for quite awhle I suspect.