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Old 11-23-2008, 10:40 PM
 
47,525 posts, read 69,707,823 times
Reputation: 22474

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Quote:
Originally Posted by th3vault View Post
There is a good chance that they won't qualify for Chapter 11 and they'll be forced to file for Chapter 7. Even if they can get Chapter 11, there will be serious problems getting the amount of money they need through loans because of the credit crunch. And then there is the problem of no one wanting to buy from a bankrupt automaker.

I really hope the Big 3 can pull through this, but I fear what will happen if they fail. MI, and Metro Detroit in particular, will be hit with one of the worst economic disasters in history.

Darn, I really wish this hadn't of happened. I bet the new Camaro is gonna be suspended, delayed or cancelled because of this..
Yes I think the loss of the automotive industry will be crushing, but that was something Americans should have thought about long ago. At one time the automotive industry was a big money maker, but now it's going to be a money drain. Globalism has done us in.
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Old 11-23-2008, 11:16 PM
 
14 posts, read 42,667 times
Reputation: 13
For the person who said medical jobs are safe better think again. UPMC one of biggest in the country just laid off people in Pittsburgh.

If the big 3 fails its going to be an issue for the US as a whole not just MI. Many states will see highest unemployment since 1982.
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Old 11-24-2008, 12:40 AM
 
Location: Southeast Missouri
5,812 posts, read 18,833,209 times
Reputation: 3385
In a way (if the conspiracy is true) GM brought this on themselves by buying out cities' streetcar systems and dismantling them. If we still had streetcars, we probably wouldn't be so worried about gas prices. Yeah, Street Cars were only in cities, but from my understanding they were generally more effective or more wide-reaching than most cities current train systems.

But I do feel bad for the big 3, but seems like this was a long time coming.
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Old 11-24-2008, 02:09 PM
 
Location: Working on relocating
800 posts, read 4,298,464 times
Reputation: 508
Yeah, we're leaving
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Old 11-24-2008, 03:46 PM
 
Location: Denver
61 posts, read 234,313 times
Reputation: 44
Already did. Although things aren't great out west, they're certainly better.
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Old 11-24-2008, 03:56 PM
 
8 posts, read 21,163 times
Reputation: 10
Thanks for all the input from everyone. I know this will effect the entire U.S. as a whole, but MI will be suffereing the greatest. The only reason I brought up the question was DH was offered a promotion in another state. I know my job isn't safe, but I don't work for a company with any ties to the automotive industry and that makes me feel a hell of alot better about staying in MI. But maybe moving to a state that ISN'T dependent on automotive would be a smart choice.....decisions, decisions.
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Old 11-24-2008, 04:27 PM
 
23 posts, read 62,407 times
Reputation: 37
I already did leave Michigan. Sure i didn't make any money on my house but it was worth it to leave the sinking ship. Sorry guys still in Michigan but sometimes its time to cut and run.

While the whole US economy is doing worse, the biggest impact is in Michigan. Just watch the local news. In Michigan it seems like an apocalypse is coming and the world is ending. (it basically is in Michigan) Here in orange county the news its not nearly as depressing. Also i see quite a bit of michigan lic plates on the roads here.

Truthfully the big 3 turned michigan from what you see "up north" into a livable place, and now with their collapse michigan is basically becoming a ghost town.
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Old 11-24-2008, 04:40 PM
 
Location: In my house
541 posts, read 985,134 times
Reputation: 302
Quote:
Originally Posted by Ryeno View Post
Truthfully the big 3 turned michigan from what you see "up north" into a livable place, and now with their collapse michigan is basically becoming a ghost town.
I like halloween
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Old 11-24-2008, 05:23 PM
 
Location: Southeast Missouri
5,812 posts, read 18,833,209 times
Reputation: 3385
Quote:
Originally Posted by Ryeno View Post
I already did leave Michigan. Sure i didn't make any money on my house but it was worth it to leave the sinking ship. Sorry guys still in Michigan but sometimes its time to cut and run.
That just made me think of that question I heard: "When rats run off a sinking ship, where do they think they are going?"
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Old 11-24-2008, 05:52 PM
 
Location: Marshall-Shadeland, Pittsburgh, PA
32,620 posts, read 77,624,272 times
Reputation: 19102
Quote:
Originally Posted by STLCardsBlues1989 View Post
That just made me think of that question I heard: "When rats run off a sinking ship, where do they think they are going?"
To North Carolina, my friend. Have you not seen the INSANE popularity of that state's forum as of late?
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