GM posts 9.6 billion quarterly loss.
Say what you want about the auto industry, just another problem piled on top of many problems, but if this industry goes down we are looking at millions unemployed, not thousands, but millions monthly. The dichotomy that the market will continue to fix itself is a moot point when the market, financial industry is teetering to brink with their hands out begging and needing money to stay in business. Yes, the housing market is to blame for much of this, but remember who gives out loans and who put the stamp on loans. Remember, who changed many income brackets on loans for consumers to get in homes many knew they could not afford. Remember, the consumer who not only knew they could not afford this home, but was ignorant to understanding the word "fixed" versus "adjustable". But lastly, remember the financial industry lobbied for deregulation, used the loop holes, and did not care at the end because this industry walked away with not millions but billions.
The public has every right to be angry at the financial and banking industry. The public has every right about the housing industry being in chaos when many are responsible home owners. The public has every right to not want to save these industries, but if we just let the "market" fix itself we will look at chaos. Do I like throwing money to these losers? HELL NO. But I am tired of my property value going down, the unemployment numbers are atrocious, and I am tired of management irresponsibility at the private and public sector.
Now General Motors. I have beef with them too. Not running a fiscal responsible company, selling SUVS and not able to edit on a dime as the consumers change, and one of the last lions in this country that actually makes something. This thing of letting this industry die out is also irresponsible. Many reading this blog had parents that used to have a job for 30 or 40 years and were raised in a middle class home due to companies like General Motors. We were raised having decent health care, able to go to college, parents able to purchase a home, due to companies like GM. We need to step back and look at the big picture. If the auto industry goes down, so does everything else associated with it.
Now General Motors has one of the worst losses ever on their books. For anyone to think that the market will correct itself, then don't nag and complain about all these foreign companies running around this country selling products and most of our food supply. The market won't correct itself for a very long time. Home prices won't go back to what you or I want for a very long time. Trade in this country needs to be adjusted and companies leaving and throwing workers to the curb need to be fined. But this is just my rant, while many are wondering what will really happen to the auto industry in this country, because if we have to continue to bailout the banking industry which is half responsible for where we are economically, why do we think we can continue to piss on an industry for the middle class worker? If we don't want to help the auto industry, then f*ck the banking industry. And this is not only how I feel, but many other Americans in the long run.
General Motors Corp. says it lost $9.6 billion in the fourth quarter and burned through $6.2 billion in cash as it sought government help to avoid running out of cash.
The nation’s biggest domestic automaker lost $30.9 billion for all of 2008 as it struggled against a U.S. sales slump and a global recession.
GM has received $13.4 billion in federal loans and its executives are in Washington, D.C., Thursday to talk to the Obama administration about the company’s request for up to $30 billion.