How the government will back auto warranties – MSNBC – 31 Mar 09
“…Many consumers — reasonably enough — say they wouldn’t buy a car from a bankrupt automaker. So the government has taken steps to ensure that the buyers of GM and Chrysler cars won’t be left out in the cold…”
U.S. plans key role in naming GM board – MSNBC – 1 Apr 09
How GM Crushed Saturn – Newsweek – Posted 7 Apr 09
Chrysler files for bankruptcy protection – MSNBC – 30 Apr 09
Restructured GM to build more cars overseas – MSNBC/The Washington Post – 8 May 09
The Harsh Realities Of Detroit’s Bankruptcy – Torco Racing Fuel’s Competition Plus.com – May 26, 2009
Edwards & Young comment: Apparently President Obama is clueless on how the auto industry is structured. If Chrysler and GM actually collapse, those who manufacturer the OEM parts needed for warranty work and recalls will go with them. Not to mention the dealerships that do such work.
I’m very concerned when our government starts dictating how private industry should run. After all, does our government function in an efficient manner? HARDLY!
Perhaps President Obama is going to get into his coveralls and fix your car personally, but I wouldn’t count on it!
Your thoughts?
Roger Young
I agree
The way i look at it, if GM and others dont bring back the factories in the USA tell them to go get bail out money from the other countries where the factory is located
Butch has raised a legitimate issue here regarding the auto factories that have left the U.S.
Remember how NAFTA was going to be good for all of us? Many predicted that heavy industry would leave and with them, good paying jobs. Such as autos, steel, textiles, ship building, etc.
Such industry is also vital to national security. Or have we forgotten how our heavy industry played a MAJOR factor during WWII?
On 24 Mar 09, on our newsletter blog we posted a warning about the Fed asking for expanded powers which could lead to taking over major corporations.
Apparently that wasn’t just paranoia. I believe we’re seeing the start here with GM.
To view what we posted on that subject, please see:
http://northwestvets.com/blog-mt/2009/02/2009/03/geithner_asks_congress_for_bro_1.html
To date, I know of no federal law or anything in our Constitution that gives the President, Fed or Treasury the authorization to take over a private corporation, or select/dismiss corporate board members. So where does the authority come from to dismiss GM’s management?
Roger Young
The Newsweek piece on the Saturn is a good article on what could have been with the Saturn.
GM spent a ton of money in development on this car but you will see after reading the entire article, jealousy and internal GM politics along with the UAW destroyed the original concept of the car that was designed to compete with the import market.
And Saturn never lived up to the expected quality control and reliability as promised when it was in development.