Somebody please explain
 

Can you or anyone here explain how this, below, was allowed by its creditors to be the case, when GM filed for bankruptcy?

To me, anyone who had taken Accounting or Finance 101 would know the lending in this was a ticking time bomb.

GM had not had a profit since 2004, and in its bankruptcy filing, it had $172 billion in debt and $82 billion in assets. Huh??????

http://online.wsj.com/article/SB124385428627671889.html

Do I think GM should have been allowed to fail? Absolutely!

Think again
 

Who would letting them fail punish more? The stockholders and executives of GM, the suppliers who go bankrupt and cause a ripple effect for other American and foreign car manufacturers, the employees on the line, the devastating effect on communities that have auto plants in their community, the increase in foreclosures in those communities?

A good example of this would be Sterling Heights, Michigan. It is a suburban community just north of Detroit. It is home to GM, Chrysler, and Ford plants, along with numerous suppliers. Definitely a middle class community. In 2000 the median income was $77,873. In 2009 it dipped to $51,545. That is a 34% drop in family income to the 4th largest city in the state. Where we live in the summer months it went from 84k to 61.5K.
So I don't understand the rationale to let such a huge business fail. I understand that management has made poor decisions for decades. However, the residents and businesses communities nearby suffer even more.

Yeah, that would teach em a lesson.

That is just plain scary!
Also how do corporations figure American economy can survive if everyone in US is unemployed becasue all jobs have been sent off shore. Maybe we need to ask corporations why they need American CEO's when they can get a cheaper one in China........
Suzanne

Any number of large companies have been allowedd to fail without the government intervening. When Bethleham Steel went under, Bethleham, PA suffered. So the question is why GM and not Woolworth, Grants, etc.? Where is the level playing field?
Oh, and your overseas rads are more than likely in Australia or Spain. Radiologists in the US choose to knock off at 5 PM and their services are needed 24/7. It is their choice to limit their income by limiting their work hours. At least in NY, these "nighthawks" need to have a NY licence.

And thus our government's pressure to computerize all our medical records and keep them in one central system.

It seems to me the older generation is more aware of these matters and care more of American jobs and the American economy..Maybe because they saw and remember the depression and the after effects...The younger people seem to have what I would like to call the "ME MY SYNDROME" What is good for me and I don't care about anybody else...but what is the name of an American made hearing aid? Is there any...Every generation should make this country better for the next....How are we doing ?

Enjoy what we have now as it is no doubt the best it will ever be from here on in. Those who follow us will not ever know the freedoms we have (had).

And they have no investment in the past or the here and now so they are indifferent about almost everything.

The glory days and freedoms and opportunities we have all experienced in our past are either gone or fading fading away.

The me, my, mine, not me, not in my back yard, entitlement oriented, where's my freebie, generations just do not care. Add to that the cross section of born in America Americans continues shifting rapidly to less than majority being less than the majority.

Those with no investment in America...just do not care like we did....they don't. I speak from experience as I watch the difference in our 5 kids...our 11 grandchildren...3 great grandchildren...what the younger ones do and say or don't do and don't say would never ever have been tolerated in my days of growing up.

Yup...today is the best you will ever see it from now on. I feel sorry for the younger generations.

btk

I found this site great!
 

Try looking here for AMERICAN MADE!

http://www.americanmadeproducts.com/

Well after watching the news tonight I would say not very well.......
Suzanne

ditto

just a thought if you bought your furniture from southern lifestyles the Ashley you are sitting on or sleeping on is from an asian company..My grandchildren (age 8 to 14) are taking mandarin in school because french is not as usable in business life...as for anything else i guess my sign on Asianthree says it all, i buy american when i can however my last 3 GM cars all had such problems that the dealership had to take them back (yep have big GM ties) but sadly i need a car that sat in my driveway not GMs so i bought a kia, look around there are alot of things we can buy from the US, but sadly more come from an asian country that the workers get paid pennies to make