http://money.cnn.com/2007/11/07/news/companies/gm/index.htm?postversion=2007110714
GM lost $39Billion..
Here's the quote of the millenium:
To put the size of the charge in context, the total value of all GM shares outstanding was only $20.4 billion at the close of trading Tuesday.
USFLAG
Wonder how Yota is doing...
http://money.cnn.com/2007/11/07/news/international/bc.earns.japan.toyota.ap/index.htm?postversion=2007110706
Replies (4)
swez on 11/7/2007 23:32:28
Heard a short piece on this one today on and NPR affiliate. As they unpacked the details, a lot of this are write offs from GM's lending group. (GMAC) This wing underwrites loans and leases and took a heavy hit and much of that won't be easily written off as losses and obtain tax credits as in past years. (Changes in tax codes that govern such issues)
GM did post 2 solid quarters of growth in 2007 already, but this quarter was when it all caught up with the book keepers and everyone else that has invested in GM stock. (Read... "The feaces hit the rotary oscillator") However, the real problem is making cars that fit the needs we have now.... (Like Toyota, Honda and Honda have been doing for years) D'oh/
Oh yeah, it's a very tough time for US auto makers, workers and states in the Midwest that house them. Michigan has been a "one horse town" for many decades and put all its eggs in one basket. (Automotive)
Now, we are scrambling to diversify the economy, change our image and attract more high tech and research companies to come to MI and keep the state from falling into a financial shut down. The Govoner's answer is a typcial Dem idiology.... raise taxes, add more bloat to the budget and then cut expenses only if/when they cannot get enough revenue. Unfortunately, they often threat to cut police key services and school budgets. (Not the bloat and pork barrel projects)
That is chasing many people that have skills, education and a means to flee the state. The rest that are stuck here, are paying a higher % of their income to support a very top heavy state Govt and excess taxes. (Too many employees that drain resources, but do not contribute well to the bottom line... serving state tax payers are where the cuts need to be made)
From my limited perspective, we have too many state employees on the payrole and they are not getting the job done well at all. (Dead weight) They get paid very well, but have forgotten their primary role as leaders and custodians... serve the people and be good stewards of what they take in each year in revenues.
Instead, it seems like once a snake get in power, it's every man/woman for themselves and power/money grab as much as they can, as fast as they can, before the game crashes on them too. Frankly, we need an outside, (Independent and un-biased) auditing firm to come in and have a deep look at all matters. Once the findings are gathered, find the graft, slackers and leaches and put "them in jail" on out on the streets.
To get to the bottom of all this, one has to start with the head and work their way out to all appendages. If we cut off the head of the snake, the rest is much easier to handle.
Think about that....
Swez
MrBrownstone on 11/8/2007 19:04:50
Let's look at this in layman's terms.
Swez has $39,000,000,000
Swez loses $39,000,000,000
How does Swez get $39,000,000,000 back? Profit on some cars less than $1000 per model. Thats' 39,000,000 cars!!!
What does it mean when you underwrite a car loan, lease or a home mortgage? You give someone a product, but when they don't pay for it, you not only lose the raw materials, the profit and the interest, you are also out the money.
MrBrownstone on 11/8/2007 19:06:18
PS bear in mind, GM is funded on only 20,400,000,000 in capital...they are worth 1/2 their losses.
Effective Immediately, I am closing the state of Michigan until further notice. Please evacuate Detroit as soon as possible if you haven't already.
swez on 11/9/2007 03:10:50
Good idea... Am not a skilled money manager and not trained in the realm of creative finances. But do know one thing, don't spend more than one earns and all is well.
Swez
GM lost $39Billion..
Here's the quote of the millenium:
To put the size of the charge in context, the total value of all GM shares outstanding was only $20.4 billion at the close of trading Tuesday.
USFLAG
Wonder how Yota is doing...
http://money.cnn.com/2007/11/07/news/international/bc.earns.japan.toyota.ap/index.htm?postversion=2007110706
Replies (4)
swez on 11/7/2007 23:32:28
Heard a short piece on this one today on and NPR affiliate. As they unpacked the details, a lot of this are write offs from GM's lending group. (GMAC) This wing underwrites loans and leases and took a heavy hit and much of that won't be easily written off as losses and obtain tax credits as in past years. (Changes in tax codes that govern such issues)
GM did post 2 solid quarters of growth in 2007 already, but this quarter was when it all caught up with the book keepers and everyone else that has invested in GM stock. (Read... "The feaces hit the rotary oscillator") However, the real problem is making cars that fit the needs we have now.... (Like Toyota, Honda and Honda have been doing for years) D'oh/
Oh yeah, it's a very tough time for US auto makers, workers and states in the Midwest that house them. Michigan has been a "one horse town" for many decades and put all its eggs in one basket. (Automotive)
Now, we are scrambling to diversify the economy, change our image and attract more high tech and research companies to come to MI and keep the state from falling into a financial shut down. The Govoner's answer is a typcial Dem idiology.... raise taxes, add more bloat to the budget and then cut expenses only if/when they cannot get enough revenue. Unfortunately, they often threat to cut police key services and school budgets. (Not the bloat and pork barrel projects)
That is chasing many people that have skills, education and a means to flee the state. The rest that are stuck here, are paying a higher % of their income to support a very top heavy state Govt and excess taxes. (Too many employees that drain resources, but do not contribute well to the bottom line... serving state tax payers are where the cuts need to be made)
From my limited perspective, we have too many state employees on the payrole and they are not getting the job done well at all. (Dead weight) They get paid very well, but have forgotten their primary role as leaders and custodians... serve the people and be good stewards of what they take in each year in revenues.
Instead, it seems like once a snake get in power, it's every man/woman for themselves and power/money grab as much as they can, as fast as they can, before the game crashes on them too. Frankly, we need an outside, (Independent and un-biased) auditing firm to come in and have a deep look at all matters. Once the findings are gathered, find the graft, slackers and leaches and put "them in jail" on out on the streets.
To get to the bottom of all this, one has to start with the head and work their way out to all appendages. If we cut off the head of the snake, the rest is much easier to handle.
Think about that....
Swez
MrBrownstone on 11/8/2007 19:04:50
Let's look at this in layman's terms.
Swez has $39,000,000,000
Swez loses $39,000,000,000
How does Swez get $39,000,000,000 back? Profit on some cars less than $1000 per model. Thats' 39,000,000 cars!!!
What does it mean when you underwrite a car loan, lease or a home mortgage? You give someone a product, but when they don't pay for it, you not only lose the raw materials, the profit and the interest, you are also out the money.
MrBrownstone on 11/8/2007 19:06:18
PS bear in mind, GM is funded on only 20,400,000,000 in capital...they are worth 1/2 their losses.
Effective Immediately, I am closing the state of Michigan until further notice. Please evacuate Detroit as soon as possible if you haven't already.
swez on 11/9/2007 03:10:50
Good idea... Am not a skilled money manager and not trained in the realm of creative finances. But do know one thing, don't spend more than one earns and all is well.
Swez
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