GM and Government Ownership Question

[Skipy]

If the US Government becomes the majority stockholder of common stock in GM, and seats a government employee on the board, will anyone have a problem buying a car from a government owned company?

I for one do not believe that our government should be a majority stockholder in any business, look what they have done with social security, money is all gone, etc.. I presently own two pontiacs but will never buy a car from a company that is controlled by our government. I am just curious how others feel. Thank you in advance for your comments.

[mikester0421]

The hard truth is if the government didn't and doesn't step in we wouldn't have dealers or a warranty. GM is a lumbering monolith trying to become a world-class organization on par with companies that were designed and grew having learned from GM's mistakes. I think of it like telephone infrastructure: In the US we have copper wires everywhere still, in a developing 3rd-world country they jump straight to WiMax.

I can tell you that as a long-running popularity contest, Obama and his administration is not interested in helping a company that most Americans think should be left to die. I think this transition period is a golden opportunity to achieve the efficiencies of the competition and be around to honor the warranty.

[idkfa]

Originally Posted by Skipy If the US Government becomes the majority stockholder of common stock in GM, and seats a government employee on the board, will anyone have a problem buying a car from a government owned company? I for one do not believe that our government should be a majority stockholder in any business, look what they have done with social security, money is all gone, etc.. I presently own two pontiacs but will never buy a car from a company that is controlled by our government. I am just curious how others feel. Thank you in advance for your comments.

I would support the heck out of a plan to help save a good company ESPECIALLY if it meant we as the people could reap some rewards of a success rather than just giving away money.

I see the former as a much better option than the latter.

[Snugglebear]

The Skittles crew has to look like they're disgusted with taking over GM with the populist rage circling about, but I would bet large sums of money they're anything but. In the short run they're able to say they turned GM around without causing massive job losses or disruptions to the markets or wider economy. They're also able to give the unions a giant gift with a bow on top - majority interests in these firms. Longer term they're able to continue to influence the company as they undertake new policy initiatives, be they the greening of cars, healthcare reform (remember GM a few years ago - oh, we can't be competitive with the Europeans since they all have universal coverage...), changes to corporate governance rules, changes to accounting rules, or whatever else.

As for buying from them, I will most likely buy one car, that's it. I'm not aware of any government owned companies or regulated monopolies that stay competent for long. Likewise, I am not aware of any union owned companies that do well.

[turboman808]

I am a libertarian and a capitalist and doing so would go against everything I believe. I will drive the cars I have now til the day I die before I fall for this socialist crap.

[diamoney]

Originally Posted by turboman808 ... I will drive the cars I have now til the day I die before I fall for this socialist crap.

...Until they take away your inefficient (for car pooling Solstice) and tell you that you must drive this new marvel of state production for which we will ration service and terms of use...

[idkfa]

Originally Posted by diamoney ...Until they take away your inefficient (for car pooling Solstice) and tell you that you must drive this new marvel of state production for which we will ration service and terms of use...

Is that how you really see elec or hydrogen cars going?

I sure as hell hope not. Electric motors = instant torque and cheap solar is right around the corner. No more trunks lined with batteries.

We may loose the sound of a rumbling v8 (which is definitely a sad loss) but once we have efficient electricity the possibilities are endless.

[82-T/A]

Originally Posted by Skipy If the US Government becomes the majority stockholder of common stock in GM, and seats a government employee on the board, will anyone have a problem buying a car from a government owned company? I for one do not believe that our government should be a majority stockholder in any business, look what they have done with social security, money is all gone, etc.. I presently own two pontiacs but will never buy a car from a company that is controlled by our government. I am just curious how others feel. Thank you in advance for your comments.

I will never buy another GM car, ever again... or Chrysler for that matter, unless they can free themselves from that 10% government ownership.

To be quite honest, I would rather see GM collapse forever than remain as the socialist tortured shell that it is now.

[Pterosaur]

Not wild about it...but I'd sure as hell buy from Uncle Sam in a GM suit before I'd buy from Japan. Nothing wrong with Japanese, Korean, French, or Italian cars...just keeping my money as close to home as possible. If more had done that GM would not be in the sorry state they are now.

[CavOfficer]

If more people in this country don't start intentionally trying to buy American - whenever possible - then our children will end up paying the price for our lack of intellect. People have to understand that buying local, and buying American, puts their neighbors to work - and keeps those dollars in their country and their communities. My Solstice if a great little car - and I picked up a Porsche at the factory when I was in Germany in the Army, so I think my perspective of a great car is sound - yet it will die along with the rest of the Pontiac brand, and yet Kia will live..

I will never buy another foreign car in my life, and I look at the percentage of American content on the American cars I do buy, before I make a final decision. We all had better wake up and smell the downfall of our way of life before it is too late - buy American, buy local.

[duckSol]

What do you mean IF?

Are any of you listening to this BLOWHAMAS this person who goes by the by the name OBAMA?

On edit the IF I refer to is not the previous post it is to if the Government takes control of GM or anyother company for that matter like Chrysler.

[PubliusE]

Originally Posted by Skipy If the US Government becomes the majority stockholder of common stock in GM, and seats a government employee on the board, will anyone have a problem buying a car from a government owned company?

I'm out in CA this week and watched the local news this evening. They said people are now calling GM Goverment Motors.

[GS Stage 1]

Originally Posted by 82-T/A I will never buy another GM car, ever again... or Chrysler for that matter, unless they can free themselves from that 10% government ownership. To be quite honest, I would rather see GM collapse forever than remain as the socialist tortured shell that it is now.

Ah, it's not 10% ownership anymore, try more than 50% (between US Government and UAW it will be up to about 85%). This is because of the trading of government loans for common stock in GM. Once the deal is finalized, Uncle Sam will have the controlling interest in GM. Just like the banking industry, same goal, same tricks. In the banks they traded in the Preferred Stock for Common Stock, got the big numbers on the trade, and controlling interest.

Chrysler is next, mark my words. And then Ford, yes I know they haven't taken any money yet. But if they don't, then Treasury will exercise it's new found powers to investigate, intercede and apply "resolution authority" to any Non-Banking institution.

But on an up note, maybe we will be able to get something like this: Volga (automobile) - Wikipedia, the free encyclopedia

The Volga ROCKS!!!!!!!!

Edit: The new ones even have a Chrysler DOHC 2.3 litre engine. This is great. Drive American, Drive Volga!

[turboman808]

Originally Posted by CavOfficer If more people in this country don't start intentionally trying to buy American - whenever possible - then our children will end up paying the price for our lack of intellect. People have to understand that buying local, and buying American, puts their neighbors to work - and keeps those dollars in their country and their communities. My Solstice if a great little car - and I picked up a Porsche at the factory when I was in Germany in the Army, so I think my perspective of a great car is sound - yet it will die along with the rest of the Pontiac brand, and yet Kia will live.. I will never buy another foreign car in my life, and I look at the percentage of American content on the American cars I do buy, before I make a final decision. We all had better wake up and smell the downfall of our way of life before it is too late - buy American, buy local.

Problem is it's way to late for that. GM no more American then Toyota or Honda. Even the beloved solstice and redline are from germany. I will only buy classic cars from now on myself

I screwed up recently myself. I wanted custom designed furniture so I ordered from AICO. They go on and on about being a California based company. What they don't tell you is they get the stuff built in China then finish off the custom work here. I went out of my way to order from them instead of ordering from Italy. Honestly ya cannot ****ing win.



So while I am right there with you in principal don't be suckered into thinking there is such a thing as a American car company.

Well hell isn't Factory Five still building in America? There ya go! I could buy from them the rest of my life and be a very happy man indeed.

[ChilliSol]

some people don't want to buy cars from gm beacause they are owned 10 percent from the goverment.

hmmmm

guess if you have stocks you need to get out,if you have anything with the financial institutions you need to get out and there will be more to come