Friday, November 11, 2005

"What's good for General Motors is good for America"

The chairman of General Motors once uttered that statement in front of Congress. The corporation which once was the largest company in the world in terms of revenue now appears destined for takeover or bankruptcy.

GM VEERS OFF ROAD: Automaker is ripe for bankruptcy

Its solution: Cut costs and make better cars

General Motors Corp. is unraveling -- fast.

Its stock price plunged to a 13-year low Thursday after the latest in a string of financial problems dismayed shareholders once again.

Wall Street experts say the unthinkable is more likely than ever before: Michigan's largest company could be bought by a corporate raider like Las Vegas billionaire Kirk Kerkorian, forced to file for bankruptcy, or both.


Detroit Free Press

3 Comments:

Blogger lemming said...

make better cars

Only now do they clue in on this?! There's a reason why so many Americans purchase foreign cars. I'd purchase Made in America if the product was any good.

November 11, 2005  
Blogger torporific said...

The product is better than it was years ago. The latest studies show American cars are close to Japanese and ahead of European cars in terms of reliability.

Right now, I would say they are weakest in terms of design. First minivans and later SUVs kept Detroit in the black for years, but they let passenger car design lag. I think the new pontiacs and the ford fusion are steps in the right direction.

Chrysler has great design (i guess they're still American), but the reliability is questionable.

November 11, 2005  
Blogger lemming said...

I'm an impoverished graduate student who dreams of one day owning a car that was not manufactured while i was an undergraduate. Thus, although I've purchased five cars, all have been Japanese.

November 12, 2005  

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