greeney2 wrote:GM goes bankrupt today officially, and was discribed as one of the bleakest days in the stock market, but the Dow ended up closing 220+ points up. I would expect it to crash on such bad news, that will affect many others from steel to tires.
I totally do not understand the stock market.
It's not going to affect anyone other than those who have bilked the public out of monies paid for drastically over priced vehicles for well over 4 decades. That's a fact and all can be laid at the feet of the UAW~ About time in my book.
The market anticipated this for months, that's why GM COMMON has been under 5 bucks for months maybe a year. Have to look! Their run rate on revs vs debt obligations was/is and always will be INSANELY out of whack~~~nothing will change in that regard despite anything anyone who claims to know, or spin a different tale will spew. If they do they will end up a fool, I guarantee it.
They forced out Rick W who was hands down by a freaking MILE GM's best CEO ever~ PERIOD. Probably because he wouldn't play ball for Obama and his idiot click of self serving brainiacs.
The stock market was up today on better economic news and a brighter outlook based on some key data~~~ GM was a non factor, just as they have been for years now. The BOND holders are the ones who'll make out like bandits then it'll be right back to square within 3-4 years time~~~wanna quote me on that~~or maybe wager on it.
The Union and cost of Employees/ killed the Big Three, nothing else~ There was a CEO who negotiated one of GM's labor deals about 20 years ago or so. Look that one up, it was the last nail for GM. I'm surprised that they lasted this long. He was shipped out on a rail shortly after that deal came down. Lot's and lot's of rumored death threats around that time was the excuse.
Freaking $55.00 an hour to build cars and trucks while robots did the heavy lifting. Some were making $75 and double that on Week-ends. Can you imagine how in hell they went bust~~
Surely to God that doesn't need an explanation?
The stock market usually gets it right when outside forces leave it alone. It got it right today, there's no doubt about it.Cole
PS. I've been telling you, as have others for a while now, THAT THINGS ARE NOT ALWAYS AS THEY SEEM. There's a lot some don't get in that regard.
The stock market is just one of many that I can name at will!
Greeney: Here's an edit for you now that your post has my juices flowing:
It's a little piece on how Bush and his administration were either ignorant of the SEC's role in enforcement policy, condoned the corruption, or simply treated it as business as usual. One or one of the other Two. Read the link carefully, it's crystal clear. Almost as clear as to why building 7 had to be completely destroyed:
The truth usually comes out in the end.http://finance.yahoo.com/news/SEC-watch ... et=&ccode= Cole