Quote:
Originally Posted by kanakattack
Okay I know i'm going to get heat from this but here goes. When you say buy American what do you mean, because the Toyota Camery and Tundra is made in the U.S. as well as the M.B. M-class and I'm sure some other models that have headquarters outside of the U.S. The car that has ignited our passion is built on an Australian Holden foundation and was largely developed in Australia. The manufacturing plant for this and other models such as the Chrysler 300/Dodge Charger and Challenger is in Canada. The parts for many cars today originate from all over the world. I understand and agree whole heartedly the necessity to keep the money in the U.S. but to be honest I think that too many U.S. corporations have outsourced the R/D and manufacturing of various products not only automobiles to other countries, while the corporate heads rake in the profits. So should we not buy Camerys, Tundras and the like and risk losing more middle class U.S. jobs or should we insist that these companies come back to the U.S. and invest and see the beauty of the next door neighbor that they've ignored for too long. I have an order in for a Camaro but feel guilty that Canadian and Australian workers would benefit more than U.S. ones. I just get frustrated in seeing fellow U.S. citizens suffer for corporate greed, and now when they are in trouble they turn to us not Australia or Canada but the U.S. to help in running their plants in other countries while we still suffer here.
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I hate for this to get too political but keep in mind that Toyota employs zero UAW workers. Is it a coincidence that they pay $10-15/hr instead of $30? Can you see why they can afford to make cars in the US? Pretty simple. That is why those jobs left the US for the domestics. As for the money staying here, don't kid yourself. When BMW makes money, it goes to Germany, not the US, so the taxes they pay, etc. are minimal compared to the Domestics. In other words, they barely contribute to our economy. They only build here to avoid tariffs, and take advantage of things originally put in place to help the domestics.
As for the oft-cited "corporate greed", remember, the "evil greedy corporations" pay taxes and move the stock market up and millions of people's pensions up when they make money, therefore it is good for everyone when an american company does well.
Something else to consider, these are accounting losses, not cash losses, so when you (other poster) say they lost more than their market cap, that just goes to show how low their stock price is. They have real assets worth much more than their market cap right now. The cash reserves are serious but I believe were due to some one time restructuring charges.
A Bankrupt GM would most likely be a restructuring at the very worst, to help them get out of union contracts, etc and start fresh. Think of how every major airline has been bankrupt in the past 5 years, they use it as a way to start fresh, but operations are generally not affected at all.
I am not saying times are good for them, I am just saying they will most likely pull through.