GM heading towards a sub prime loan problem?

mich800 wrote:

hone eagle wrote:

The Texan wrote:

NJRVer wrote:
Since GM is the largest of course their numbers will be higher.
Follow the links in the article about GM not being alone in subprime loans and one goes to a photo of a guy in the Ford dealership.
So much for all you conspiracy types.

Good catch

Gm is the largest but not by as much as they used to be ,remember after the BK they are 1/2 the size they were before 2008.
Even if they go ti*s up ,someone will still have to build the cars the market demands,if it takes 200,000 jobs to build 15 million cars/trucks ,those 200,000 jobs will still be there ,just not the same people.
Could even be the same guys /gals if another auto company picks up the best pieces.

That is part of the problem. Everyone was told the jobs would just disappear but that was not necessarily true and there was no reason to turn decades of bankruptcy and UCC law on its ear because the end justifies the means. I do not agree with how it happened but do agree that we should have done something.

Not being a bankruptcy lawyer I have no idea how long a bankruptcy of that magnitude would take. I would imagine a long time. In the mean time wouldn't all connected GM employees be out of a job? Or at least most. I just don't see how Chrysler, Ford, Toyota or any of the U.S auto makers would be able to instantly start hiring more employees to fill the supply gap. I would think that it could be quite a while for all that to take place. In the meantime those workers have to pay bills. A big majority would lose their homes. It sounds like it would be simple but IMO the short term ramifications would out weigh the long term ramifications.