Re: GM Getting Flogged -- What's Wrong With America?
From: Chuck Feney (iron.heart_at_Halliburton.)
Date: 03/16/05
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Date: Wed, 16 Mar 2005 20:51:07 GMT
On 16 Mar 2005 11:17:17 -0800, "cliff84373@yahoo.co.uk"
<cliff84373@yahoo.co.uk> wrote:
>I remember when I was a kid there was a cartoon chararacter in Li'l
>Abner named "General Bullmoose". He used to be fond of saying things
>like, "What's good for General Bullmoose is good for the USA". General
>Bullmoose, of course, was a fictitious name for General Motors. In
>those days GM was the largest corporation in the U.S. Now our largest
>corporation is Exxon Mobil, a corporation whos future is based on a
>non-renewable resource.
>
>GM is down 4.43 or 13% in todays trading after stunning the market by
>slashing first-quarter earnings estimates to a loss of $1.50 a share
>and cutting its 2005 earnings outlook by more than one half. GM's
>profit fell 37% in the fourth quarter. Their bonds are evidently
>selling at or near junk interest rates. The rest of the stock market,
>by the way, seems to be stalled probably due to inflation worries.
>
>In the meantime the Commerce Department recently reported that the U.S.
>deficit in the broadest measure of international trade soared to a
>record $665.9 billion last year, 25.5 percent above the previous record
>set in 2003. Obviously, the world isn't exactly clamouring to buy our
>stuff even with the low value of the dollar.
>
>So, what's wrong with GM? Obviously they have a problem with high labor
>prices. They also have a problem with health care costs. As I recall,
>health care for the retirees actually costs GM more than the steel that
>goes into their automobiles.
>
>What else is wrong with GM? For that matter, what's wrong with America?
>
>
They bet the farm on beasts like the Hummer, which ain't too smart
with $2.25 gas and burger-flipping jobs.
Meanwhile, America, obeying the exhortation and following the example
of its great leader, went shopping - on credit.
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