The Summer of Recovery Ends, Epic Fail Fall Begins

chefdennis

Veteran Expediter
opp's...I guess barry and joe didn't knw it was as bad as it was...cause their "Recovery Summer" is about to setup the "Failings of Fall"...


Clarice's Pieces: The Summer of Recovery Ends, Epic Fail Fall Begins

By Clarice Feldman
September 05, 2010
American Thinker: Clarice's Pieces: The Summer of Recovery Ends, Epic Fail Fall Begins


From the article linked above:

Shikha Dalmia, for example, compares the General Motors IPO as a political bit of flummery which may be "this decade's biggest financial fiasco"

Indeed, in its application to the Securities and Exchange Commission--which, guess what, will come through just in time to make an IPO possible before the November elections!--GM admits that its "disclosure controls and procedures and internal control over financial reporting are currently not effective." And this "could materially affect our financial condition and ability to carry out our business plan." Companies include all kinds of outlandish mea-culpas in their IPO applications to cover their derrières in the event of investor lawsuits. However, this one goes to the heart of the information that investors need to determine whether GM is a good investment, especially since it is going public after only two good quarters as opposed to the usual four. If GM can't guarantee its own numbers, how exactly are investors supposed to evaluate its worth?

I expect law firms around the country are lying in wait to see which, if any fiduciaries, put their clients' money in the GM IPO.

In any event the IPO hardly looks like good news for the taxpayers who paid the hefty bill to keep GM afloat (and the UAW happy).It's being done at a very inopportune time clearly in a vain effort to halt the Democrats' political slide.
 

layoutshooter

Veteran Expediter
Retired Expediter
opp's...I guess barry and joe didn't knw it was as bad as it was...cause their "Recovery Summer" is about to setup the "Failings of Fall"...


Clarice's Pieces: The Summer of Recovery Ends, Epic Fail Fall Begins

By Clarice Feldman
September 05, 2010
American Thinker: Clarice's Pieces: The Summer of Recovery Ends, Epic Fail Fall Begins


From the article linked above:


There is a minimum of 537 people who seem to have NO IDEA in the world what is going on outside of Washington. They feel the need to live in their own little GAGA land. They have NO problem ignoring those who they work for. They have an uncontrollable urge to "lord over" those who pay their wages.

We call that bunch, OUR government. They suck, they need to go. They are out of control. Vote every incumbent out.

There are MANY more outside of Washington that live in that same GAGA land. We call them liberals, socialists, Obama supporters etc. They either believe that they are too stupid or lazy to care for themselves, OR, that they and those they support are far more capable of running other peoples lives than those people are able of doing themselves.

This socialism etc is a deadly disease that destroys the very soul of all who embrace it. It can be cured but it often requires a brain transplant.
 

xiggi

Veteran Expediter
Owner/Operator
They still haven't learned and are getting ready to try to spend more in an vaguely disguised attempt to buy votes.
 

greg334

Veteran Expediter
Speaking of GM, there was a group who was asked by Bush to explain to him how bad GM is. These guys are automotive financial people. They reported back to the president that GM needs a complete and utter change from the top down to survive, and one of the biggest issues was their accounting methods used and their marketing strategies that will hold them back from any attempt to save them.

The idea with the Obama team was to rid the company of the products that are considered liabilities (Opel, Satern, etc..) and keep the strong marketable products (Cadillac, Chevy, GMC, Buick) but do not touch the core groups where the money is really spent, executive staff, accounting, Union, etc.. When you go to GM back in July of 2007, it was a strange and wonderful place. When you go to GM in July of 2010, it is the same strange and wonderful place - nothing has changed, they are still declining on market share, still have the idea that the sale at any cost is the best sale and only sale to have while they have the same exact attitude throughout the company - people owe them because they are General Motors.
 

Pilgrim

Veteran Expediter
Retired Expediter
Has there EVER been a govt. managed enterprise that didn't lose money, and lots of it? When we look back two or three years from now, we'll wonder why all that money was wasted on a company that had no chance of success due to the reasons listed in Greg's post. To find the answer one need not look farther than the UAW.
 
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