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Just Say No to Detroit
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The view of a Prof. of Finance at New York University's Stern School of Business on the auto industry and the destruction of capital. About $110 billion of destruction of capital between 1980 and 1990 for GM and Ford, and the destruction of $182 billion in capital that was invested in GM between 1998 and 2007. From a Finance point of view this is society's capital that can be better invested. The total $465 billion invested in GM and Ford between 1998 to 2007 says Yermack could have purchased all the shares of Toyota, Honda, Nissan and VW. The job losses overstate the situation he says, as jobs would be created in other auto factories which expand as Detroit contracts, which is already happening as sales decline is less steep at other automakers such as the Japanese. Regarding the proposals to ask the automakers to build environmentally friendly cars with serious fuel efficiency, he says its like asking the cigarette companies finance cancer research, considering their lobbying efforts to gut serious conservation or environment friendly legislation.
Sinking demand in 2008 and the Detroit automakers future.
02/13/2006
Sinking demand is casting a long shadow on the future of Detroit automakers, not the sinking demand of the 3rd quarter which was bad, but the sinking demand for the 4th quarter 2008 and in 2009. Something that GM and Ford with their optimistic forecasts of 13-14 million vehicles for 2009 as stated in theSenate on November 18, 2008 by their CEO's, may have missed as sales may be in the neighborhood of 10 million or lower in 2009.
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Some G.M. Retirees Are in a Health Care Squeeze
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Detroit Auto Makers Need More Than a Bailout
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Wall Street Journal 11/10/2008
Obama Asks Bush to Provide Help for Automakers
New York Times 11/11/2008
The new GM and the problems it will continue to face.
02/13/2006
GM faces intense competition in a shrinking market. And building appeal to younger demographics customers is critical to GM.
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Some G.M. Retirees Are in a Health Care Squeeze
New York Times 11/10/2008
Detroit Auto Makers Need More Than a Bailout
Wall Street Journal 11/10/2008
Wall Street Journal 11/10/2008
Skeptics Present Another Obstacle for GM
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Wall Street Journal 11/12/2008
Auto-Industry Crisis Tests Obama
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GM (General Motors) Restructuring in 2009.
01/24/2008
After the first government loan General Motors begins serious restructuring in February 2009 as mandated in the loan terms. The government oversight over the restructuring.
Grouped Articles
GM Shares Sharply Down as Western Europe Drags
Wall Street Journal 10/09/2008
Howes: Market drop revives talk of bankruptcy
Detroit News 10/10/2008
U.S. Auto Shares Plunge on a Grim Sales Forecast
New York Times 10/10/2008
Detroit Free Press 10/14/2008
General Motors, Driven to the Brink
New York Times 10/26/2008
How Detroit Drove Into a Ditch
Wall Street Journal 10/25/2008
The new Chrysler that is emerging from bankruptcy with government help under Fiat's Marchionne.
11/10/2006
Marchionne has kept many of the managers from the previous Chrysler. Jim Press is deputy CEO and adviser. He came from Toyota. Everything else will change. He is flattening the organization structure to improve communication and speed. Smaller car lineup will replace the prior lineup, and Fiat's engine technology will provide help for fuel efficient cars.
Grouped Articles
Fiat, in Deal With Union, Will Buy Rest of Chrysler
New York Times 01/01/2014
Worker Reaction to Chrysler bankruptcy
Detroit Free Press 05/04/2009
Bankruptcy reality sets in for Chrysler, workers
Detroit Free Press 05/04/2009
Chrysler reborn under alliance with Fiat
Detroit Free Press 05/04/2009
Impact:: Bankruptcy Announcement
Detroit Free Press 05/04/2009
Chrysler tried in vain to sell parts to Chinese, form partnerships
Detroit News 05/04/2009
GM and Ford spent $175 million lobbying in the last 10 years with focus on fighting fuel efficiency standards.
11/15/2008
A misstep that leads to falling behind the Europeans and the Japanese in innovating and investing early in the area of fuel efficiency.
Linked Articles
Wall Street Journal 11/15/2008
Clout Has Plunged for Automakers and Union, Too
New York Times 11/18/2008
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