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GM 39 Billon Loss

Old 11-07-2007, 04:44 AM
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Default GM 39 Billon Loss

Hold on tight-- oil over 100/barrel-- now GMs loss-- the Dollar going in the tank--- Maybe we will boat in 2008 but the ripple effect from this is going to be BAD
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Old 11-07-2007, 04:48 AM
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Think that is bad,look to the far east,China is about to swap out 1.47 trillion dollars to other moneys.Gold hit $845 an oz.That should make the dollar about useless.Never would of thought that.OUCH!Don't plan any overseas trips or it will cost you double now.
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Old 11-07-2007, 05:02 AM
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Yes, just heard that-- China is a lot smarter (thanks to Bill Clinton) than Russia-- why spend all those $$$ on weapons of WAR---China is destorying the United States using our system ie Capitalism ---- The dollar is going in the tank---
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Old 11-07-2007, 05:07 AM
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Is this the Bilge?
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Old 11-07-2007, 05:07 AM
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Some say the U.S. might go into a recession, I say we've been there for at least 2 quarters. The fed is caught between a rock and a hard spot now, but I'm still hoping to see a rate cut. I'm not going overseas anywho, so a worthless dollar will not hurt me none. Well, so to speak. I will pay more for imported goods, but the main culprit to the price of what I buy going up is FUEL. I planned to fish some this winter, and still do, but I'll surely be aware of how much I spend while doing it.
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Old 11-07-2007, 05:51 AM
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With this news and what will follow -- You will think you are in the Bilge--- The market dictates what fuel cost to run our boats -- feeds our family and put a roof over our head-- its called ---- $$$$---don't know your status however China's dummping of Trillons of dollars will impact most of the boaters I know-----Rember when the US was preaching to China on how to manage its dollar-- China is how laughing--- as the US Dollar is one of the weakest currency of a major Countries---
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Old 11-07-2007, 05:58 AM
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Default RE: GM 39 Billon Loss

http://cheapseatview.blogspot.com/20...elated_content
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Old 11-07-2007, 06:58 AM
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China should start selling sinkers instead of toys covered in lead paint!
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Old 11-07-2007, 07:10 AM
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I work for a British company... they pay me in pounds. woth the excange rate going in the tank its like getting a raise every few days.

truth is if your rich, this wont hurt a bit. Anyone see that Warren Buffet has asked to be paid in Euros now? The dollar is taking a beating!!!

BTW on GM, this was the CEO's quote.... It all paper losses from unclaimed credits so no one panic.....



GM attributed the third-quarter loss to a $38.6 billion noncash charge largely related to establishing a valuation allowance against accumulated deferred tax credits in the U.S., Canada and Germany, as well as mortgage losses at GM's former financial arm, GMAC Financial Services.

But accounting rules require that companies expecting to keep losing money cannot keep carrying deferred tax credits indefinitely and must write down their value.

GM Chairman and Chief Executive Rick Wagoner said he knew the charge would be difficult to comprehend for some.

"I think you'd have to have a Ph.D. in accounting to understand it," Wagoner said during an interview on "The Paul W. Smith Show" on WJR-AM.

"It doesn't have any impact at all," he said. "I would encourage people not to overreact in a negative way to it."
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Old 11-07-2007, 07:37 AM
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Hope you are correct!!! Oil has failed to reach 100 go far today and the market has rebounded from being down
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Old 11-07-2007, 09:04 AM
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Default Re: GM 39 Billon Loss

GM Chairman and Chief Executive Rick Wagoner said he knew the charge would be difficult to comprehend for some.

"I think you'd have to have a Ph.D. in accounting to understand it," Wagoner said during an interview on "The Paul W. Smith Show" on WJR-AM.

"It doesn't have any impact at all," he said. "I would encourage people not to overreact in a negative way to it."
dahhhhh......what else is he suppose to say. The part that kills me the most is people buy that garbage!
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Old 11-07-2007, 09:20 AM
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Default RE: GM 39 Billon Loss

[/quote]A nice little read.
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Old 11-07-2007, 09:20 AM
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I don't find much distress in the GM loss. They have not listened to the consumer for years. Instead, they've just been too busy building what their bean counters say they should build. Who else could build the Aztec and introduce a whole new revision in their half ton trucks - without a diesel? Their passenger cars are ugly, dull and break too much. If that is not bad enough, the cost of "service" at the dealerships is completely uncontrolled, leading to $600 bills for 15000 mile service.

I do find a great deal of distress in China and the 1.47 trillion dollars. Until the advent of the Euro, there was no single other currency large enough to hold in that volume. Now that China and the oil producers have driven the dollar down, they want out? I can only hope that they realize that it has to be done gradually because dumping will hurt their value as well. No wonder gold and oil are out of sight.
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Old 11-07-2007, 10:19 AM
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Garett - 11/7/2007 9:20 AM

A nice little read. [/QUOTE]

I report, you decide!

People don't seem to understand if the US economy catches a cold, most of the rest of the world goes into intensive care.
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Old 11-07-2007, 12:28 PM
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Default RE: GM 39 Billon Loss

Tireless - 11/7/2007 10:19 AM

Garett - 11/7/2007 9:20 AM

A nice little read.
I report, you decide!

People don't seem to understand if the US economy catches a cold, most of the rest of the world goes into intensive care.[/QUOTE]

The Empire strikes back.
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Old 11-07-2007, 01:08 PM
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What a day,Dow closed down 361,Nasdaq down 76 and S&P down 45.Know that is going to hurt.
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Old 11-07-2007, 01:50 PM
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kerno - 11/7/2007 12:20 PM

I don't find much distress in the GM loss. They have not listened to the consumer for years. Instead, they've just been too busy building what their bean counters say they should build. Who else could build the Aztec and introduce a whole new revision in their half ton trucks - without a diesel? Their passenger cars are ugly, dull and break too much. If that is not bad enough, the cost of "service" at the dealerships is completely uncontrolled, leading to $600 bills for 15000 mile service.
They haven't listened, yet they are the top automaker in the world with 24% market share for the year with Toyota at 16%. GM truck line (Chevy, GMC combined) being the top sellers.

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Old 11-07-2007, 03:35 PM
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I'm making money hand over fist in the forex with the dollar acting like this. A couple hundred pips in the last couple of days. Come on dollar, keep tankin!!
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Old 11-07-2007, 03:41 PM
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What an ignorant comment.
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Old 11-07-2007, 04:11 PM
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Market down = buying opportunity. Sooner or later the investment banks are going to bottom and when they do it will be a huge opportunity to make money over the next cycle.

And believe me, China is not cheering our financial demise, without the US market to sell to they are back to the rice paddies.

One more thing I have always wondered about. Where do the Chinese get all their cheap chit made?
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