Thursday, August 12, 2010

Hurrah for Government Motors

The Canadian and American governments took a lot of heat for bailing out GM.  Today BBC reported that GM made the biggest Q2 profit in 6 years of $1.6 billion.  The CEO, Ed Whitacre, is stepping down, smart enough to quit while he is ahead, having successfully restructured the company and restored profitability.

Restructuring came at a human cost of 65,000 jobs lost with several factories closing.

GM is reportedly planning an IPO to "privatize"  government held shares.

With China now the world's number two economy and number one car market; with Toyota leading in car sales, it is a whole new world.

I miss the chrome and style of the cars of my youth. My first real car was a 56 Buick Special.  While I am a Chrysler minivan driver at heart, I am glad the venerable GM is still on the road.

6 comments:

  1. My first car was a Corvair. The first car I drove was dad's 56 Chevy...and I wrecked it. The second car I wrecked was dad's 62 chevy....Dad loved me...obviously, since I'm still breathing.

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  2. p.s. (It gets worse) I wrecked dad's 62 chevy by driving it INTO dad's garage....

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  3. p.p.s. (It gets worse) I didn't drive INTO his garage through the overhead garage door.......

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  4. Those old cars were gone by the time I got my first one but I completely agree that they are so much more beautiful than modern cars. They just look sexier, like old guitars. I love 'em!

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  5. Hi, cmassey, thanks for dropping in and leaving a comment. Tried to follow you home but no luck. Come back again.

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  6. Dana, I'm pretty sure my Dad never drove a nice vehicle for fear I would destroy it. I wrecked more side mirrors and more chrome from the sides of the van than any human in history.

    Dad: I love those old cars.

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