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The primary reason GM is in its present predicament is the gross incompetence of its CEO, Rick Wagoner. Even while market trends were toward smaller and greener vehicles, Mr. Wagoner continued to produce gas guzzlong behemoths. After hurricane Katrina, when gas prices began a meteoric rise, Mr. Wagoner continued to produce full sized cars, SUVs and trucks. His solution to the situation was to close factories and reduce staff, although the pace of this was far too slow and way too late. Mr. Wagoner gets no bye on this, as he has been in the auto inductry for most of his career.

Quite frankly, there should be NO government bailout of GM. If it fails, there are other producers who can meet the demand. Should the government decide to engage in the folly of giving away tax dollars to this failing institution, the contingency should be the immediate termination of Mr. Wagoner and the incompetents under him.

And, no, we should not bailout Chrysler, either, or fund a merger between Chrysler and GM. Chrysler was acquired from Daimler Benz as a failed entity by Cerberus Capital Management, which is a bottom feeding hedge fund. Any funding to Cerberus, whether for Chrysler or GMAC (in which it holds a 51% stake, which has allowed it to choke funding for automobile sales) would reward its rapacious behavior. Cerberus should be allowed to crash and burn, a fate befitting the three headed dog gaurding the gates of hell!

Hey, Melly Alazraki, stick to writing, as your business knowledge leaves alot to be desired. Those that can do, those that can't write.

I also agree that wagoner's short sighted approach in developing and marketing a more fuel efficient product over the last few years has had a huge impact on the state of G.M. Instead of building gas guzzling suv's and trucks that people buy more as a status purchase than a responsible appealing product has been a huge failure for the long term. We, this nation has to wake up and realize the impact of our choices. Our short term memory is a sign of our greed and selfishness. We can no longer ignore the obvious, we use more than we produce and that fact alone if not addressed will be our,their (G.M) downfall.

I also agree that wagoner's short sighted approach in developing and marketing a more fuel efficient product over the last few years has had a huge impact on the state of G.M. Instead of building gas guzzling suv's and trucks that people buy more as a status purchase than a responsible appealing product has been a huge failure for the long term. We, this nation has to wake up and realize the impact of our choices. Our short term memory is a sign of our greed and selfishness. We can no longer ignore the obvious, we use more than we produce and that fact alone if not addressed will be our,their (G.M) downfall.

Q: Can GM be saved?
A: Yes, but it will take an act of God!
These things must happen.
1. Dramatically Reduce Prices
2. No more Unions.
3. No more pensions.
4. No more huge white collar salaries.
5. Build better, more reliable, fuel efficient vehicles.
Like I said, it will take an act of God.

I believe that GM has suffered a breakdown and needs to take a "leave of absence," think things over, get help and come back with a long-term plan, which will benefit the entire North American auto industry. GM has many resources and I believe that they can parley them into a winning solution. Perhaps, Tesla is a part of that solution... I hope so, and I think that car buyers all over the globe, would benefit for many years to come. GM+Ford+Chrysler+Telsa+X=North American Auto (X= anyone with the skills and motivation to apply).

As a retiree of GM/Delphi I can honestly say that the observations on the top management are "spot on"! It would/will be devastating to me personally for GM to go "belly up" but bailing them out is fiscally irresponsible! They have their eye on Chrysler's 11 billion but will need 10-12 billion to acquire it?The last thing they need to do is choke up on R&D (as they historically have done in the past)! They have raised the sticker price on the Volt even before production on the premise that it's a superior vehicle compared to their competition's offering (TWO years from now)! Wagoner and his cronies don't have a history of reading their "crystal ball" too clearly!The "car people" at GM have been dead and gone for a number of years and are surely spinning in their graves!

Allen as hard as it is for me to agree with you, I must. Wagoner has been an absolute idiot his whole GM life. Mid 90's invests over 1 billion on EV1 electric car. It Works!! instead of advancing and refining it, cancels it and breaks the dies. Purchaces Italian auto company for it's desiel tech engine and sells back at a lost!! One thing I don't agree with anyone. The government letting it go under. 5 million GM pensions wouldn't help for our tax payers to cover. Espeacilly 5 million more without health care coverage.

Do all of you really think that GM kept producing gaz guzzling vehicles, because of greed and incompetence? This corporation has been at the forefront of business and technology for nearly 100 years. It was obvious several years ago that market trends were shifting towards smaller, greener vehicles. They knew that a major product overhaul was needed. You can't tell me that they did not want to make a profit. The issue here, is that american automobile companies have been producing these large gas guzzling vehicles for over 60 years. Their entire market has been focused on producing these types of vehicles. This is what the market called for, so that is what they produced. Consider the sheer size of GM. Do you realize how difficult it is to completely transform your product and its manufacturing when its being produced on a massive scale and at a relatively high cost? Auto companies like Honda or
Toyota on the other hand, have only really been players in the automarket in the past 30 years. They have also been producing small, efficient vehicles for a majority of that time. They are flexible, because they have not been around very long. They are not any less greedy than anyone at GM. They just had a much easier time making the transition, which for them was much smaller. Anyone who thinks that we should just let GM die is selfish and narrowminded. The effect on our economy would be dire, even if it were not in its current state. The amount of jobs lost would be countless. Think about the effects on our society that wuld occur. GM along with Ford and Chrysler represent a great majority of what has made this great nation what it is today. We are world leaders in business and technology. Don't destroy this great nation. In times like these, we have to resist the urge to buy whatever is cheapest. The American economy is hurting, consider what this is doing to many American workers. Are you not one of them? So open your mind, have some nobility and buy American. End this self-destruction.

The SIMPLEST SOLUTION !

1) Govt. lends $ to GM to absorb Chysler

2) Wagoner hire someone like Jim Press, give him a total FREE hand in replacing any & all managers.
3) Top 10 % of GM managers take a 50 % cut in SALARY. Pay for health benefits, buy own cars (no freebies as they get now), work more in the "field" than in offices, all this till stock clibs back to $ 6o.
3) Unions allow any labor cutbacks. FORGET the JOB BANK.

4) American Tax Payers take a much closer look at the Domestic products...they are much better than what your father drove !

Sir I have posted yesterdau & today.

Have not seen either posts or heard from you !

Please advise.

Thank YOu

Pat

The SIMPLEST FIX !

Government: Issue a low cost loan.

GM: Hire someone like Jim Press as President, give hil COMLETE FREEDOM to sweep out all sacred cows.

Top 10 % of managers take a 50 % cut in SALARY, pay full health care, buy your own cars, no more freebies, work in the field 70 % of the time, not office meetings. Do this till stock reaches at least $ 60 again.

Unions: No more JOB BANKS, allow all plant closings to streamline production, work like your life depends on it !

US TAXPAYERS 9that's us): Take a hard look at Detroit products, they are better than what your father drove..wnat to keep your lifestyle, buy American !

These are private businesses, maybe its time to let the chips fall. Throwing money at GM is just prolonging the pain.
Why is Wagoner still employed??
GM can not manage its own business, let alone add Chryslers to the mix.

GM has forced poor quality and gass guzzlers on the American people. Gm has built plants in Russia, India, Mexico amd China on the monies made in the USA. GM has outsourced our jobs to lower cost countries but the cost of the cars keep going up.

Let GM go the the other countries it has invested in for a bailout. They have screwed all of the salaried workforce for years with worthless stock incentives. Why would anyone spend $40K dollars on a new GM vehicle that the company is going bankrupy do to mis-management and poor quality.

Maybe GM's salvation will be a Hummer 4, a 1000HP Corvette or a Hybrid Escalade that will actually get about 20 miles per gallon. GM put their eggs in the wrong basket as history will show.

A bailout will only extend GM drain on the Americam economy and eventual bankrupcy. Wagner and the Board of Directors should have been fired years ago. How can any CEO & Board loose a major portion of the market share, 90% of it's stock value, shutdown a major portion of it's production facilities and let off shore auto companies come in and take over the market???

GM should FIRE the CEO and Board before any Goverment bailout is even considered.

Rick Wagoner is, without a doubt, the most incompetent CEO in corporate America today! If you have any doubts, look at the present state of GM - which he has run into the ground. A taxpayer bailout of General Motors - or Chrysler or Ford - would be sheer folly! If they fail, other automakers will absorb the demand and create the jobs required to meet that demand - but not the bloated monstrosities that exist today.

Contact your congressmen before it is too late - NO BAILOUTS OF THE AUTO INDUSTRY!!!!