137 Pages​ Of Forec​losur​es In Detro​it Befor​e Big 3 Bust

[Mrs. Sharon B. Hodge]

137 Pages​ Of Forec​losur​es In Detro​it Befor​e Big 3 Bust

Eddie NWO Censored




November 16, 2008 - Wayne County runs ads in paper showing foreclosures in Detroit and other Detroit suburbs inside the county.
This is before the Big Three go under
137 Pages Of Foreclosures In Detroit Before Big 3 Bust

USA Today: GM mirrors U. S. economy




November 07, 2008 - BEGGING FOR HELP - The big three auto companies and workers' union met with Congress to request a bailout, citing a catastrophe if the industry is left alone during the economic crisis, reports Cynthia Bowers

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Crash of US carmakers risks three million jobs
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Guardian UK
James Doran in New York Sunday
November 16 2008

http://www. guardian. co. uk/business/2008/nov/16/automotive-us-job...

Three million jobs could be lost in a year if America's so called 'Big Three' carmakers - General Motors, Ford and Chrysler - are allowed to collapse, an expert predicts

David Cole, head of the Centre for Automotive Research (CAR), an influential Detroit think-tank, said that so many US businesses depended on the Big Three for survival that allowing even one of the carmakers to fail would lead to tens of thousands of jobs losses nationwide

'The immediate shock to the economy would be felt well beyond the Detroit companies, negatively impacting the US operations of international manufacturers and suppliers as well.
Nearly three million jobs would be lost in the first year if there was a 100 per cent reduction in Big Three US operations,' Cole said

His grim prediction came as US politicians continue to debate whether the government should extend financial relief to the carmakers by allowing them access to a portion of the $700bn (£382bn) bail out offered to the nation's banks

A bill to rescue GM, Chrysler and Ford with $25bn in emergency loans will be taken up in the Senate tomorrow, but its passage is far from guaranteed as many Republican senators object to government intervention in industry.
Even if it is passed, many experts fear that tens of thousands of job losses can not be avoided

Patrick Anderson, chief executive of the Anderson Economic Group, a US consultancy, believes that at least 35,000 jobs will be lost if the government intervenes to save the industry.
'The necessary restructuring to take capacity out of the market would lead to between 30,000 and 40,000 job losses nationwide,' he said

He said the failure of one carmaker would lead to between 60,000 and 80,0000 job losses nationwide

Cole said: 'The likelihood of one or two of the Big Three ending operations is very real'

Job losses among suppliers of car parts and car sales companies, as well as those on the production lines, would be compounded by a massive drop in taxes and consumer spending power that would further cripple the already hobbled American economy

'Our model estimates that a complete shutdown of Detroit three US production would have a major impact on the US economy in terms of lost wages, reductions in social security receipts, personal income taxes paid, and an increase in transfer payments,' said Sean McAlinden, CAR's chief economist

'The government stands to lose $60bn in the first year alone, and the three-year total is well over $156bn'

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November 02, 2008 - The US Treasury has rejected an additional $10 billion merger with GM and Chrysler which would have resulted in job losses between 25,000 to 90,000 - If GM files bankruptcy, the other two are sure to follow

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Warning of cash crunch, GM cuts jobs and halts Chrysler talks
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CBC News
November 7, 2008

http://www. cbc. ca/money/story/2008/11/07/gmquarter. html

General Motors's third-quarter sales tumbled, the company reported Friday, leading it to cut jobs and warn that its deteriorating liquidity is approaching a precarious position

The automaker will lay off about 3,600 workers, including 500 at its plant in Oshawa, Ont., as it slows vehicle production. The Oshawa cuts take effect on Jan.
12

Canadian Auto Workers president Ken Lewenza said that the cuts are temporary, but that he believes they should prompt the federal government to quickly lend support to the auto sector

GM also said Friday that talks leading to a possible takeover of Chrysler have been halted because it is currently more important to focus on money issues

The company said its estimated liquidity during the remainder of 2008 "will approach the minimum amount necessary to operate its business"

To help it deal with its money issues, GM said it will cut salaried employee costs in Canada and the United States by about $500 million US.
The company said it will cut staff through retirements, buyouts and involuntary layoffs, and will eliminate incentive pay in 2009

GM reports big loss
GM reported a net loss of $2.5 billion US, or $4.45 per share, including special items. That compares with a net loss from continuing operations of $42.5 billion, or $75.12 per share, in the third quarter of 2007, which included a non-cash accounting charge of $38.
3 billion related to deferred taxes

Factoring out special charges, GM lost $4.2 billion, or $7.35 per share, compared with a net loss from continuing operations of $1.6 billion or $2.
86 per share in the same period last year

The automaker's overall sales came in at $37.9 billion, down sharply from $43.
7 billion

"The third quarter was especially challenging for the auto industry," said Rick Wagoner, GM's chair and chief executive officer

"Consumer spending, which represents close to 70 per cent of the U.S.
economy, fell dramatically, and the abrupt closure of credit markets created a downward spiral in vehicle sales," Wagoner said in a release

The company said Friday it sees a soft U.S.
market for the remainder of 2008 and into next year

GM's North American automotive operations saw a pre-tax loss of $2.3 billion, with revenue falling $4.1 billion to $22.
5 billion

GM stock closed down 44 cents at $4.
36 in New York trading

Mayor urges Ottawa to step up to plate
Oshawa Mayor John Gray reacted to the latest sales news by calling on the Harper government to move quickly to approve requests for loan guarantees

"Probably by 2012 they'll [GM] have the products that are really going to help them get through to the new economy, as far as [the] automotive [industry] is concerned.
But we've got to get them there first"

Gray said that while Oshawa is not as auto-dependent as the city was 30 years ago, the sector is still important and must be maintained

Auto sector analyst Richard Cooper said automakers have been hit by "almost a perfect storm.
" Vehicle companies that were already in trouble months ago have now been battered by the added pressure from the global credit squeeze

"If we were sitting here six months from now, I think we'd be talking about a very different structure in the automotive industry," he told CBC

Cooper wouldn't speculate on whether that change might mean the end of the Big Three automakers in North America



Roger & Me (1989 trailer) a film by Michael Moore


The US Auto Industry and the Ripple Effect