Word: careful
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...market, with 20% of the market, down from more than 40% in the late 1970s and just ahead of Toyota and Ford. In addition, the new labor contracts with the United Auto Workers have helped GM trim costs by $5,000 per vehicle with changes in health care benefits and work rules. The work rules have been whittled down, giving GM's managers more flexibility and control than they've had in two generations. GM could become profitable very quickly if demand for new vehicles recovers, he says. Indeed GM has said in filings with the Federal Government that...
...Europe and Australia. Despite the bankruptcy, GM also owes $17 billion to governments in the U.S., Canada and Europe that supported the company during the crisis last winter. The $17 billion debt does not include $3.2 billion in notes or preferred stock that GM also owes to employees' health care trusts, or VEBAs, in the U.S. and Canada. GM expects to repay the notes to U.S. and Canadian VEBAs with money from the eventual sale of new stock - an IPO that will be successful only if GM returns to sustainable profitability...
...downright caustic. Order of St. Nick, based in Davenport, Iowa, has a Depressing Times section, which includes a card with a stark black-and-white photo of a man with tattered clothing, a dirt-smudged face and a thought bubble that reads, "The more I drink, the less I care that we lost our home in the subprime mortgage crisis." Another of its Dust Bowl-era holiday cards features a woman wrapping a gift. "I made you a Christmas present!" reads the front cover. On the inside: "But I had to burn it in a trashcan to stay warm." Owner...
...feeling more upbeat than they do this season. But for now, the best it can do is try to lighten the gloomy economic mood. "Due to high costs, Santa had to cut back on his help this year," reads one card. Let's hope those laid-off elves still care to send the very best...
...government's ability to pay its $12 trillion debt is tenuous, and Obama has yet to take any clear steps, beyond rhetoric, to reassure investors. His 2010 budget, announced last February, projected medium-term deficits that even Obama's aides agree are unsustainable. And by most accounts, his health care reform package, if it passes, is unlikely to yield the clear long-term savings that Obama once suggested...