Word: carred
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...stock trades at $1.71, which is not even its 52-week low. Several news outlets have reported that the Treasury has asked the No.1 US car company to prepare for Chapter 11. The government will probably try to have GM broken into two pieces. In that case, most of the creditors may be stuck holding paper in the weaker of the operations which will be made of brands like Saturn and Hummer which have no economic value at all. If that tactic works, the money that GM owes to financial firms could end up being next to nothing...
...most important reason for the government to expend this great effort on GM and Chrysler is that the car business is such a large employer. There is no longer a case to be made that the auto manufacturing business is "strategic". If the auto industry was ever in a position to enjoy that designation, it was when the American car companies had 70% of the market. At this point, Toyota (TM) and Honda (HMC) could buy the divisions of GM that they believe can be profitable and the domestic auto market would see very little disruption...
...number of employees in the US is not automotive. It is retail. If the economy does not recover quickly, there is a case to be made that one or more large retailers could face problems not unlike those being faced by GM. The largest retailers have two advantages over car companies. For the most part, they do not have crushing debt loads. Secondly, they do not have the legacy labor costs that are a result of UAW negotiations with The Big Three, although some have pension plans that are not completely funded...
...employees, and at this point way too many of them. Dillard's (DDS), which is not one of the largest retailers, lost 19% of its same-store sales last month. The company has 33,000 employees which means that it is not much smaller than Chrysler's US car operation. Rite Aid has 4,900 stores and it is in real trouble. If Rite Aid faced bankruptcy it would cause unemployment problems, but it could also trigger a destructive chain of events in the real estate industry by defaulting on store leases at locations all over the country. Neiman Marcus...
...backwater with a young David Cronenberg, who was then near the start of an exemplarily transgressive career writing and directing meta-horror movies (Shivers, Scanners, The Fly, Naked Lunch) about the body as the ultimate toxic agent. The project was the 1977 Rabid, in which Chambers plays Rose, a car-crash victim who undergoes surgery that forces her to feed on human blood; soon she infects most of Toronto. The notion of a blond-angel porn star as the carrier of a fatal disease seemed like misanthropic science-fiction then. Within a few years, the festering of AIDS would ravage...