Bankrupt - General Motors

After over a hundred years in business, General Motors was the worlds largest corporation producing some of the most iconic cars in history. However in the early 2000's, the company made some bad decisions and quickly brought the worlds most powerful company into turmoil, on the brink of shutting down, and eventually.. bankruptcy.
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- Further Reading & Other Videos On General Motors -
CNN Money Article - money.cnn.com/2009/06/01/news...
Recent Canada Factory Closures - globalnews.ca/news/4698563/ge...
Info On The Loan - www.usatoday.com/story/money/...
Revenge Of The Electric Car Doc - • Video
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BrightSunFilms 2019

[@yungtoolshed251]

Congressman: “How much money will you need from us” GM CEO: “ I dUnNo iT dEpeNdS”

[@arthurcrunden6107]

Yung Toolshed The CEO should have been fired in the spot and carted off to jail

[@Dav-sh3uc]

me: all of it

[@CoD6HModthedeisel]

GM CEO: "Yes."

[@Ushio01]

+Arthur Crunden for what? the banks fucked the world so hard nearly all car companies worldwide needed government support. Cheap cars are never coming back because modern safety standards require a huge amount of research and development. You can't make people with no money buy a car.

[@Docstantinople]

I woulda just said “$100Billion”

[@Spongebrain97]

The fact that GM closed down, thousands of people lost their jobs, taxpayer money had to bail it out, all the while its CEO still walked away with millions is disgusting

[@clarehalacy9266]

Creepy Closet that’s capitalism for ya

[@aser278]

Clare Halacy there’s no better system

[@Hammerhead547]

The unions were looting british leyland when it went under in the early 80's and the union heads were never held accountable for it even after a royal commission investigated and found proof that the unions were essentially stealing billions from the taxpayers though corrupt practices and outright theft.

[@meteosilveira8853]

@@aser278 Oh yeah, 26 people own as much wealth as the bottom 50% of the global population, millions of people die of hunger and easily preventable diseases despite the fact we have more than enough food to feed everyone and the capacity to cure untold millions of people, but no better economic system could possibly exist. You're delusional.

[@mandude03VideosYT]

Creepy Closet GM created Chevy, yet Chevy still exists

[@derbyjr]

“The future of GM might be a bright one” The year 2020: Well yes, but actually no

[@PlymouthNeon]

Derby Racer they backstabbed the US factory workers and are moving factories overseas. So really, other than government tax revenues from them, nothing is good with them

[@alexk4661]

Derby Racer 2020 really said Y E E T

[@alexk4661]

Cheapy Dodgson and Barbasol Whipped Cream one word: Ford

[@whoreshoe]

Bunch of punk asses with their taxpayer bailout money

[@ethanbrockman5311]

Derby Racer I know they have a big a$$ tower in Detroit that I can see even though I live 50 kilomitors from Detroit

[@flatoutflatline1565]

Rip Holden, Saab, Pontiac, Hummer, Saturn,Daewoo, Oldsmobile, and surely more in the future

[@aarav5762]

Hummer is still ok but those others are long gone. Hated Pontiac tho I'm good with them being gone

[@maxsmith5894]

Aarav Satturu Trans am kinda cool tho

[@ryanmazumder4535]

Nico hulkenbeeerrg

[@windowsntworkstation4.0]

Don’t forget Daewoo

[@flatoutflatline1565]

@@windowsntworkstation4.0 thanks

[@blueroman5538]

Of course the CEO who almost ruined the whole company gets a 75000 dollar pension while thousands of workers get laid off without anything.

[@eily_b]

And a 10 million dollar compensation. -_-

[@NouveauSuperElite]

@@eily_b Being honest, those figures are actually on the very low side (especially for the behemoth that was GM) in terms of a CEO severance packages.

[@Totenglocke42]

The UAW destroyed it with their combination of awful build quality and brutal benefits demands. Management had zero control over that.

[@poordecisionsgarage9834]

@@Totenglocke42 that's a good puppet. Now repeat after me "Share holder good! Middle class bad!" .

[@tim1553]

Jordan M the middle class are the shareholders you fucking dope

[@DuskAzura]

21 years old and the only time I’ve ever seen a Saturn dealership was in this video

[@rockvilleraven]

I bought 2 Saturns, 1996 one lasted 18 years, now I own a Toyota Corolla.

[@joseornelas1718]

Saturn was Roger Smiths idea, and it was a good one. And it was more environmentally friendly. But Michael Moore fucked that up. Roger Penske almost bought it, but the US is too stupid a place to built a manufacturing plant.

[@Americandragonrider333.]

I’m 29 and remember seeing a couple Saturn dealerships, Not anymore. They all disappeared, now I know why. Thanks to bad business leadership. And Obama exacerbated and prolonging the Recession. It did start under then Pres. Bush but Obama continued and made it worse.

[@julianortega6664]

Same

[@tyro7413]

We had one in my hometown. My parents bought a brand new ion my senior year of HS (06-07), and I still drive that car daily.

[@fockewulf2352]

when they were bailed out GM the ENTIRE leadership should have been fired.

[@fockewulf2352]

@newagetojo with interest

[@fockewulf2352]

but IMO it is just like a stadium being built with tax payer money... it should be owned by the state or city and all profits should be used as a tax relief for the people who's taxes are used to build it

[@joeylantis22]

Lol... the board knows the company inside and out, do you expect a bunch of rando’s to come in and pick up a $30 billion dollar company? Yes they should be fired, but it should be a staggered approach based on performance and new board members learning from the old how the company runs. If the old board continues to fail, bring in the new trained (ideally GM employee).

[@Mr.Beastforpresident]

Meanwhile Ford is in Debt for $150 BILLION!

[@bigpots9142]

@@Mr.Beastforpresident alright we get it now, can you stop spamming you grumpy biscuit?

[@alkalaid6850]

RIP SAAB auto you will be remembered at least by top gear

[@bakmanplays]

No Idea Studios yes

[@ianvader4697]

And RIP Holden in Australia, and on behalf of Australia screw GM and I'm glad they are leaving our car market completely... they did a "Flint" to our car factories too

[@igninis]

I love my Saab and the idea of them

[@Magiktcup]

Saab was a really nice brand. My dad owned one up until recently. Really comfy ride. Hope they make a come back at some point.

[@gearblight8584]

I will remember Saab, will Saab remember meeeeeeee?!!!!

[@crixxxxxxxxx]

The GM corporate office building looks like every “evil corporation” building in every movie ever made.

[@CrazyAsisan24]

It reminds me of robocop 3

[@kalebbrown93]

It actually used to be Ford’s headquarters. They sold it to GM when the city of Detroit wouldn’t give them a tax break.

[@waywardboi]

@@kalebbrown93 it was never Fords headquarters but they did use one of the smaller towers. Ford land development built it tho and sold it to GM! Fyi Ford's headquarters is in Dearborn mich called the glass house!

[@KMcNally117]

Watches Robocop: What if we built that?

[@WJCTechyman]

Looks like a bunch of glass grain silos to me, Seeing it across the Detroit River from Windsor was neat to be sure

[@MegaDerailer]

The Canadian government (Canadian tax payers) bailed out GMC during the 2008 recession. They thanked us by closing the Oshawa plant and moving production to Mexico.

[@andrew_koala2974]

Now you should realize the Governmet is operated by traitors and criminals.

[@njam101]

The Ontario Government bailed GM out as well.

[@MrInternFTL]

😔

[@KaiserMattTygore927]

@@andrew_koala2974 Don't forget about the company that ACTUALLY left the country. can't just pin it on the government when GM took the money and ran.

[@andrew_koala2974]

@@KaiserMattTygore927 Would you point me to any part where I stated that I was placing blame on the Government? Did you not read what I wrote? I am more concerned about your ability to comprhend basic English. How you managed to pass any English test is a bigger mystery than GM running off with the money.

[@dugganracecraft]

Just to clarify: Ford wasn't on the brink of bankruptcy, they saw that Chrysler and GM were asking for bailouts and knew that if they were bailed out, Chrysler and GM would be in better shape than them because of the money being invested in those 2 companies. So, they took a LOAN which was paid back to the US Government.

[@Nphen]

Ford isn't "on the brink of bankruptcy" right now, either. They have so much debt, though, that they're essentially a zombie company. They can't meaningfully invest in electric and autonomy due to high debt loads. They cannot raise equity financing like Tesla just did. They're a dead man walking.

[@GeorgiaOverdrive]

Ford did NOT pay anything back.

[@johnwilson5743]

Hi Sean. True, Ford did not go bankrupt and to avoid being treated differently, the US Govt provided Ford with a $9 Billion Line of credit PLUS a $5.9 Billion loan. The loan was due to be repaid in 2022 BUT... BUT... BUT Ford DEFAULTED on the loan in March of 2020. At the same time, they stopped paying dividends. They also took out a further $18 Billion loan from Banks at the very high interest rate (junk bonds almost) of 9.5% in March, to provide Cash flow. Their total short and long term debt is around $170 Billion. They will NEVER recover and will be the first of the world's top dozen Autos to go bankrupt in the next couple of years. Mmmm What will happen then. Interesting.

[@truckernation7886]

All of the companies have lost their roots. The designers and executives are smoking crack, putting out this garbage they call cars. Ruining once good nameplates with pieces of unibody, turbocharged junk. Not to mention the horrid designs of some of these Jalopies.

[@johnwilson5743]

@@chasemorgansunredfarms963 Hi Chase. Much of your paragraph is correct but you take a wrong turn (angle) on some issues. Note: I have analysed around 40 of the world's car brands and their ownership structure and debt levels. Including distribution methods and costs. It was clear even 3 years ago, who will survive and who will NEED to be sold, merged or face bankruptcy. Chrysler is long gone. It was acquired by Fiat who also owned Abarth, Alpha Romeo, Dodge, Jeep, Lancia, Maserati, Ram., to form FCA. Then FCA merged with PSA (Peugeot, Citroen) and new name became Stellantis in Jan 2021. True, GM still has not repaid it's bailout loans from the US Govt PLUS has actually deviated on what the funds were meant to be spent on. They were meant to be retooling for Electric Vehicles! (True. Look it up). Ford still has not repaid the loans it was provided for the "level playing field" situation. I'm unsure what the status is of their line of credit they were also given. Anyway, they defaulted on their loan back end of 1st Q 2020. (Not sure if they recommenced) Subsequent Bank loans have been at Junk Bond rates 1st and 2nd Qts 2020. But at least the low interest rates since then have helped them. The Dealership models both Ford and GM are locked into will be the millstone that drowns them. GM is attempting to extract themselves by buying out some dealers but realise they don't have the funds to do it. Sorry to be blunt but Ford is completely fucked. They have exited the "family sedan" market and are concentrating on their F series pickups to save them. BUT... decreasing sales and HUGE new competition will decimate their income figures. No one and I mean NO ONE wants the buy anything that has a locked in Dealership system so the future doesn't look good for Ford. GM will last a lot longer. All Motor Dealerships face a bleak future. The move to EV's will not provide the service income they need to survive. Both Ford and GM cannot afford to buyout the Dealers. Nor can they afford the 10's of Billion required to retool their whole operation into EV production. VW group will make it and the smaller German companies eg Daimler, BMW MAY make it. I won't start talking about the Asian companies. So, I hope this helps. I have tracked all this for the last 13 years and have a reasonable grasp of what will happen to almost all of the world's Auto Brands. It's sad really because I loved Ford cars growing up as a Petrol head. Oh well. Full disclosure: I am heavily invested in Tesla and have been a Tesla advocate since 2003. I didn't actually think they would survive 2008/9. As soon as they IPO'd I was in boots and all (95% of my then assets) Now I sit back and enjoy it all. Cheers.

[@SpookyDarling]

My dad worked for GM for 28 years. He was the head of his department at the facility in Oak Creek, WI. At the time they had a “30 and out” program where an employee could retire and receive pension after 30 years of working for the company. He was laid off right before Christmas, wherein they hired non-salaried, younger employees for cheaper while they restructured. It was a real shit Christmas, and it took my dad 9 months to find another job, I’m sure due in part to it being emotionally difficult to have this pulled out from underneath him. He did find a job at Rexnord and worked for them for another 10 or so years, but without that pension, and my little brother being special needs, my parents basically have nothing to fall back on because they were relying on that pension all while doing everything medically possible to ensure my brother’s wellness. Feels bad man.

[@gunerz3146]

Dude was dodging those questions left and right lol

[@BewareTheLilyOfTheValley]

Probably didn't want to be locked in to a low number if the company could get much more.

[@ryans413]

Too impressed to admit how much money they needed

[@robertewalt7789]

The answer should have been “$10-15 billion.” Or whatever. They must have worked out how much to ask for.

[@BewareTheLilyOfTheValley]

@@robertewalt7789 Having worked in customer service where sometimes you have to do negotiations, you never quote the actual amount you're looking for. Always go higher. That way, when someone says "That's too high, here's what I can do", they actually give you the amount you were looking to get all along. But then there's also the tactic of not saying anything, like here. Let the other person ballpark the estimate and there's a chance you'll get much more than you were looking for...such as a sum of $50 billion.

[@robertewalt7789]

Fluffy, yes of course. The GM senior management should have a range in mind they need, and a negotiation strategy. When the Senator asked, start the negotiations. Don’t be mealy mouthed. Answer the question!

[@thatrandomtechperson440]

CEO: We are in debt. Time to start selling things **looks at private jet** CEO: Nah, let's keep that. **looks at Allison Transmission** CEO: Yea, Lets sell that for a insane amount **sells it for 5 billion dollars** CEO: **sips coffee** *Ah yes, the company is still made of debt.*

[@harrimanfox8961]

*EMD, a declining locomotive company* GM: eh, give it to Caterpillar.

[@The_Ideonselo]

Ah yes, the floor is made of floor.

[@haydentravis3348]

Women: can't go backwards emotionally. Once you make a breakthrough in your relationship, that's the new normal. Men: Can't go backwards sexually. Once he cooms, that's the new normal. CEOs: Can't go backwards economically. Once they fly, that's the new normal. The Ratchet only moves one way.

[@connarcomstock161]

I've seen a bunch of your vids, and this is the first one I can add some perspective on. I grew up in the auto industry. Both my parents were business managers at Chev/Olds stores in Ontario, Canada. The decline in GM's profitability was felt by the people who worked for the company. I remember times, in the early 2000s, when I'd have conversations with them and they'd be worried about what was going on. Something I want to point out is that most of the promotions you see, to this day, for any marque, are shoved down the dealer's throat, and usually cost *them* money. The OEM's already sold the car, to the dealer, generally. The issue GM had was that the market was pivoting from Cars ( Pontiac, Buick, Saab, Izuzu, Saturn, Cadillac at the time, Chev to an extent ) to SUVs and Crossovers. One of the things I got in conversations with my famjam was that the GMC Trucks side of the dealership, and Chevy Trucks, were making all the bank, and the other brands were in a tailspin. None of GM's "car" marks, listed above, could really turn much of a profit on them, whereas their SUV Divisions, mostly GMC and Chevy, were being leaned on, way too much, to make bank. They also mentioned that GM couldn't seem to figure out how to sell a quality product. Look at a 2005 Cavalier, and a 2005 Civic's interior, you'll get the point. People buying econo-boxes went to Toyota, or Honda, people buying vans went to Dodge/Plymouth (rip) for their Caravan, the Montana and Venture being a bit...shit. Oldsmobile and Cadillac had the recall disaster on their Northstar V8s that poisoned that well and forced them to retire the ( actually very good ) engine. Pontiac, positioned to be the import fighter, couldn't actually build a car that held a candle to the Maxima, Accord, Civic, or Corolla. They actually went so far as to *partner* with Toyota to build the Matrix/Vibe. Buick couldn't...do anything, aside from attract pensioners, and Chevy's cars were mostly sold to fleets. Something else just to make a point, is that the Grand Prix, Impala, Regal, and Intrigue were all *basically* the same car, in the same dealership, with the same sales reps, and same sales floor. The insane result was ( I saw this with my own eyes ) a Cadillac STS ( in an "oops" configuration, green body with beige interior ) on the same floor as Sunfire. An Aztec beside an Escalade. It made *no* sense. Couple that with a very old-school training regime for their sales reps ( lots of pressure, typical "car salesman" crap ) that the Imports had stopped doing nearly a decade before, and things were a mess. IN ADDITION TO THIS ( I know, long post, sorry ) They had *way* too many locations. In the city I'm from, of about 250k people, we had 5 ( yes, really ) GM stores. In the city nearby, they had 4 more ( it was 20 minutes away ). All the Dealerships were fighting each other, with crap product, while the imports raked in the dough.

[@Digibullet32]

i live in oshawa ...amazing how they all fought to keep the plant open 2 years ago...i habvent seen anything since soi guess they lost

[@Digibullet32]

also as far as ypour 2005 civic .... if u lived in canada u know the honda civic dominated 2000's

[@connarcomstock161]

@@Digibullet32 That's my point, the competition from the Big 3 was hilariously bad in that ( and most...tbh ) segments.

[@vincentfalsitta5332]

Saturn was the best car thay made.

[@jacobhargiss3839]

If I had to give a guess as to why the trucks were still selling, I would think it was because they still had a respected name to them, and alot of the manual labor jobs that require trucks were still going strong at the time.

[@NerdismOfficial]

Rick Wagner should get into politics, he’d fit perfectly

[@mindyschocolate]

Nerdism lmao

[@planescaped]

He's very good at talking in circles while saying nothing and being a complete snake. So probably.

[@gregelseman8546]

you too as your an small person like from japan. Do you work for toyota?

[@jasonthedemonscaxmer6923]

When your 10's of billions of dollars in debt, fly a private jet.

[@1940limited]

The next trip was by car; some compact GM thing. Obama told Wagoner not to show up in private jet again.

[@gui18bif]

@@1940limited wagoner? As in wagon... eheheh

[@michelmansour7476]

When your a high profile executive prone to extortion, kidnapping, murder and getting mugged.

[@MayaMint]

Fellas didn't wanna look desperate (?

[@wayneessar7489]

They arrived in several private jets.

[@AverytheCubanAmerican]

I visited the GM Renaissance Center in Detroit during a visit for the FRC robotics championship a few months ago. Noticed they had a Japanese consulate within the headquarters. Built to improve Japan's image with the US and decrease tensions between the Japanese government and automotive companies. Fascinating. GM shaped Flint and Detroit. While Detroit is trying to move forward (their downtown is really nice and the pizza is top notch), Flint is still dealing with a water crisis which is sad in a way. Without GM, Detroit wouldn't be anything. The automobile industry wouldn't be anything

[@joshsb7]

Why dose it say two days ago if it wasn’t even out for 5 min

[@DaiNoShoujoNoYami]

Sad thing is, the politics of the area hold everything back. Hopefully it changes, and the city can return to its heyday in my lifetime.

[@SupremeLeaderKimJong-un]

GD Loggie It’s Patreon

[@SupremeLeaderKimJong-un]

Rock Boy777 He has early access because he’s on Patreon

[@alisathestrongone2087]

Avery the Cuban-American was the way I wanna was the day I wanna was a good time to go to see y’all tomorrow night I wanna was a good time

[@vic1sch]

The fact that GM had to diversify into a financial institution as well as a automaker lets you know right away that they were either underpaying their workers, or overcharging their customers, or both. GMAC got into housing loans. That situation should have never been allowed to happen. The same type of shit is going down with Bezos and other corporations. Since the Sherman antitrust act is not being enforced, these corporations are becoming so large that they are able to keep wages, benefits, service, and quality of products low because they have bought out any meaningful competition. GM was allowed to rule over two very important aspects of American life, their cars, and their homes. Bezos has started to spread into food, information, and is forming ties with government agencies. There is no need for billionaires. There is no need for multi national corporations. There is no need for hedge funds. There is no need for banks to be to big to fail. There is absolutely no need for money in politics. Americans need to stand up against this type of corruption in our society.

[@jamesschott2870]

Thank you----someone who KNOWS what is really one of this country's biggest problems---and I really wonder if its ever going to be actually enforced again---currently I DOUBT IT!!!!!

[@romeo_alpha0176]

Well said 👍🏼

[@charlesjames888]

@Zazoo Kluk The major problem with GM that was not mentioned was the General Motors Institute- where most of the terrible decision makers were educated.

[@baronvonlimbourgh1716]

Hear hear

[@J_M3444]

VERY well said!!!!!

[@CountryCarReviews]

Everything GM touches goes to crap.

[@Mr.Beastforpresident]

Meanwhile Ford is in Debt for $150 BILLION! They will NEVER pay back, all a CREDIT Ponzi! Meanwhile Toyota and Honda are literally making Million Mile RELIABLE vehicles

[@TacoMonster4eva]

GM, Chevy and Cadillac are all very unreliable vehicles. Plain interior and not a lot of tech in them. They are basically crap.

[@Mr.Beastforpresident]

Lazzee Mexican 😂 What’s better? Let’s hear it

[@TacoMonster4eva]

Than Chevy? Just about everything. Other than ford of course because that’s also shit.

[@ryadhasanahmed5443]

@@Mr.Beastforpresident are seriously telling us that there's nothing better than GM? I want the same stuff you're smoking bud

[@alc-d4163]

As a car enthusiast, this was a great episode to watch!

[@bk2les]

Right!

[@deathfromabove8735]

As a car enthusiasts . . . . . . I just wanna watch GM effing BURN

[@venomousnate7263]

I always have been interested in GM’s bankruptcy. Thanks for the enlightenment and great video. 👍

[@AndrewMackoul]

As someone close to GM and paid close attention throughout the ordeal, there's a lot he missed. I'm also surprised that the video didn't talk about in the end about Cruise Automation That's going very well for GM.

[@aliabdallah102]

Dw, it'll happen again. Those dumbfucks never learn.

[@coltonjacobs5383]

Ali Abdallah I honestly don’t know why people still buy their products. I don’t know if they just don’t know that GM is a bad brand, or they are just scammed by all the others that are payed by GM to say their products are good.

[@floridianrailauto9032]

@@coltonjacobs5383 I agree, General Motors has always been a terrible company since it's inception. Since it said Henry Ford was stagnating the car market, to killing off rail travel, to replacing streetcars and trolleys with buses, up to today

[@pandoranbias1622]

RIP Pontiac you will be dearly missed

[@iarp4965]

Pandoran Bias Pontiac was just reviving with the cool G8 when GM knocked them off. Apparently Buick was supposed to go, but when the government learned that Pontiac hadn’t turned a profit since 2000, plans changed.

[@Calvin_Coolage]

@@iarp4965 Honestly, even with Buick's history and the prestige associated with the moniker, I'd trade them away in heartbeat to get Pontiac back.

[@iarp4965]

Calvin_Coolage true though. I would not count myself among those who would miss Buick if Pontiac had lived instead.

[@Calvin_Coolage]

@@iarp4965 Like has Buick made a decent car since the 90's? To me it really seems like people let them coast on legacy. Meanwhile, Pontiac's offerings during the last years of it's life were actually good vehicles that just didn't want to sell. The final GTO models may not have been the muscle cars people wanted from the moniker, but they were still fantastic little cars. I still see people driving Solstices to this day. And Azteks may have been fugly but they were excellent vehicles.

[@dchawk81]

@@Calvin_Coolage People who buy Buicks tend to love them. Just got a Verano not long ago myself. They're actually really good cars that people overlook because of the brand stigma. Pontiac at the end wasn't any better than Chevrolet wheras Buick slots in between Chevrolet and Cadillac.

[@black-op345gaming5]

Jesus Christ I feel for the residents of Flint, MI. GM abandoning them, the economic recession that was caused by that, environmental issues plaguing the city, lead in the water which still hasn’t been fixed, high crime rate, other economic problems.

[@glennso47]

GM also abandoned Janesville, Wisconsin. The plant there had been a staple of the economy of Janesville for nearly 100 years when GM closed Janesville assembly in 2010.

[@finkmarco2631]

@@glennso47 It is always the same story.....when you Get a plant in your city, you do not give damn.....when the Brand resolve to leave the city, then everybody cries....

[@danboles4971]

That CEO was so fidgety during the congress interview. He knew that GM needed the money to survive but couldn't stay in the US, and so was trying to put on a show to get as much money as possible to invest elsewhere. While although GM still has around 40 plants in the US, which is a lot mind you, it really makes you question the validity of GM.

[@Mr.Beastforpresident]

Meanwhile Ford is in Debt for $150 BILLION! They will NEVER pay back, all a CREDIT Ponzi! Meanwhile Toyota and Honda are literally making Million Mile RELIABLE vehicles

[@confusionsss]

@@Mr.Beastforpresident 40 plants but went bankrupt 8 times in 15 years ! GM reported their trucks were 70,000$ And they were wrecked before anyone can even pay it off. They government will forever own GM and buy their cheap parts from India

[@Krackerlack]

I would appreciate if you made a bankrupt on Thomas Cook

[@metrofilmer8894]

Agree

[@marinaswift4392]

Yeh

[@mauroverhoest3905]

Y

[@rainbowpearlvlogsandanimations]

That was a disaster! I was actually on holiday with TC during their collapse and didn’t even know it was in trouble until it was too late.

[@notevenrose3243]

yessss

[@samplautz5586]

Of course they had to kill off Saturn and Pontiac. Its not like these cars were some of the most reliable ever made (sarcasm)

[@user30017]

Pontiac > Buick

[@samplautz5586]

@@user30017 you got that right

[@Digibullet32]

haha your right the pontiac sun flower....they will not die !!

[@tgrgdv2621]

Buick is just a slightly shittier version of Cadillac... Pontiac had so much heritage, history, and fans, And Saturn... well even though there cars were less original by the end, at least it was something new... I still see people driving with Solstices to this day, and they love them! And going to Buick, well no one really likes the, to be honest.

[@AdamSmith-gs2dv]

IDK what Saturn was. In fact I don't think GM knew what Saturn was. Pointless brand with no character. What's sad is Pontiac had to go but Buick stayed for some reason....

[@FurryWrecker911]

8:02 Jesus, it's like sitting in an office meeting at work watching my own coworkers deflect answers. Just give him a ballpark estimate, dammit!!

[@RottenPizzaProductions]

You should do a video on the 2009 bankruptcy of Six Flags.

[@DuckandMikeyfan49]

No way. THAT happened?!

[@Tamaki742]

So I assume the current one changed ownerships?

[@seanlewis1148]

Andrew Homer Yup!!!

[@chaosdemonwolf1]

Which one?

[@kelleyannethomas5372]

I didn't know that they went bankrupt!

[@KaiserMattTygore927]

Corporations should never be "too big to fail" Need some trust busters.

[@joewilson2258]

That goes for the banks in this country that the democrooks keep bailing out with the aid of the worst banking system known as the federal reserve that the democrats gave our money to .

[@gokusondbz]

Let's not forget it was a Democrat who created the Federal Reserve called Woodrow Wilson.

[@Euphoris]

@@joewilson2258 Lol. The Republicans are the ones who keep saying that any measure to contain the market is an infringement on the free Market. Democrats are behind the Fed, the Consumer Protection Agency, Dodd-Frank, Glass-Steagall (that republicans let die off in the wilderness of congress).

[@RobertBrumley60]

The Democrat party will never let them fail as they are the biggest donors to their party.

[@1stLtDavis]

Yeah but you live in a socialist world. Everyone has state supported corporations, or even outright State owned corporations, like in China. The majority of China’s 111 firms on the 2018 Global 500 are owned by the state. SAIC Motor is one of them - a govt auto maker and China’s largest auto exporter. GM is in a joint venture with SAIC ie with the chinese govt. there’s no capitalism. It’s flavors of socialism everywhere.

[@MrSparklespring]

The french laughing their asses off because they bought the european branch Opel/Vauxhall for a dime, including the technology from the Chevy Volt. They stood behind in electric vehicles but thanks to that they now already bring electric versions of the new Peugeot 208 en Opel/Vauxhall Corsa. GM's bosses were extremely incapable. Where Opel/Vauxhall was already ten years in the red, the CEO of PSA (Peugeot-Citroen-DS) made the brand profitable in one and a half year!! They are doing well now, some models still on the old GM platforms, new models with Peugeot platforms and engines.

[@davidmc8475]

Warren Buffett said it all: “GM is a health and benefits company with an auto company attached.” GM was spending more money on healthcare benefits than they spent on steel to make their cars. They were actually producing cars at a loss of about $2,000 a car. No one can stay in business doing that.

[@leskobrandon6950]

It would be nice to work for 30 years and retire with a pension and covered healthcare for life. Especially when life was 30 years passed retirement. The only jobs that last with a plan like that are government jobs. One of the many reasons GM needed government money, and government keeps us going into the trillions in debt.

[@Mr.Beastforpresident]

Meanwhile Ford is in Debt for $150 BILLION! They will NEVER pay back, all a credit Ponzi

[@Nphen]

America's lack of a modern medical health delivery system drags us down over and over again. GM started building more cars in Canada because healthcare costs are lower there. Small business in America are harmed even more. They can't compete for talent against big companies with large-group medical coverage. Medicare For All would be a huge boost to millions of businesses.

[@workingshlub8861]

honda and toyota are not union and make a great product.....no major financial problems...GM just got fat and happy making junk in the 70s and 80s and fell behind and all those pensions are due etc.....they always made decent trucks though ill give them that..

[@waterheaterservices]

@@Nphen A glorious revolutionary boost, comrades.

[@seanvangster]

the government should rename General Motor to “Government Motor” since they bail them out

[@raionshishi8290]

That's exactly what i was thinking.

[@tsav6952]

@newagetojo Sorry Ford needed it badly too. The CEO who took over for Ford at the time, mortgaged the entire company of Ford at a pretty high interest rate in order to have enough operating capitol to survive. In addition to mortgaging the entire company they took out additional guaranteed government loans. They were in a dire financial condition.

[@alainportant6412]

It sounds quite nice actually.

[@Americandragonrider333.]

Thanks to Obama. Having Government take over everything. Sure helped a lot, a 7 to 8 year recession and only got out of recession 2% his last year in office. The Recession fully ended after he wasn’t President anymore and no thanks to him either, interesting coincidence. I remember this specifically.

[@COASTER1921]

There are plenty of reasons this makes sense. For starters it saved 225000 jobs in a time without many available. Of the $49.5B only $14B is left to be repaid. Even if the stock never gets high enough to get all $14B back the value can't be measured in the cost of the loan alone, as without GM a much higher percentage of car purchases would be foreign makes, taking vastly more money out of our economy. I dislike these big businesses and how incompetent their leadership can be to take them to the point of bankruptcy, but just letting them fail isn't an option. They should have kicked out all of the leadership with minimal pensions, but to shut down the company as a whole would have been far more costly to our economy.

[@michaelmarburger1003]

I still can’t wrap my head around why America had to bail out a company that produces more overseas than do here in America

[@jayjayjames2332]

That's not even true. en.wikipedia.org/wiki/List_of_General_Motors_factories Unless you're mad at them for having foreign ventures, that have virtually nothing to do with the U.S. based entity or product.

[@michaelmarburger1003]

@@wojtek-33 They are NOW!!! GM closing down plants in America and shipping jobs overseas. Lot of good that bailout did years down the road.

[@michaelmarburger1003]

@@wojtek-33 Blah Blah Blah. Why don't you go support terrorists too.

[@Gravydog316]

because George Bush destroyed the world economy in 2008 with the US housing crisis. Americans aren't going to buy new vehicles in a recession/depression, plus every other company & stock is all WAYYYY down

[@289cobra9]

Gravydog316 Democrats caused the economy mess in 2008. They had the house and senate

[@DizzyMapping]

Bankrupt - Thomas Cook Bankrupt - American Airlines Bankrupt - Swiss Air* ????? Edit: also adding Bankrupt - Arrow Air Bankrupt - Aloha Airlines Bankrupt - Delta

[@braydenbronstein1190]

Dizzy Mapping None of those except for Thomas Cook are bankrupt, what are you talking about?

[@norwegiangangsta]

@@braydenbronstein1190 He probably ment SwissAir.

[@Windows11Official]

*SwissAir

[@DizzyMapping]

Uncle Sam so u didn’t see the American Airlines bankruptcy back in 2011 or something? They just managed to pull it back together. And I also meant Swiss Air. Thomas cook went bankrupt, AND ceased all operations.

[@bakmanplays]

Pan am

[@ChatBot1337]

Absolutely disgusting. Let irresponsible companies with incompetent management die. After 08, I decided to never purchase GM in the future.

[@davidlafleche1142]

The solution is simple: Make better cars at affordable prices!

[@luisar5755]

Its a no brainer, here in my city honestly you just need a car with 100hp, even for traveling to other city, rarely i driver over 30mph, no need for an overcomputarized machine, they could build a barebones small basic sedan and many would buy it..

[@enormerschwanz]

@Charles Bronson lol What an ignorant, bigoted buffoon you are. Go change your tampon.

[@melrose9252]

Charles Bronson Well said!

[@manoman0]

@Charles Bronson Good lord, you're an ignoramus.

[@palmviewlobos15]

Ahh yes like a nice suburban that says let me splurge $80,000 for a POS that was put together with Fisher Price parts.

[@clankster0000]

The US Taxpayer lost $11.2B on our bailout of GM. Now that they're doing well, shouldn't we look to get some of those losses repaid?

[@kuchenblechmafiagmbh1381]

In Germany we call it "Socialize losses, privatize revenues".

[@FoxMonkey-xw5yf]

@@kuchenblechmafiagmbh1381But the exact opposite happened: private investors lost their money, the government got in cheap and made a huge profit on their GM stake.

[@amirhossainzadeh3951]

Yeah, GM Australia took our taxes too (Holden).

[@NecumNaTo]

Isn't GM paying taxes too? And all the people who are employed? Having to fire dozens of thousand people isn't cheap too.

[@troy028]

@@NecumNaTo did Amazon pay taxes?

[@banh_mi857]

My mother worked for GM for 8 years (2001-2008) and was fired with almost no notice. Both my parents were working parents, and without the extra income we probably couldn't stay in our townhouse. She shifted from jobs and eventually we moved an hour south and now, we're happy. She's able to chase her dreams and become a hairdresser, and if GM didn't declare bankruptcy, then we couldn't move out of that townhouse and she probably couldn't chase her dreams. Moral of the story: everything has a silver lining.

[@ronaldmcdonald6064]

Wow, that Saturn dealership at 7:19 is near where i live. It was knocked down a while ago and a wawa was built there about a year ago

[@RudieObias]

The US government should've let GM go under. That's Capitalism!

[@williamdion1236]

Yep, but the risky part is those tens of thousands of workers going bankrupt too, the suppliers, the supplier's workers, and by that point you local stores, and so on. It's tough to know in advance how big of a butterfly effect would happen, but I'm guessing that the US government predicted the effects would be too catastrophic

[@williamdion1236]

And that's where huge companies are a problem. Too big to fail

[@Baxterbrookies]

The American government printed money out of thin air and then loaned it to itself to save it's fake crony capitalism economy. Not only not the best system in the world, not even a good one. Your implication that America knows anything about capitalism is very funny!

[@andrew_koala2974]

The question is , 'Are the corporate executives worth their salary? The President of GM LLC earns some $35 million per year. Tha's what I call a good corporate prostitute.

[@jimlovesgina]

Why should the taxpayer bail out anyone? The government isn't even supposed to be doing things like this. Where in the constitution does it say that government can bail out businesses?

[@kup3344]

So, how did GM get off the hook and not pay back us tax payers. Seems to me they still owe us around 15 billion.

[@connoroneil6287]

They payed back the amount they took

[@keithbell9348]

Welcome to Political/Corporate capitalism 101.

[@smzzms2523]

GM and the union paid off liberal politicians you idiot

[@smzzms2523]

@John Doe go get it at his 15million dollar mansion in Martha's vineyard.....a broke Chicago organizer....you liberals are a disgraceful SHAM of handouts on everyone

[@dalebricker6782]

@@connoroneil6287 They absolutely did not.

[@ponies_with_scarves7827]

Surprised there was no mention of GMs locomotive production, they made some of the best and most iconic diesel locomotives of the era before selling the wing off to caterpillar

[@UnfittingCarbon]

GM really knew how to pick which branches to sell off... not.

[@glennso47]

@@UnfittingCarbon They sold off Frigidaire appliances years ago,

[@bellaxxi4116]

The ES44ACs killed the SD70ACe market. The newest caterpillar locomotive the SD70ACe-T4 is a total flop compared to the ET44AC (The tier 4 gevo). Hell they don’t even make 2 strokes anymore thanks to the EPA

[@ponies_with_scarves7827]

@@bellaxxi4116 actually the other way around, the SD70ACe was built in 2005 to compete with the ES44AC which started its very dominant production in 2003. Early SD70ACe models had mild electrical issues and an extremely uncomfortable and very loud cab. This is the reason CSX sold their pre production ACe models, and also why Pre phase 2 ACes are banned from leading on BNSF mainlines. Basically, EMD killed the ACe by releasing a rushed first batch that didn’t give a good impression AND sold them at significantly higher price than GE, leading companies to prefer that GE over the EMD.

[@redluck01]

It was a combination of union deals, top heavy management, competition, the product, and the economy. We should never bail out companies. They just go bankrupt again and again.

[@timothyhandl2223]

Yea, it's like letting a criminal out of jail, for a second chance.

[@CalisRemedy]

America bailed out GM and GM runs off to China...Pathetic

[@benjamingreen9540]

@@phillipmaguire4671 Can you really blame them?? The wages Americans demand are far higher than any overseas country. Not to mention the fact that they have to follow numerous safety codes in America which costs time AND money. From a business standpoint they made the correct choice by moving production elsewhere.

[@KaiserMattTygore927]

Never bail out corporations, bust them instead when they fuck up or get too big.

[@BlueOvals24]

@@KaiserMattTygore927 Then nobody would have a job.

[@DMAGAEscober]

Philip Maguire they dont support these companies, however that bail out money is from the Americans taxes whitch every American is forced to pay

[@smzzms2523]

Yes....all those Democrat CLOWNS in action

[@justa.seeker4558]

My business didn't get a bailout we had to close our doors.

[@kelvintorrence5994]

Your rite about it.

[@colddripgaming]

Did you try bribery and lobbying?

[@northatlanticcommonwealth1188]

Cause you have an emoji pfp

[@zzzzzsleeping]

.

[@Jasonhb07]

Tens of thousands would have lost their jobs had GM go belly up. The government won't look too good if that happens.

[@russellgxy2905]

Curious to see how you'd tackle the Penn Central bankruptcy

[@boogiemcsploogie]

American capitalism: Private profits, socialized losses

[@akman1931]

Now look at the Democrats party. They want the whole country to be like that.

[@farenhite4329]

AK Man lol, locking up children and yet liberals are the bad guys.

[@akman1931]

@@farenhite4329 was going on under obama but no one cared then.

[@1stLtDavis]

That’s the whole world. Look at China. The largest firms are still state owned companies run by the communist party, and allegedly capitalist American and European companies are there in joint ventures with those SOEs. GM in with state owned SAIC Motor. Capitalism is a myth at the macro level. It doesn’t exist.

[@AlfredoLopez-yg4ys]

Amen. Men. Rest. In. Peace. The. American. Dream. Welcome. To. The. Hell. American. Night dream

[@KTJohnsonkidThunder]

GM shut down a plant in Ohio, but opens everything up overseas.

[@clashclans9783]

Capitalism man, dont blame them, if you owned them you would do the same. People like you praise capitalism but dont want to deal the with negative effects of capitalism, its survival of the fittest

[@bigbuck1318]

LegoGuy87 No Labor Unions or environmental regulations plus pay people in poor countries pennies instead of dollars.

[@williamdion1236]

@I Must Break You humans existed before capitalism lol

[@GenericBanana27]

Clash Clans I think every American has a right to blame them because they were bailed out in their worst hour by the US Government to save thousands of jobs, the least they could do is keep those jobs in America, the country that saved them.

[@X1.7]

KT Johnson you only have PART of the story though. They shut the Ohio plant because of the economy booming & every one wants big gas guzzling SUVS. Not small sedans. & every one of those employees have the opportunity to transfer to other plants across the country OR they can take a massive buy out

[@behindthefern2846]

When we make bad choices, we live with those consequences. They get bailed out, and they get bonuses.

[@kiatsumi7355]

I started hating GM after how they started killing the spirit of the cars, only caring about the incomings, not that you can blame them for wanting to profit, that's how business works but... the shit they did through a long amount of time is unbelievable.

[@finkmarco2631]

And do you really think that Japanese cars have Spirit ??

[@kiatsumi7355]

@@finkmarco2631 I did not mention Japanese cars in my comment, but if we're at it then kinda yes. There are many cars (originating from many countries) that have something "different" in them.

[@JayJayGamerOfficial]

I feel ya, when they put a shorter leash on Holden, the cars became less Australian and stopped profiting because they got greedy and looked at all of south East Asia and Oceania instead of just keeping it in Australia and New zealand

[@Tailwinds17]

This episode definitely hits close to home. My family has lived in Flint and worked for GM for the last few generations. I'm the first generation who hasn't due to the decline in the auto industry in the city. I remember being scared for my dad during the mass layoffs. My grandfather built his life as a dye maker. We are so tied to this company here. Also, I really miss Saturn and Pontiac. My first car was given to my by my grandpa retired since it was his work car. It was a 93 Saturn SC1. I drove it until 2013 and then my ex drove it for several more years before it was then again sold. Those older cars have something about them when it came to longevity.

[@MarsCBG]

me: sees thumbnail, looks out window at the gm building across the river, clicks video

[@dawnpruitte2109]

When GM left Dayton, Ohio it impacted so many lives. My ex-husband lost his job of 14 years as a skilled tradesman. It was such a difficult time for many families.

[@beulahboi]

It's ok though... the pig ceo was compensated handsomely.

[@ltothejtothep1983]

I paused this to say that I remember the early 90s my dad and his friend showed me one of GMs downfalls. My moms 1990 Tracker key could be used in my dads friends Cheyenne truck. 😹

[@landshark1191]

Most companies did this. I remember it being vaguely explained to me as to why. Something along the lines that each manufacturer had X amount of different keys because you can't individually change each ignition system to match each individual key. If that makes sense? If they produced a million vehicles do you think they would go through the process of making a million different keys and ignition switches (whatever they're called) that matches key? No, you make maybe 25-50 (who knows how many) sets that pair together. I imagine that even today you can find two like vehicles from the same manufacturer to have keys that can be swapped. I hope that I explained why enough to help explain why you could do that?

[@Madhouse_Media]

Thats not as uncommon as you might think. My Ram and Neon (Chrysler products, not GM) could be unlocked and started with either vehicle's key. Key grinds aren't like fingerprints. 😂 That's one reason why remote fobs and chip interlocks caught on.

[@theapocalyvid]

My dad makes his living from third-party car part manufacturing, and one year took me on a trip from Michigan to DC for my birthday when I was 11, and one of our stops during our vacation was at Congress, where we took a big tour. At the end of the tour, we went to the viewing gallery of the U.S. Senate, and they were talking about the financial bailout of General Motors and other companies, with Sen. John McCain speaking in opposition to the motion. It was really interesting to me, but was even more important for my dad, to see the life of my father and the continued relevance of our state economy debated on by a former presidential candidate he respected in the name of fiscal conservatism and austerity. Crazy how we traveled across the country only to get a look at the problems on our doorstep.

[@pamanci]

Canada also helped to bail out GM not just the US.

[@dogphlap6749]

True that, to the tune of $10B. On a per capita basis Canadians gave much more than US taxpayers (based on a population ratio of 1:9).

[@indiekiddrugpatrol3117]

The British and German governments did as well

[@macneoh7418]

People complain about GM going bankrupt, but spend 65K for a new truck from them and finance it for 7.5 years 😂🤣

[@stevenvanheel3932]

ISSA VIBEZ name a better vehicle! Oh wait... you have Honda that cant make a real truck, Toyota that makes cheap shit, and Mazda that rebadges fords and sells them as Mazda’s.

[@imstupid935]

EV. yeh gm is shit now

[@BlueOvals24]

@@stevenvanheel3932 Toyota is expensive though. They should be cheap but aren't. Mazda was owned by Ford when they rebadged those cars. Now days they're owned by an Indian company. At the end of the day, Ford is producing more in the US than GM and haven't gone under. It's the only way to get an affordable, american made, and decently reliable truck.

[@stevenvanheel3932]

CoyotePowered5.0 I think you are forgetting the fact that ford tried to declare bankruptcy but the government wouldn’t let them and they actually wound up giving ford more money than they did GM. I will never agree that ford is more reliable, although their ecoboost makes a lot more power than the Chevy pushrod v8’s do. I definitely know which one I would rather have though, after owning both. And that would be the GM.

[@BlueOvals24]

@@stevenvanheel3932 They didn't give Ford money for bankruptcy though. Ford wanted the money because of all the new emissions regulations, and had to completely gut out the truck plants to build trucks that could meet those regulations. GM was an actual bankruptcy and bail out and they would otherwise not exist if not for it. As far as reliability goes, in my experience the 5.3 isn't so great and interior quality manages to be worse than Ford's. Even if GM was more reliable, I could never buy from a company that took a bailout then moved production to China and Mexico. I wouldn't complain about the bail out as much if GM went on to make better vehicles and keep most of their production in the states. But them deciding to build elsewhere is just a middle finger to the tax payers and I just couldn't buy anything they build other than the new C8 if I could afford it.

[@Harry-fu9bp]

Holden you will always be remembered in Australian hearts ♥️♥️♥️

[@ge0graphaly]

There is a world… where Holden still exists. where NEVS is a succeeding brand. where Pontiac stays instead of Buick for North America (Buick stays for China). where Oldsmobile fills the gap left by Buick. where Saturn succeeds under Penske and Renault. where Daewoo is a serious competitor to Hyundai and Kia.

[@Houleigan]

They should not have been bailed out, they should have gone under just like other failing businesses. Besides as Jake glossed over they were formed by failed car makers to begin with. They also got money from the Canadian government as well.

[@ronsimmsfan2661]

Dont forget they lied about the ignition switch problem as they were taking tarp money

[@PatrickBaptist]

Steering column locks that would lock during operation of vehicles, went on for over 10 years....

[@RedbadvanRijn-ft3vv]

As a north European. Opel Gm had great cars back in the 60s. My dad,a BMW dealer,say to customers who could not afford a Bmw. Buy an opel,the realy good for there mony. It had some issues with the cams,after 80.000 km,but hey it were the 60s. But in the late 80s,the had stil the same problems with cams.

[@MarioSays713]

It’s crazy how Saturn was the least liked of them all and it lasted my dad a long time. Lol

[@Blatsen]

It’s interesting that the central tower of GM’s headquarters, the Renaissance Center, is a shiny cylinder shaped building just like the attraction they sponsor at Epcot under their Chevrolet brand, Test Track. This is likely a coincidence as the Test Track building was designed in the late 1970s and opened in 1982 as The World of Motion which was sponsored by GM under the GM corporate name itself. The Renaissance Center opened in 1977, but GM didn’t move into it until 1996.

[@kyliethelittlespider-mangirl94]

Saw this in my subscriptions and I was like yes! Cuz I like Bankrupt!

[@fredvasquez4201]

Me too cuz I am Bankrupt

[@swegkilla2015]

Fred Vasquez no I am

[@FrankGutowski-ls8jt]

Kylie The Little Spider-Man Girl Old old news. Click bait title.

[@adamrtr2774]

Who thinks pontiac should still be here and not buick

[@awesomeferret]

Big Pontiac fan here to say "not me". Buick has even more history than GM itself (he even said that in the video).

[@Epro95]

Well you’re completely wrong. Buick sells like crazy in China.

[@haydenreyes4621]

@@Epro95 but in the us ehhh

[@adamhlali8106]

I'm a Swede here and SAAB should be the one. But to be honest, the Swedish government destroyed SAAB automobile...

[@awesomeferret]

@@smellyfeetarestinky so what would be the equivalent of the Bonneville? And the Firebird? And the Grand Am? Etc. Yes, the bodies are reused, and some Pontiacs are thus very similar to other brands, but rebadging?

[@mr.spuddy7062]

My father worked for GM for a little over twenty years, about the final 8 being in Saab. I literally owe my existence to GM as my parents met while working for Pontiac in the mid to early '90s. I remember the absolute chaos before and during the recession, including passing the Saab headquarters and seeing the sign being removed and the building emptied out (I actually have several damaged pictures of Saab cars and fighter jets in my garage that my father fished out of the dumpsters). We got lucky when he was offered a buyout just before the recession and after decades of dedicated work (including on the failed EV) it was over, had to move around a lot and ended up living with my grandparents until he thankfully found a job for Nissan - ironically helping develop the Leaf (kind of symbolic "up yours" to the guys that essentially let him go). Every now and then I'll be driving with him and come across a Saab and you can just see this childlike gleam in his eyes and a small smile creep across his face. Those cars were his true children, he loved that company.

[@chrisdaniel5004]

Was a GM guy for years. Not no more the quality has taken a turn to short cuts. Company needs to change their name to Junky Motors. All throw away vehicles.

[@cte4dota]

VW pays biggest fine in history of automobile world came out bigger and stronger than ever lol.

[@LegendNinja41]

the fucked up big time, but VW still builds reliable cars for a decent price and has probably the best technology available, so customers buy.

[@Mrcrappyfuntastic]

@Jordie Evans Want to buy a diesel vw passat in the US? Our dealership just got 100 of them straight from colorado, all with the recalls for it.

[@limcharles9730]

VW reliable? lol...

[@cte4dota]

@@limcharles9730 Yes where do you live ?

[@Jozavenue]

@@cte4dota don't pick on him .germany's carry germs like their cars,lol

[@coolchil1]

Just my opinion: Saving GM looks like corporate socialism to me in action.

[@Luceq]

They should have gone belly up. In the next 3-5 years GM is going to need another bailout.

[@jayjayjames2332]

@@Luceq No they won't. They just made 8 billion dollars in 2018. Have 227.339 billion in total assets and 42.777 billion in total equity. All of these increases from 2017.

[@289cobra9]

coolchil1 Government Motors

[@Robocopnik]

You should learn what "socialism" means.

[@TiaS1978]

im not sure anyone in this thread knows what socialism is

[@MrPrimeTime2]

Great video! GM has so much history it needs a part 2

[@aryana7510]

You deserve so much more views, your videos are great👌

[@Arkiasis]

Person goes bankrupt: "Work harder. Pull yourselves up by your bootstraps." Company goes bankrupt: "Oh no, you poor baby. How much help do you need?"

[@christopherdynak2547]

Actually bankruptcy for individuals is pretty damn lenient. America doesn't jail you. It just suspends your credit for a period of years...not for life.

[@nomorewar4189]

OneManArmy - and they call that capitalism - at least capitalism that has their hands in the government backpockets - always the threat of loosing jobs if they go under.

[@radigeorgiev9662]

@@nomorewar4189 GM employs thousands if not millions of people. That's why! A single person working for somebody is worthless. REPLACEABLE! A company employing thousands if not millions like this same person and bringing everybody's energy together is worth saving and is not replaceable!

[@nomorewar4189]

Radi Georgiev top heavy bloated company - 173000 employees - $50B bailout $289,000 per job all the while shifting production to Mexico S Korea - they are set to close three assembly plants and shift production to where it can be done cheaper resulting in more 5600 layoffs by the end of 2019 - all this can be done efficiently thanks to American taxpayers covering those costs. According to the CAPITALIST model that so often bragged about creating wealth - now it is stealing the wealth - the majority of front line jobs would be absorbed by more efficient and better run companies at no cost to the taxpayer.

[@radigeorgiev9662]

@@nomorewar4189 I am not saying it is fair. In fact, I've never lived in or visited the US, but I am pretty sad with what's happening. People who started these companies(Ford,Walmart...) had a strong will and a strong mission that are long forgotten and it just makes me feel sad that right now it's all about profits and legally exploiting workers in foreign countries. But they can do that because they can not be as easily replaced as an average person who works for them.

[@AMGBVG1369]

This is a bankruptcy that will never be forgotten

[@yefrech4187]

"Worst economic crisis since the great depression " COVID 19 "HOLD MY BEER"

[@tuckerschwab5331]

Oh

[@banh_mi857]

Dude, my family almost went homeless after my mom lost her job. Economic recessions are NOTHING to compare.

[@AandNvg]

We don't know what's going to happen yet. Wait a few months.

[@dave1001]

That GM CEO Wagner reminds me so much of Boeing's CEO Dennis Muilenburg in trying to not answer a simple question

[@camtro1558]

Would you be able to do a Bankrupt on Lehman Brothers perhaps? It was one of the largest in US history and I'm really interested in the whole crisis

[@Konzuug]

You could read the big short. It's a really good book by Micheal Lewis about it.

[@camtro1558]

@@Konzuug Yeah I have watched some series on it and read some stuff on it. I'm not from America but I remember watching the news when Lehman brothers collapsed, Northern rock etc. It all just interested me later on in life.

[@yaci7945]

Cameron Tromans There’s also a good movie called “too big to fail” if you want .

[@station08]

Let em fail. No more tax money for bailing out carless buiness practices.

[@jasonhannsz]

I agree. After all the plant closures they’ve had let em go... they now make more in Mexico than they do in the US.

[@Menaceblue3]

@@jasonhannsz and the ones they make in Mexico are exported to China!

[@pokeytrucker5296]

Let GM fail? Hahaha. Do you realize what that would have done to the economy of, not just America, but the whole world? Even Executives from Ford and Toyota admitted that GM could not be allowed to fail. But hey, some random know nothing from the internet says let them fail,

[@pokeytrucker5296]

@DrScopeify it wouldn't have just been the employees of General Motors losing their jobs, it would have been tens of thousands other people across the world losing jobs, many parts suppliers would have been put out of business, employees of other parts suppliers that were able to survive would have had to do massive layoffs, it would have affected many other auto manufacturers as well. The American economy would have been completely obliterated, and the global economy would have taken a huge hit as well.

[@ejamsc]

@@pokeytrucker5296 and........So give the workers the bailouts not the corporations. Many small businesses go under and nobody blinks an eye. Let GM fail and let the chips fall where they may. This "too big to fail" idea is hooey. Btw,they did pay back the 50 billion......WITH MORE TAXPAYER MONEY!!! So we got the shaft twice!

[@Sean-tc7jm]

@BrightSunFilms An Excellent episode as always, but I have a personal tie to this story that I wanted to share with you. The man brought in post Bankruptcy to rebuild as CEO and Chairman, who also made the decision to cut brands, was Edward Whitacre Jr. and the former CEO of Southwestern Bell Corporation and later AT&T, following the SBC purchase of AT&T and rebranding. I only bring this up, because his hiring was considered the "deal-making" detail of the government bailout according to CSPAN at the time and other records. Mr. Whitacre, as I know him, was a personal friend of my grandfather, who was lured away from San Antonio, TX to Detroit from his retirement to save GM. I don't know the man as a corporate executive, but as a child, I knew him as Mr. Whitacre from my grandfather's work Christmas parties or our family New Year's parties. My grandfather, J Patrick Brady, was the chief engineer at IBC Center in downtown San Antonio, where AT&T, then SBC, made its headquarters. He worked with Mr. Whitacre for 20+ years there.

[@montyollie]

Jake, you are a phenomenal filmmaker. Keep up the good work. Just became a Patreon.

[@rebeccabrink3706]

I used to live near what used to be a GM plant back when the 2008 recession hit. The tension was insane at my high school when they announced it would close. So many of my classmates had family losing their jobs with no idea how they were going to get by. So glad Rick Wagner is all set while so many people went through such a terrible time.

[@dollarn9ne]

"The future looks bright for GM" 2020 Recession: Hold my Beer

[@tHeWasTeDYouTh]

hold my beer/??? HOLD MY COCK

[@alijuman6172]

Yeah they took the money and moved to china fuck GM

[@MAsonTRIX]

@@alijuman6172 100% fact.

[@anon457]

There will not be a recession in 2020, infact I predict that there will be growth here in the states considering less money will be leaving the country and will be spent more locally considering all of the tariffs that will be coming on foreign goods.

[@dollarn9ne]

xixraymondxix buddy.. it’s a sarcastic joke.. 🤦🏼‍♂️

[@ev1558]

The ones who caused the '08 financial downturn should have paid.

[@289cobra9]

e v That’s the Democrats.

[@Gravydog316]

the Republicans?

[@moissaniteshinierthandiamo3934]

American international group

[@toiletfx5679]

I love it when CEO's and exec's of big companies fuck up so bad the company has to be bailed out and still recieve multi million bonuses for essentially running the company into the ground. I'm looking at you CreditSuisse

[@boywoofie]

To see that guy walk away with millions while people lose their jobs... Just wow...

[@figgy1413]

Philip Romero typical in this corrupt as country what’s so surprising lol?

[@hectorgaytan2424]

It's his contract they had to honor it by law

[@willowashe]

sb what are you even talking about? The economy tanked during the Bush administration, it was left to the Obama admin to clean it up. How exactly does local politics fits into your narrative here?

[@jasminejohnson612]

sb everything you just said here was wrong. I’ve never see so many inaccuracies. I don’t even know where to start

[@jasminejohnson612]

sb sb I do have both the knowledge and the facts to dispute it. What you said was false, you cannot blame democrats for the recession when a republican president was in office from 2001-2009 and had a republican senate and congress for most of his terms in office and a Democratic President literally inherited the recession. Then not to mention the inaccuracies of FRANKLIN RAINES who was actually the CEO of FANNIE MAE and a BILL CLINTON advisor from 96-98, stop getting your information from Fox News and Facebook posts.

[@mr.andersen4686]

Rest In Peace Hummer and Pontiac. You’ll always be loved.

[@Pfsif]

And Saturn.

[@mr.andersen4686]

Pfsif eh fine. The Saturn Sky was okay.

[@patrickmason6971]

How about Saab? GM killed it.

[@mr.andersen4686]

Patrick Mason Saab was sold to a Dutch automaker and they killed it

[@chrislong8986]

What about Oldsmobile

[@AnthonyTolhurst-dw1nc]

General Motors more a financial corporation from the start. Cars just happened to be the right product at right time. The divisions were originally car businesses in their own right, before General Motors itself. Sloan’s purchase of and amalgamation of them under one banner gave the Corp full cover of the market on price and luxury.

[@enricotor]

I think if the PSA group hadn’t bought Opel and Vauxhall from GM they would have been two more bankruptcy victims

[@kanchingyg]

"The amount of money would be significant" What a financial five year old.

[@kanchingyg]

@Jimo I didn´t say he was dumb tho lol, the man was corrupt, and as any corrupt man he was smart.

[@Hammy_Ringtail]

Toyotas, Hondas, and Fords are better for the long shot. GM has been going down since the 1980's and now they will be moving all their brands up to china where they make more profit.

[@chrisguardiano6143]

Dapper Capper 101 not to mention German brands like Mercedes, BMW and Audi who over the past 40-50 years have provided the American market with superior sedans and SUVs than what GM has made.

[@Ethan-ck6iz]

Chris Guardiano Hah no. Barely see any of those, and the reliability is even worse than the American stuff. And parts cost a FORTUNE.

[@samthecar]

@@chrisguardiano6143 BMW is very Americanized, all of the SUVs are made in South Carolina!

[@rajkirannatarajan9276]

SamTheCar Their other sedans are made to German standards in Germany and around the world

[@dulio12385]

Throw in the fact that American workers demand quadruple the salaries of everyone else across the world plus post-employment benefits; No surprise they're either shutting down plants in the U.S or switching to automation. Even if Trump imposed a 200% tariff on the sticker price, it'll still come out cheaper than using American workers, never mind the racial-political baggage and litigiousness they bring to the table.

[@kapilramanujancbse]

Wonderful 🥰 thanks for making this video and sharing this

[@5_qm610]

Rip Saturn and Pontiac you will always be missed :(

[@MisonoMika1]

Holden, Saab, Hummer and Saturn are gone too

[@Lrules364]

The 2005 loss of over $10 BILLION was caused by the destruction of their only design and engineering brand: Oldsmobile. They murdered that brand to begin their move to China.

[@ClawBoss]

Been waiting for a new episode! Thanks!

[@7MonarC]

Omg, that meeting was difficult to listen to.

[@Eric032289]

Are there any plans to continue this series? I've been really enjoying this so far.

[@skylinefever]

Why the hell is it the taxpayer's fault that GM made defective V6 engines for many years, and Nissan got it right back in the 1980s?

[@andrewmyers1219]

You mentioned the two worst car brands EVER in your comment.

[@NickVanHalen]

@@andrewmyers1219 have you heard of Kia or Hyundai?

[@thrillseekanz7874]

@@andrewmyers1219 perhaps wouldn't make any comments on cars ever again after insinuating Nissan are in any way bad.

[@deathfromabove8735]

All I have to say it this is (see's top comments username) please for the love of everything righteousness please tell me you don't think the skyline is a V6 ???

[@skylinefever]

@@deathfromabove8735 I know that the version of Skyline I love has an inline 6. The point I am making is that cars and trucks with Nissan V6 engines rarely had engine problems when compared to GM models. The Nissan Hardbody and Frontier have always been far less trouble prone than the Chevy S10 and Colorado.

[@austinreed5805]

Why not do a NorthWest Airlines bankruptcy video.

[@racerd3801]

Northwest was raided by Al Checkie the F,in CROOK

[@adrgru]

Three out of the five episodes so far have been about airlines. He'll probably get around to it at some point.

[@avgjoeavglife]

They Merged with Delta.

[@Windows98R]

Austin Reed I was wondering what happened to North West ever since I last saw it as a kid next to SouthWest, didn’t know they went under...

[@bayareaaviation17]

I hope does

[@marks4374]

The way they handled the Fiero was one of the big mistakes of the 80’s. If they had introduced the 88 model in 84 it would have been much more successful. They marketed it as a sports car but it was really just a patchwork of existing low performance parts. When they finally got it right they killed it.

[@petrikokko1441]

Wonderfully competent management.