I saw this video a few weeks ago and thought of how I was chided, here, for buying re-pop parts (chrome door handles) instead of "genuine GM". And all along I thought genuine GM parts were only made in Mexico. :???:I hope this doesn't offend anyone. Facts are facts.
I usually don't post controversial stuff but this just rips my guts.
As long as American consumers continue to seek out the cheapest priced goods regardless of quality or place of origkn we will continue to see our economy and way if life erode until there is nothing left.
GM is not the great American company it once was. It is now a "paper tiger" that will soon be floundering again. The auto bailout did more for China than it did for us.
i mentioned this some time ago....the saginaw steering division was sold to chine some time back. The plants are 4 miles down the road from me. And the wages there are 14 bucks an hour, for all the new hiring, where they were around 25 or more in the old days. A friend who took flight lessons at the place i worked, was in china for 8 years for gm, and he told me a few months ago that the chinese army owned steering gear (?) not that it makes any difference, since the army is the government.
Not only that, this friend is getting screwed out of his retirement by gm, and he is part of a lawsuit against gm over this.
No good news here......
Don't know how folks with a family can live on 14 bucks an hour.....
Only good thing about the auto company bail-outs is that it saved some jobs (for the plants that china doesn't own yet)!!
Check this out:
One has to scratch their head trying to comprehend how the government can lend money to itself. The Fed has doubled their holdings in U.S. Treasuries (the national “debt”) in one year from $812 Billion to $1.67 Trillion. This blows by the former largest owner, China who owns $1.1 trillion. The Federal Reserve is not technically “U.S. Government” but it is a government agency that could be loosely compared to a “subsidiary” of the government. The Fed has “lent” the government an additional $800 billion in one year. Where do they get the money? Part comes from printing more money. They added about $50 billion in currency from 2009 to 2010, and this year will likely show another big jump. Part comes from banks because bank deposits are rising and they are required to keep a reserve amount at the Fed. There is some circular logic here – where when the Fed buys Treasuries to keep rates low, depositors are more likely to keep money in banks where it is safe, which increases deposits, and gives more money to the Fed to buy Treasuries to keep rates low. It makes you dizzy. The other big source of funding to the Fed comes from an even stranger place – the U.S. Treasury. These are the people who own the “bank account” for the U.S. Government. They get all our tax receipts and they are the ones that borrow money to run the government. In 2010, the Treasury took $200 Billion out of their account and deposited it at the Fed. This was used…. to lend more money to the Treasury! As much as we feel uncomfortable that China owns so much of our debt, it’s also unsettling that the U.S. government now owns 31% of its own debt (so called “intergovernmental debt”.) If this percentage grows much more, the government will be more bubble than real.
(I googled "biggest lender to the us government)!