Archived posting to the Leica Users Group, 2008/12/20
[Author Prev] [Author Next] [Thread Prev] [Thread Next] [Author Index] [Topic Index] [Home] [Search]Nathan, Ford is in better shape in cash flow terms. When Mullally took over, he mortgaged everything that was there in the company, including the brand goodwill, and raised a $11 billion line of credit from the banks. Of course the press and analysts roundly pilloried him at that point, but it seems like a stroke of genius today. Cheers Jayanand On Sat, Dec 20, 2008 at 11:47 PM, Nathan Wajsman <photo@frozenlight.eu>wrote: > Whatever. > > A couple of quotes from The Economist (Dec. 6th issue, p. 69): > > "Against the sombre backdrop of a 37% drop in November sales (compared to a > year earlier) for the industry as a whole, GM's sales fell by 41% and > Chrysler's by 47%. Only Ford bucked the trend slightly with a fall of > 31%-the same as Honda and less than Toyota." > (the numbers are for the US market) > > Further on: > > "Although Ford is asking the government for a $9 billion line of credit, it > still hopes not to need it. Its biggest fear is being dragged down if > either > of its rivals fails. Ford also looks in better shape than the other two, > with a well-advanced strategy for cutting costs and bringing its highly > rated European models to North America." > > Sure enough, the "emergency" package decided by the US government the other > day is only for GM and Chrysler: > http://news.bbc.co.uk/2/hi/business/7793108.stm > > Etc. > > With all due respect, I find The Economist or the BBC a more credible > source than you, your love of cars notwithstanding. And what I see on the > streets of Spain and elsewhere in Europe bears out the above statements. > Ford is doing OK; GM and Chrysler simply don't exist. Given their global > scale of operations, the US market is not enough for them to survive--and > their market share is falling there too. > > Nathan > > Nathan Wajsman > Alicante, Spain > http://www.frozenlight.eu > http://www.greatpix.eu > http://www.nathanfoto.com > > Books: http://www.blurb.com/bookstore/search?search=wajsman&x=0&y=0 > PICTURE OF THE WEEK: http://www.fotocycle.dk/paws > Blog: http://www.fotocycle.dk/blog > > > > On Dec 20, 2008, at 6:45 PM, Seth Rosner wrote: > > Nathan, if it were patriotism I would not have avoided American cars for >> over 40 years. Your generalizations are charming: 'GM and Chrysler are in >> the dumps because they build too many cars that nobody wants to buy' - but >> millions of people are buying GM and Chrysler cars; 'Ford is the only one >> that actually makes cars that people want to buy' - Ford sells fewer cars >> in >> U.S. than GM and - the largest selling 'foreign car in China? Buick. >> >> You simply don't know the facts. All three companies suffer today from >> having created over a period of 25 or more years reputations for building >> mediocre cars. That takes time to overcome. >> >> Seth >> >> ----- Original Message ----- From: "Nathan Wajsman" <photo@frozenlight.eu >> > >> To: "Leica Users Group" <lug@leica-users.org> >> Sent: Saturday, December 20, 2008 12:22 PM >> Subject: Re: [Leica] un-believable - now off-topic and long-ish >> >> >> Sorry Seth, but I am afraid your patriotism may have got the better of >>> you. GM and Chrysler are in the dumps because they build too many cars >>> that nobody wants to buy. You may like your Cadillacs but there simply >>> are not enough of you either in the US or elsewhere. Of the big 3 (or >>> 2 1/2 by now), Ford is the only one that actually makes cars that >>> people want to buy. >>> >>> And the financial crisis did NOT cause their problems, it merely >>> exposed them. Even without the crisis, GM and Chrysler in particular >>> were companies in terminal decline. The US taxpayer bailout will buy a >>> few additional months, but it is the height of obscenity. >>> >>> Nathan >>> >>> Nathan Wajsman >>> Alicante, Spain >>> http://www.frozenlight.eu >>> http://www.greatpix.eu >>> http://www.nathanfoto.com >>> >>> Books: http://www.blurb.com/bookstore/search?search=wajsman&x=0&y=0 >>> PICTURE OF THE WEEK: http://www.fotocycle.dk/paws >>> Blog: http://www.fotocycle.dk/blog >>> >>> >>> >>> On Dec 20, 2008, at 5:44 PM, Seth Rosner wrote: >>> >>> >>>> Just as extraordinary for GM to have turned itself around as they >>>> have. I've gotten sick to my stomach at the trashing of GM and Ford >>>> that the grotesquely uninformed Senators and media geniuses have >>>> carried out during the last month. Both Companies have already >>>> transformed themselves (I can't speak about Chrysler as I do not >>>> know their products) and have been caught in the economic >>>> catastrophe caused by the criminals who have run the banks and >>>> investment banks and come close to destroying the world economy. End >>>> of rant. >>>> >>> >>> >>> _______________________________________________ >>> Leica Users Group. >>> See http://leica-users.org/mailman/listinfo/lug for more information >>> >> >> >> >> -------------------------------------------------------------------------------- >> >> >> >> No virus found in this incoming message. >> Checked by AVG - http://www.avg.com >> Version: 8.0.176 / Virus Database: 270.9.19/1857 - Release Date: >> 12/19/2008 10:09 AM >> >> >> _______________________________________________ >> Leica Users Group. >> See http://leica-users.org/mailman/listinfo/lug for more information >> > > > _______________________________________________ > Leica Users Group. > See http://leica-users.org/mailman/listinfo/lug for more information >