Another GM Unit Is Gone

[Dick W.]

Another GM unit gone. From today's Wall Street Journal

You don't need to understand exchange rates and trade wars to grasp the economic change that has come to Saginaw, Mich. Remarkably, the largest private employer there will soon be the city government of Beijing.

In the weeks ahead, a 104-year-old unit of General Motors will be sold to new owners from China. The unit made steering equipment for decades under the name Saginaw Steering Gear. Now known as Nexteer, it employs 8,300 people around the world. Its new Beijing owners call themselves Pacific Century Motors.

You might need to learn how to convert dollars to the Renminbi or the Yuan. We are selling America China, one piece at a time

Another GM unit gone. You might need to learn how to convert dollars to the Renminbi or the Yuan. We are selling America China, one piece at a time

They already own us. They hold most of our bonds. That's why they've been bitching so much about the spending, and are criticizing us at the G20 summit.

[Bill M.]

Re: Another GM Unit Is Gone

yesterday the Comander in Cheif was fawning all ove India telling them and us how great they are and how they are helping out the whole world with their call centers. He sees great things with further cooperation between or contries. I guess they will be importing thousands of our products. Or will it be our jobs?

[Chuck S.]

Re: Another GM Unit Is Gone

yesterday the Comander in Cheif was fawning all ove India telling them and us how great they are and how they are helping out the whole world with their call centers. He sees great things with further cooperation between or contries. I guess they will be importing thousands of our products. Or will it be our jobs?

One of the products touted was Harley Davidson motorcyles.

Now that's a vision...A Singh in a turban on a Hawg, riding along, soothed by that rumpetey-rumpetey sound that's so familiar to us. I wonder how motorcycle boots will go with their traditional garb?

But, what's wrong with this picture? India has no history with the Harley. They will probably think that irregular heart beat is a defect. But, with the locals building the Little White Water Buffalo for a tenth of a Harley, WE will probably be hearing more high-pitched two cycle sicles in our future. And, poor Harley...they'll become even more of a nostalgia niche business until they're gone.

[Ronald L.]

Re: Another GM Unit Is Gone

Word on the street is that SSG will close and column production shifts to China next year, at least that is what I've been told mid summer.

Enough of the exporation of jobs over to Asia! Who is going to pay all those employee's unemployment? Bejing?

[Paul J.]

Re: Another GM Unit Is Gone

Another GM unit gone.
You might need to learn how to convert dollars to the Renminbi or the Yuan. We are selling America China, one piece at a time

They already own us. They hold most of our debt. That's why they've been bitching so much about the spending, and are criticizing us at the G20 summit.

[Jim S.]

Re: Another GM Unit Is Gone

I haven't heard anything about moving any production to China. But what would I know! I get my retirement check funded by all of you tax payers, the PBGC (Pension Benefit Guarantee Corp).

Jim Shea

[Terry M.]

Re: Another GM Unit Is Gone

I haven't heard anything about moving any production to China. But what would I know! I get my retirement check funded by all of you tax payers, the PBGC (Pension Benefit Guarantee Corp).

Jim Shea

At a fraction of what it would have been without GMs bankrupcy.

[Edward J.]

Re: Another GM Unit Is Gone

The other day while changing the oil on my 2010 Chev.
Traverse the first thing I noted when picking up the hood was made in china on the wiring harness. I guess the competition levels to build cars cheaper has resorted to china as playing a big role with GM cars. and others also.

[Chuck S.]

Re: Another GM Unit Is Gone

...Enough of the exporation of jobs over to Asia! Who is going to pay all those employee's unemployment? Bejing?

Want to "send jobs overseas"?...Raise taxes to reduce the rich tycoons' bottom line. Then redistribute the revenue to make it more "fair" for everyone.

Hmmm...Let's see if we have this right: More taxes=less manufacturing=fewer jobs=more people needing "fairness"=raise taxes. Kiss America's *** goodbye.

[Jim S.]

Re: Another GM Unit Is Gone

Actually because I am over 65, (and my retirement check was less than the PBGC maximum), my check has been exactly the same as my Delphi retirement check.

However, there is still the possibility that the calculation that the PBGC makes for the 60% spouce survivor option may be different (and cost more) thant the old Delphi calculations. So there is still the possibility that the PBGC could come back on me and demand that I return the overpayments that I have been receiving for the last year of the PBGC checks. I don't know why this is taking so long. Maybe the impending lawsuit by the Delphi Salary Retiree Assoc has something to do with it.

The only other difference is that GM retirees received a $300/month increase in their retirement checks when they lost health care. No such luck for us Delphi retirees.

The salary retirees (who were under 60 and were told that if they retired early they would receive supplemental payments until 62) were the ones that really got screwed. They not only lost the supplement but the PBGC calculations cut their retirement checks severly.

Jim

[Ronald L.]

Re: Another GM Unit Is Gone

Jim,
That whole thing is a mess, and cross town a very similar scenario is unfolding with essentially the same consequences in that the hourly were taken car of and the salaried folks got screwed.

[Terry M.]

Re: Another GM Unit Is Gone

I guess it would not be appropriate to say anything about Unions at this point?

[Ronald L.]

Re: Another GM Unit Is Gone

I don't have one thing against them, they had better legal representation in both cases and the judges would not listen to those salaried folks claiming their pension had been raped, and under the current administration where it is all about taking away from the middle class? How's that for rotten apples!

[Stuart F.]

Re: Another GM Unit Is Gone

As a GM retiree who is receiving the gift of $300./mo, I must clarify that it comes from the retirement fund and is therefore fully taxible income and serves to deplete the fund further. With the left over amount, I was able to replace my supplemental healthcare coverage for $362.50/mo, and added my Part "D" prescription drug coverage for $70.20. Such a deal, specially looking forward to the significant increases in premiums for 2011 and beyond.

Stu Fox

[Jack H.]

Re: Another GM Unit Is Gone

The fortunate aspect of foreign investment in the US is there's NO good way to repatriate real estate!

A number here in Colorado 'howled' when the Japanese bought the Breckenridge ski resort. Fears turned out to be unfounded. The new owners infused cash and continuted development of the site.

Then, when the Japanese stock market & banking industry bubble popped, this US investment was a solid one that did NOT suffer deflation. It was re-sold to Americans and remains alive and well today!

Bottom line, all foreign investment in US business is NOT a bad thing...