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	<title>Comments on: GM&#8217;s incredibly sobering 10-Q&#8230;</title>
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	<link>http://www.footnoted.com/earnings-quality/gms-incredibly-sobering-10-q/</link>
	<description>Morningstar&#039;s guide to what&#039;s hiding in SEC filings</description>
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		<title>By: Lisa</title>
		<link>http://www.footnoted.com/earnings-quality/gms-incredibly-sobering-10-q/comment-page-1/#comment-6776</link>
		<dc:creator>Lisa</dc:creator>
		<pubDate>Wed, 12 Nov 2008 23:37:25 +0000</pubDate>
		<guid isPermaLink="false">http://www.footnoted.com/?p=2947#comment-6776</guid>
		<description>1. Declare bankruptcy
2. Renegotiate all labor contracts. $75 an hour labor costs are outrageous for line workers. Cut that to what the imports pay their workers. If the company makes money, then the employees can partake in profit sharing. If not, then the company goes out of business and everyone finds a new job.
http://mjperry.blogspot.com/2007/07/uaw-pricing-themselves-out-of-market.html
3. Health benefits for the retirees are slimmed to nothing but lifesaving. Viagra and the $17M the GM health fund pays (2006) for this drug annually for the retirees is way beyond normal. 
http://www.consumeraffairs.com/news04/2006/04/gm_viagra.html
4. No more $28M salary expenses for Mulally or the like.
 
Stop interfering with the free market. Don&#039;t give Detroit any money. None. Let the unions and management really understand they are responsible for their own mess and they must clean it up.</description>
		<content:encoded><![CDATA[<p>1. Declare bankruptcy<br />
2. Renegotiate all labor contracts. $75 an hour labor costs are outrageous for line workers. Cut that to what the imports pay their workers. If the company makes money, then the employees can partake in profit sharing. If not, then the company goes out of business and everyone finds a new job.<br />
<a href="http://mjperry.blogspot.com/2007/07/uaw-pricing-themselves-out-of-market.html" rel="nofollow">http://mjperry.blogspot.com/2007/07/uaw-pricing-themselves-out-of-market.html</a><br />
3. Health benefits for the retirees are slimmed to nothing but lifesaving. Viagra and the $17M the GM health fund pays (2006) for this drug annually for the retirees is way beyond normal.<br />
<a href="http://www.consumeraffairs.com/news04/2006/04/gm_viagra.html" rel="nofollow">http://www.consumeraffairs.com/news04/2006/04/gm_viagra.html</a><br />
4. No more $28M salary expenses for Mulally or the like.</p>
<p>Stop interfering with the free market. Don&#8217;t give Detroit any money. None. Let the unions and management really understand they are responsible for their own mess and they must clean it up.</p>
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		<title>By: JLarkin</title>
		<link>http://www.footnoted.com/earnings-quality/gms-incredibly-sobering-10-q/comment-page-1/#comment-6774</link>
		<dc:creator>JLarkin</dc:creator>
		<pubDate>Wed, 12 Nov 2008 20:52:07 +0000</pubDate>
		<guid isPermaLink="false">http://www.footnoted.com/?p=2947#comment-6774</guid>
		<description>Virgil,

Check your math, that should be 33 years of retired people and 47 years of working people, so it&#039;s more like 60%.  And yes, if you include discouraged workers who gave up looking, part time workers who want full time work, and recently unemployed, you will get a much higher unemployment rate than the gov&#039;t figure.  Lots of blogging on this topic.</description>
		<content:encoded><![CDATA[<p>Virgil,</p>
<p>Check your math, that should be 33 years of retired people and 47 years of working people, so it&#8217;s more like 60%.  And yes, if you include discouraged workers who gave up looking, part time workers who want full time work, and recently unemployed, you will get a much higher unemployment rate than the gov&#8217;t figure.  Lots of blogging on this topic.</p>
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		<title>By: Virgil Bierschwale</title>
		<link>http://www.footnoted.com/earnings-quality/gms-incredibly-sobering-10-q/comment-page-1/#comment-6772</link>
		<dc:creator>Virgil Bierschwale</dc:creator>
		<pubDate>Wed, 12 Nov 2008 12:33:19 +0000</pubDate>
		<guid isPermaLink="false">http://www.footnoted.com/?p=2947#comment-6772</guid>
		<description>I want you to read an article I wrote this morning at http://www.KeepAmericaAtWork.com and the reason is that no manufacturer, retailer or raw material producer is going to survive if we don&#039;t stop this hemoraghing of our working citizens.

article follows ---

Polls,

You love them or you hate them or in my case, you distrust them because they don&#039;t provide the detail so that you can verify the accuracy of the data.

But on the other hand, I&#039;m noticing some interesting things in the &quot;Employed&quot; poll that I am running this month.

As of right this minute we have:

19 employed for 57.6 %
7 unemployed for 21.2 %
5 looking for 15.2%
2 gave up for 6.1 %
Now according to the cia&#039;s web site we have about 300 million people in america, so lets divide that into 3 age groups.

Lets make the assumption that 100 million are under the age of 18 which leaves 200 million.

So we have an age group from 18 - 98 and 200 million people

A lot of people either retired at 65 or possibly were forced to retire at 65 which leaves from a total of 70 working years:

33 years of retired people and
37 years of working people
That is awful close to 50 % this early in the morning.

So these rough numbers tell me we should have 100 million working and 100 million retired as approximate numbers.

Now I read in one of the government reports a while back that our government uses 150 million workers which makes me wonder how they arrived at that number, but thats another topic at a later date.

So we have 100 million workers, now lets deal with the numbers above and we&#039;ll add the 19 employed and the 5 looking for a total of 24 working and we&#039;ll add the numbers of 7 unemployed and 2 gave up for a total of 9

So now we have the numbers of 24 and 9 which gives us 33

So now we will divide 100 million by 33 and we get 3,030,303 per number

So now we&#039;re going to multiply 3,030,303 times 24 and we get a working population of 72,727,273

And now we&#039;re going to multiply 3,030,303 times 9 and we get a unemployed populaton of 27,272,727

Damn, does that give us an unemployed percentage of 28 % instead of the 6 % our experts are telling us.

Now do you see why our economy and the economy of all the democratic countries is suffering right now ?

As for you other democratic countries, run the numbers on your own country and if your leaders have followed America&#039;s lead and sent your jobs offshore, then that will explain why you&#039;re going through the same problems we are.</description>
		<content:encoded><![CDATA[<p>I want you to read an article I wrote this morning at <a href="http://www.KeepAmericaAtWork.com" rel="nofollow">http://www.KeepAmericaAtWork.com</a> and the reason is that no manufacturer, retailer or raw material producer is going to survive if we don&#8217;t stop this hemoraghing of our working citizens.</p>
<p>article follows &#8212;</p>
<p>Polls,</p>
<p>You love them or you hate them or in my case, you distrust them because they don&#8217;t provide the detail so that you can verify the accuracy of the data.</p>
<p>But on the other hand, I&#8217;m noticing some interesting things in the &#8220;Employed&#8221; poll that I am running this month.</p>
<p>As of right this minute we have:</p>
<p>19 employed for 57.6 %<br />
7 unemployed for 21.2 %<br />
5 looking for 15.2%<br />
2 gave up for 6.1 %<br />
Now according to the cia&#8217;s web site we have about 300 million people in america, so lets divide that into 3 age groups.</p>
<p>Lets make the assumption that 100 million are under the age of 18 which leaves 200 million.</p>
<p>So we have an age group from 18 &#8211; 98 and 200 million people</p>
<p>A lot of people either retired at 65 or possibly were forced to retire at 65 which leaves from a total of 70 working years:</p>
<p>33 years of retired people and<br />
37 years of working people<br />
That is awful close to 50 % this early in the morning.</p>
<p>So these rough numbers tell me we should have 100 million working and 100 million retired as approximate numbers.</p>
<p>Now I read in one of the government reports a while back that our government uses 150 million workers which makes me wonder how they arrived at that number, but thats another topic at a later date.</p>
<p>So we have 100 million workers, now lets deal with the numbers above and we&#8217;ll add the 19 employed and the 5 looking for a total of 24 working and we&#8217;ll add the numbers of 7 unemployed and 2 gave up for a total of 9</p>
<p>So now we have the numbers of 24 and 9 which gives us 33</p>
<p>So now we will divide 100 million by 33 and we get 3,030,303 per number</p>
<p>So now we&#8217;re going to multiply 3,030,303 times 24 and we get a working population of 72,727,273</p>
<p>And now we&#8217;re going to multiply 3,030,303 times 9 and we get a unemployed populaton of 27,272,727</p>
<p>Damn, does that give us an unemployed percentage of 28 % instead of the 6 % our experts are telling us.</p>
<p>Now do you see why our economy and the economy of all the democratic countries is suffering right now ?</p>
<p>As for you other democratic countries, run the numbers on your own country and if your leaders have followed America&#8217;s lead and sent your jobs offshore, then that will explain why you&#8217;re going through the same problems we are.</p>
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		<title>By: Douglas</title>
		<link>http://www.footnoted.com/earnings-quality/gms-incredibly-sobering-10-q/comment-page-1/#comment-6769</link>
		<dc:creator>Douglas</dc:creator>
		<pubDate>Tue, 11 Nov 2008 17:14:27 +0000</pubDate>
		<guid isPermaLink="false">http://www.footnoted.com/?p=2947#comment-6769</guid>
		<description>Why is wagner still there? FIRE HIM!!!! And If GM goes bankrupt, then what? They start at zero and still go down from there? WAKE UP!!</description>
		<content:encoded><![CDATA[<p>Why is wagner still there? FIRE HIM!!!! And If GM goes bankrupt, then what? They start at zero and still go down from there? WAKE UP!!</p>
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