Changing your financial habits?

[ChallengeMe]

I work for a logistics firm dedicated 100% to G.M. and see daily how bad things really are. GM has burned $73 billion in the past 4 years and I don't believe a government bailout will help them. Their UAW contract will kill them as well as Ford and Chrysler. They have all been making bad executive decisions for years. Without the bailout, GM will be out of money by Christmas, with the bailout they might make it through next year but will still be burning money. If they close, 2.5 to 3 million jobs will be lost (mine included).

Our sister company, a major trucking firm, announced this week they are dropping all their Chrysler and Ford routes they run; the contracts stipulate payment in 60 days. If/when they file bankruptcy, they will not get paid for two months of business. They are keeping the GM routes for now.

As for changing my financial habits? Buying only what we really need while we can. This situation is very real.

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[Timmay]

I just dont see how a country who has a huge national debt can afford to bail out these companies, but then again...can our country afford not to bail them out?

[Tom McGarry.]

The so called BIG 3 are going through the same thing here in Canada as well, in todays local news they finnaly admitted that we are in the big R.

As most of you know I too work in the trucking industry, and since just about everything that you own (eat, ware, live in, drive) is delivered by a truck at some point, we see first hand what is happening in the world. Our company isn't very big itself, but our sister company is, and both sides have had a lot of trucks parked, instead of going down the road. In the past week 5 local trucking companies closed their doors, and a couple of them were much bigger than ours.

Now I should mention that we are a flat bed company, therefore we don't do alot for the big 3, however the trickle down affect has alot of the suppliers to the big 3, which we do service, realy affects our buisness.

I have learned to pinch every penny, and keep my eyes open for any deals out there.

[hammerdrill376]

I just dont see how a country who has a huge national debt can afford to bail out these companies, but then again...can our country afford not to bail them out?

I don't claim to be an expert on all this but I think we are in a "damned if we do..damned if we don't situation."