General Motors to Invest $1 Billion in Brazil Operations -- Money to Come from U.S. Rescue Program

[babsbunny]

http://www.laht.com/article.asp?ArticleId=320909&CategoryId=12396

General Motors to Invest $1 Billion in Brazil Operations -- Money to Come from U.S. Rescue Program

By Russ Dallen
Latin American Herald Tribune staff

General Motors plans to invest $1 billion in Brazil to avoid the kind of problems the U.S. automaker is facing in its home market, said the beleaguered car maker.

According to the president of GM Brazil-Mercosur, Jaime Ardila, the funding will come from the package of financial aid that the manufacturer will receive from the U.S. government and will be used to "complete the renovation of the line of products up to 2012."

"It wouldn't be logical to withdraw the investment from where we're growing, and our goal is to protect investments in emerging markets," he said in a statement published by the business daily Gazeta Mercantil.

[fed_up_mother]

1. ARRRRGGGGGGGHHHHHH

[jakefrep]

2. Good Christ...hasn't this shit been posted like 10 times already?

[babsbunny]

5. Not everyone can sit and look at DU all day

thanks for your support!

[valerief]

3. Gotta help those Brazillion Brazilians. Fuck US workers, of course. nt

[Jackpine Radical]

4. THIS needs to be spread around.

Where the hell is DainBramage or whatever his name is, the Chevy guy, to respond to this? He was jumping up & down on the Detroit bailout topic, talking about all the jobs to be lost if the Gubmint didn't Do Something Right Now!

[AdHocSolver]

9. I posted earlier that GM would use the bailout money to build more factories overseas.

I suggested in that thread that GM would expand their Buick plant in China that was making tons of profit.

Why should GM use the U.S. taxpayer's gift to make more cars in the U.S. when Americans are unemployed and broke and can't afford to buy cars anyway? That is illogical.

(If you have been paying attention, giving money to "producers" to "fix" the economy is elsewhere referred to as the "trickle down" theory of economics. Give money to investors and they will "create" jobs. Just no telling where those jobs will be created.)

IIRC, DainBramage also posted in that thread. My reply may even have been to one of his posts. At any rate, he should have seen what I wrote.

[peacetalksforall]

6. For every 1 billion that goes through GM out of the country, the rule should

say that 7 billion in jobs will be brought back to the U.S. Let the corporations pay for a part of GM.

[Taverner]

7. And you wonder why I want conditions to the bailout

The 'bailout' is nothing more than free money for corporations

If it was a real bailout, there would be a national moratorium on foreclosures, subsidies would go to the homeowner, not the lender and help would have been given to the workers, not the CEOs.

[trayfoot]

8. No HELP Without SEVERE Conditions!

[TexasObserver]

10. Aw, Hell No!!

[kentuck]

11. Sorry.

Sell it off.

[Jackpine Radical]

12. Take the goddam bailout money, loan it to the workers, and let THEM buy the

car companies. Let them democratically set up a management system. That way the jobs don't go away. They can repay the loans as they start to make profits. They can start by building things like that 65 mpg diesel Escort you can only buy in Europe.

[AdHocSolver]

13. Workers given capital to buy out a failing company has been done before with great success.

I have read articles over the years where a failing company was given capital by an investment firm and the workers turned the company around.

Of course, it was done on a smaller scale. However, the workers know how to do their jobs. The corporate executives are the ones who screwed up.

As long as the current executives at GM are replaced, I am all for it.


It would be nice to get a few Recs for this thread to keep it in view a bit longer. This is a significant piece of news.

[Jackpine Radical]

16. Do you happen to recall more details about worker-owned companies?

Error: You've already recommended that thread.

[Skittles]

14. in my experience, Brazil is right up there with India in quality

yes

[Kaleko]

15. K & R