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Looks to me like the US politicians want to do the same thing more or less.
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Sure, why not. Maybe it will force a few Americans to
not get that 6 liter engine pick-up truck for the purpose of buying groceries.
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Another advocate of increased central planning by the government to influence economic behavior.
[/ QUOTE ] Do you think global warming is a real issue? If so, what do you propose is done about it? If no, [img]/images/graemlins/tongue.gif[/img]
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Well take a look at GM's write down of $39b in the quarter oil @ almost $100/b and the US gov still wants to invade another mid east country....I am just in awe how americans voted this clown and his lemming gov to office I would be ashamed if I where American.
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How is GM's non cash charge relevant here?
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If you can't connect the dots when the largest US business are having major troubles with there finances and whats going on around them. When you have an employer of around 800k men and woman...they are directly responsible to parts companies....steel companies and the trickle down effect is huge. Throw in a downgrade on there borrowing ability and they are a [censored] hair away from doom.
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That's ridiculous reasoning.
General Motors Loses $39 Billion
It's a paper loss totally, fessing up on some accounting rules. An earnings statement isn't a cash flow statement btw. GMs problems stem from liabilities to former UAW workers for retirement benefits more or less. This was addressed in the last contract negotiated with the uniion recently.
GM attributed the third-quarter loss to a $38.6 billion noncash charge largely related to establishing a valuation allowance against accumulated deferred tax credits in the U.S., Canada and Germany, as well as mortgage losses at GM's former financial arm, GMAC Financial Services.
But accounting rules require that companies expecting to keep losing money cannot keep carrying deferred tax credits indefinitely and must write down their value.
GM Chairman and Chief Executive Rick Wagoner said he knew the charge would be difficult to comprehend for some.
"I think you'd have to have a Ph.D. in accounting to understand it," Wagoner said during an interview on "The Paul W. Smith Show" on WJR-AM.
"It doesn't have any impact at all," he said. "I would encourage people not to overreact in a negative way to it."
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lol..ok...you keep believing...and hey why not vote based on "Securing the Homeland" in 2008 as well....cause business leaders and politicians never lie.