GENERAL MOTORS BACK INTO NUMBER ONE POSITION
When those nay Sayers just loved it when General Motors collapsed I had lost 20% of my 401K plan because I believed in my GM investment so foolishly so that I admit I hung onto it right until the end. Why did I believe in General Motors? Because dollar for dollar to me in the last ten years they made the best cars money could buy. The oldest of my three Pontiacs is now five years old and like the other two, there have been no recalls and all they have ever needed is the standard service. I don’t want to upset Toyota owners too much but I am having a real laugh now. Toyota can only keep on selling cars at a huge loss for so long to maintain some sort of market share. For them it might be a case of litigation sending them broke before the mountain of losses through discounting does.
New Zealander Chris Liddell, (an old boy of my old school, Mount Albert Grammar) is GM’s CFO and CEO in waiting. He resigned his position as CFO at Microsoft to move to Detroit earlier this year. He is learning the ropes very quickly and already he has written checks for $billions repaying TARP money. Uncle Sam still is the majority shareholder and not that the media or Wall St want to say anything positive about Treasury’s investment in GM, Tim Geithner and his buddies are rubbing their hands in glee. Citicorp will return at least $7 billion profit once the government unloads all its stock, but this will be postage stamps compared to General Motors IPO!
When the auction of GM stock takes place later this year, 20% of my 401K plan will be reinvested in the new GM. Why? There are some American manufacturing companies that are at the top of their game. No-one will ever topple Microsoft in technology, Proctor and Gamble have weathered all sorts of storms but is still the global leader in its field, Du Pont has no peer in chemical products, the list could go on and on. For me, I never lost faith in GM because every day once the garage door opens my Pontiac G8 or GTO takes me to work or play. No mat gets stuck between my foot and the accelerator pedal! Sales of GM products around the world are starting to boom and once their new age electric hybrid cars hit the roads, all those greenies will be scrapping their ugly, worthless Prius Toyotas for the Chevy Volt! I like V8 power myself so old petrol heads like me will never change to a car powered by an Eveready battery. For me it’s all about 0-60 in less than five seconds being such an adrenalin rush. 0-60 in ten seconds is what I achieve driving my GTO in reverse!
Long live General Motors (and for me long live the 700 horse power V8 Corvette) the symbol of America at its very best for nearly 100 years, yes followed by a small hiccup but now proudly the brand that epitomizes true 21st century excellence. While Toyotas are being sold at fire sale prices GM have jacked theirs up. People will pay more for quality, even in tough times!
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Nesto
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