Hi SeanBK,
Sorry to hijack your thread. A little bit of "whistling past the cemetary" I think!
My stomach hurts today listening to the news on the auto industry, the change in the bailout plan, etc.
Did you see this NY Times graphic yesterday - states with the most "negative equity" (upside down, or "underwater") mortgages:
http://www.nytimes.com/interactive/2008/11..._MORTGAGES.htmlToo late to leave with all the sales competition from foreclosures. Jim, let me know when you find good bread lines - large boxes without long lines.
I was looking for a new studio in September. That is definitely on hold for now.
I'll leave you guys with one last quote from today's news. Then go listen to music and take some photos, before the sun goes out.
Best,
Michael
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on Nov. 7, Wagoner said that GM's research shows that 80% of those surveyed said they wouldn't buy a car from a bankrupt car company. "If your revenue line falls, you would not be talking about a reorganization, you would be talking about a liquidation."
Grant Thornton's Rodriguez says that Ford and Chrysler, in the event of a GM bankruptcy, would also be quickly driven to bankruptcy court because their costs would be so much higher than GM's, "they'd quickly find themselves uncompetitive." Too, there could be such a disruption to auto suppliers that the auto companies' production of vehicles would be interrupted as if their workers were on strike. Seventy percent of GM's suppliers also supply critical parts to Ford and Chrysler, and there is no new credit or loans for those companies outside of the government.
A GM bankruptcy could send the U.S. jobless rate as high as 9.5 percent, up from a 14-year high of 6.5 percent in October, and produce a recession comparable in length to that of 1980-82, according to Behravesh