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WILX Stock Quotes
Long Hard Fall For GM Stock Save Email Print
Posted: 8:43 PM Nov 11, 2008
Last Updated: 9:52 PM Nov 11, 2008
Reporter: Jason Colthorp
Email Address: jason.colthorp@wilx.com
1 comments Poll

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Fears that General Motors is going to run out of cash translated into a more than 60-year low for shares of the number one automaker Tuesday. GM shares fell to $2.92 today-- the lowest since World War II.

 
What Do You Think Will Best Help Revive GM?
Better Cars
New Management
A Merger
 

Here's a history of how far GM shares have fallen and why it's rock bottom.

April 2000: Stock is sky high at more than $93 dollars a share.
January 2004: Still strong at $53 dollars a share despite growing concern of high fuel prices.
October 2007: A little more than a year ago and it was almost $43 dollars. Then the bottom fell out.

It's no coincidence GM's free fall in the last year coincided with the surge in oil prices that topped out at $146 dollars a barrel on July 3 of this year.

Analysts who say GM has only itself to blame for this mess point to these stats:

October 2005: GM and Ford SUV and truck sales fall 30 percent.
March 2006: Yet five months later GM increases production of its most popular SUV's-- the Chevy Tahoe, Suburban, GMC Yukon XL and Cadillac Escalade. This was GM's plan to rebound from $10.6 billion dollars in losses in 2005.
June 2008: Two years later, GM announces it's closing four plants where three of those SUV's are primarily built.

Analysts also say GM got started way too late on developing its hybrid technology. Instead of increasing SUV production in 2006, GM's leadership should have followed the lead of other automakers, like Toyota, in recognizing the immediate future of automobiles was fuel-efficiency.

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Posted by: Michelle Location: Williamston on Nov 11, 2008 at 11:36 PM
Everytime I hear about the big three car companies asking for more money it irritates me. What are they doing with the money they have already recieved or going to get? To me what we need to do is stop bailing out all these companies and just let them crash. The American people have gotten greedy. Why should a person make $25.00 an hour or higher to make vehicle's when they have no college education? Why should they make more then our teacher's, Police officer's, firefighter's? Those are people who deserve to make that kind of money. They actually had to go to college, work their butt off, get that degree. Any Joe blow off the street with NO college education can go work for the top three car companies and make more then the one's who teach our children, protect our lives. There is something wrong with that. I think that we need to let things run it's course, if they sink they sink. we all need to make better decisions.

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Independent Bank Updates

Independent Bank associate King-Fuller joins United Way Board of Directors

Independent Bank associate King-Fuller joins United Way Board of Directors

Robin King-Fuller, bank manager of Independent Bank’s Mason location, has joined the Mason Area United Way board of directors. King will serve a three-year term.

— Julie Morgan has been promoted to bank manager, & Garrett Bensinger has been promoted to assistant vice president.

Independent Bank announces goal to increase community impact in 2009

Independent Bank associate King-Fuller joins United Way Board of Directors

In 2008, Independent Bank associates throughout Michigan worked with local community groups and schools to educate children and adults of all ages about the importance of money management, saving and financial responsibility.