Sunday, May 31, 2009

Storm Clouds Looming.......



Hi Everybody....
Do you know this guy ? His name was William C. Durant.
Billy Durant....
Around the turn of the 20th Century, he owned a thriving company in Flint Michigan called The Durant Carriage Works. He later gained control of a fledgeling automobile co. called Buick. This was in 1908. Later that year he aquired Oldsmobile, Cadillac, and Oakland (later Pontiac). And General Motors was founded.
In 1909, he aquired the Rapid Motor truck company, and the Reliance motor co., these were the predessors to GMC truck. Durant lost control of GM in 1910 to a bank trust because he owed so much money (One Million...hahaha) in obtaining those companies.
Durant left the firm and co-founded The Chevrolet Motor Company in 1911, with Louis Chevrolet. After a brilliant stock buy back campaign, he regained control of GM in 1916, and in 1917 Chevrolet joined GM.
GMs Headquarters remained in Flint until the mid-20's, when it moved to Detroit..
In the 40's, and 50's, and 60's, ANYONE could move to Flint from any depressed area in the country and get a job 'In The Shop'. Flint was a wonderful place to grow up. A very progressive school system, Top Notch hospitalization, Colleges, Culture, and all in a beautiful Winter-Water Wonderland!!!
10 years ago GM stock was 75 Bucks a share...Friday it closed at .75 Cents!!!
Monday they are supposed to file for Bancruptcy protection.
"It was beautiful but now it's sour"......

14 comments:

Lou said...

Some days it feels like "last one out of Michigan, turn off the lights."

pheromone girl said...

It makes me sad - all those people out of work, displaced, the end of a legacy. I wonder what our world will look like in 5 years?

lime said...

i'm so sorry. i can't imagine what it's been like watching your beloved hometown go through what it has been through. may it rise like a phoenix.

Mona said...

I know...I read about GM & Chrysler . It is indeed sad :(

Galen (((HUGS)))

Serena said...

Boy, what a difference a decade (or a few) makes. I know the impending bankruptcy must be making everyone in the Chevy business nervous. Fingers are crossed that it'll all be okay.

the walking man said...

"What was good for the country was good for GM and vice versa."

Charles Wilson, President of GM 1950

Now we are in the vice versa and it is still true.

People still don't realize that beyond GM and Chrysler the supply chain is going to collapse as well and that is going to have a domino effect on ever company manufacturing cars on the continent, This is by no means done spreading yet. As Flint is so will every town centered on auto production become.

Have faith though G Man we ain't dead yet.

Fireblossom said...

My older brother loved cars and taught me to identify them. As a grease-o-phobic, I never cared about the engines and stuff, but I do love the look and feel of those gorgeous old cars. Impala Supersports. Pontiac muscle cars. Big fat Caddies as long as cruise ships. I hate what's happened to GM and how little the rest of the country seems to care. It's a huge loss to anyone who grew up here.

Shadow said...

this is sad. how! how! how! can this happen.... don't answer that.

Jessie said...

Hi Galen!

I promise to inform you when I do a 55 post again. lol

I'm glad you enjoyed the post.

Come back and visit again,

Akelamalu said...

The demise of GM is all over our news here today - so sad. :(

Quixote said...

If he's anything like the Will Durant who wrote Our Oriental Heritage, Life of Greece and Caesar and Christ ... I'm not surprised it tanked.

Mama Zen said...

I'm still trying to wrap my head around the whole thing. It just doesn't seem possible.

Lulda Casadaga said...

A sorry state of affairs...Let's hope the Green Generation will come up with something that will help MI. :/
p.s. I apologize for not getting in a 55 on Fri. I had out of town company and a wedding to attend. I promise to do better this week...really I do! :)

gab said...

Yep we know that feeling well. When Mr Gab repaired computers they were on a high. We had so much money it was coming outta our ears. Then things started to slide. And the year they filed bankruptcy Mr Gab took the choice of being let go with severance package rather than try to hang in. My Cousin who worked same company stayed. They both lost everything in stocks in the company. That was the same year we move to South Dakota 1999. Mr Gab has fumbled as far as jobs but did do OTR and loved it. He only came off because of my dad. He is now thinking of going back. He is 58 today and I say go. We only need him to work another 7 or so years. But at least trucking brings in more pay than the gas station does.