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PARTISAN, short memories..... sigh
This auto bail out and gm/Chrysler bailout was the doing of president bush, NOT president Obama....president obama had to follow through with what President Bush had already set up to happen.....amazing how for partisan sake, you guys forget and block out the truth....WHY do you guys do that? Why not just give the whole story on what went down, instead of twisting and turning it to put it all, on to who you all consider an enemy, our present president?
WASHINGTON — The emergency bailout of General Motors and Chrysler announced by President Bush on Friday gives the companies a few months to get their businesses in order, but hands off to President-elect Barack Obama the difficult political task of ruling on their future.
The plan pumps $13.4 billion by mid-January into the companies from the fund that Congress authorized to rescue the financial industry. But the two companies have until March 31 to produce a plan for long-term profitability, including concessions from unions, creditors, suppliers and dealers.
In February, another $4 billion will be available for G.M. if the rest of the $700 billion bailout package has been released.
Bush Aids Detroit, but Hard Choices Wait for Obama - NYTimes.com
Stopgap auto bailout to help GM, Chrysler - Dec. 19, 2008
Bush: "Preventing disorderly bankruptcy"
During brief remarks at the White House, President Bush said in normal times he would have not been in favor of preventing a bankruptcy of the two companies. But the current state of the economy and credit markets left him no choice but to act.
"Government has a responsibility to safeguard the broader health and stability of our economy," he said. "If we were to allow the free market to take its course now, it would almost certainly lead to disorderly bankruptcy and liquidation for the automakers."
"In the midst of a financial crisis and a recession, allowing the U.S. auto industry to collapse is not a responsible course of action," Bush added.
GM paid back the loan. The government still has equity in the company.
^Neither of those is a lie.
Kind of like a pea and shell game, isn't it?
Game?
to start with the damn government has not got one dime in the damn mess
THE TAX PAYER DOES
ITS OUR WEALTH
when did it become my place in life to take money from my pocket to make sure a UAW employee had a job when his/her demands drove the business in the ground?
Why are we not saving the millions of jobs that where lost to the housing bubble?
those people do not have the same amount of need as the employee of GM?
And yes it is a damn lie
they owe us billions and have had billions in tax breaks that we will never see
did you get a tax free year last year?
I as hell sure did not
Get a grip on reality, you support Obama, fine, you support giving tax payers wealth away to people who deserve no better than the person who lost his/her job @ Lehman, fine. Call it what it is and stop lying about the damn thing is paid back
GM was facing chapter 7, GM was done, GM and GMAC got billions while the common person lost everything
Great
and you liberals act like Exxon is the enemy?
It's all about semantics for GM supporters.
BOTTOM LINE: GM will end up costing the taxpayers $15- 20 billion or more. How anyone can call that a "resounding success" is beyond me.
The governerment can sell it's shares at anytime onthe open market. GM does not have to buy the shares back.
But then that's already been said....
Do you alway take half quotes just to make shit up?
No, they are not. GM played a shell game with taxpayer money.
And they were allowed to keep tens of $millions of net operating losses (which should have been voided in the bankruptcy proceedings) meaning they aren't paying taxes.
What a great deal for the Ameri....errrr UNIONS!
Refer to post 52 above.
No. And if you somehow read that into my post you're even dumber than I imagined.
No, and..No. kthx.
No, they are not. GM played a shell game with taxpayer money.
And they were allowed to keep tens of $millions of net operating losses (which should have been voided in the bankruptcy proceedings) meaning they aren't paying taxes.
What a great deal for the Ameri....errrr UNIONS!
Refer to post 52 above.
Bogus accounting, bub.
Eh...JRK, do you even know what a pea and shell game really is? I've never been called a liberal in my life, I probably am more conservative than you are. I think I need to go hang my head in shame now that I've been called a liberal, probably need a couple of years of professional therapy to get rid of the scar you left behind. Thanks, JRK, just thanks a lot.
What I fear the most is that when and if GM pays back these loans, it will never go towards our deficit, but just on to more spending.
GM's Profits are Still a Huge Net Loss For Taxpayers - Megan McArdle - Business - The Atlantic
This is a good story and a very bad event.
The GOP is going to have a field day with this stuff in 2012
Further evidence that leftists have no concept of business.
So in your alleged mind, Ford and GM both go down to "Transmissions R Us" and pick up parts off the shelf to put cars together?
No. And if you somehow read that into my post you're even dumber than I imagined.
No, and..No. kthx.Also, do you think their is any chance Toyota, Hyundai or Ford might have actually bought GM? In fact, wasn't the REAL fear that Hyundai was going to buy them and run it as a non-union company?
You know you can take that mother fucker picture of our president and put it where the sun does not shine
You have no class and I wish you would stay away from any thread I start.
No. And if you somehow read that into my post you're even dumber than I imagined.
So your claim that without GM there would be no supply chain was ignorant bullshit?
No biggie, everyone here already knew that.
Really? So it never crossed your mind that other companies might make a bid for the highly profitable Cadillac and Chevrolet lines, while abandoning the unprofitable Saturn and GM Truck lines?
Nope.
100% unmitigated success.
The United States was on the verge of losing it's auto manufacturing base.
Nope.
100% unmitigated success.
The United States was on the verge of losing it's auto manufacturing base.
Not really. Bankruptcy doesn't mean the factories disappear in a puff of smoke. They just acquire new owners.
What we would have lost if GM and Chrysler had rightfully been forced to declare bankruptcy is a gang of fat overpaid union thugs holding us up for ransom. Only the gullible wanted to put these vermin on the government payroll.
From what I read GM took other TARP money to pay back the loan.
Does that mean they payed back whats owed to the taxpayers??
Don't think so.
The GOP is going to have a field day with this stuff in 2012
As long as they don't leave out the part that George W Bush was the one who started the ball rolling. But never mind, it was the right decision to make and I give Bush credit for starting it and Obama for seeing it through.
.
Nope.
100% unmitigated success.
The United States was on the verge of losing it's auto manufacturing base.