US swallowed $9.7 billion loss on General Motors bailout

[Politico]

The left hates jobs.

Fixed it for ya Plasma.

 

[Trajan]

There was no private-sector financing available in 2009 and the bailout was the only way to keep the companies alive. Without it, GM and Chrysler would have gone out of business, taking down many suppliers. That would have likely caused bankruptcies at the healthier automakers such Ford, who would not have been able to get the parts they needed to build cars. That is why Ford went to Capitol Hill in late 2008 pushing for the rescue of its rivals.

What the opposition can't accept is the reorganization worked. Both GM and Chrysler became profitable and America came out of the worst recession since the great depression. Obama shattered the right's dream of the destruction of the American economy which could have been the foundation of a new conservative America build on conservative ideology.

Yes, and Obama's progressive economy is working SO good right now.

It's working fine for me. The stock market just hit an all time. Housing prices continue to improve. Everyone in the family has a job and the economic outlook for next year is pretty good, a hell of an improvement over 4 years ago.

The stock market just hit an all time

wow, another one, you and sallow should get a room.

 

[American_Jihad]

Treasury Sells Final GM Shares, Sticking Taxpayers With $10 Billion Loss

12/9/13

The US Treasury Department announced Monday that it sold its last shares of General Motors GM +0.29% stock, ending the government’s nearly 5-year action to save the auto industry. Treasury recouped a total of $39 billion from their original GM bailout of $49.5 billion, losing just over $10 billion on the initiative.

Despite the overall loss, many consider the program a success. ”With the final sale of GM stock, this important chapter in our nation’s history is now closed,” said Treasury Secretary Jacob J. Lew in a statement. “The President understood that inaction could have cost the broader economy more than one million jobs, billions in lost personal savings, and significantly reduced economic production. As a result of his efforts, which built on those of the previous Administration, more than 370,000 new auto jobs have been created, and all three U.S. automakers are profitable, competitive, and growing.”

...

Treasury Sells Final GM Shares, Sticking Taxpayers With $10 Billion Loss - Forbes

 

[Kosh]

I see the far left did nothing but peddle their propaganda again.

 

[JoeB131]

I see the far left did nothing but peddle their propaganda again.

1.5 million jobs were saved by the bailout.

A job well done.

 

[Kosh]

I see the far left did nothing but peddle their propaganda again.

1.5 million jobs were saved by the bailout.

A job well done.

Incorrect and as always far left propaganda.

 

[Darkwind]

Shutdown took $24 billion bite out of economy - Oct. 16, 2013

Thanks, although I see no blame assigning. With Democrats holding 66.6% of the federal elected power a minimum of 18 billion would fall on them if you wanted to be fair.

It was only the GOP that shut down the government and they have been rightfully blamed for it no matter how pathetically they try to imply otherwise.

Still trying to sell that?

Pathetic.

 

[Darkwind]

Shutdown took $24 billion bite out of economy - Oct. 16, 2013

That is not a bill we are footing. That is an estimate of money which wasn't spent and thus isn't circulating in the U.S. economy. Some of the money could have been spent if the Obama administration hadn't insisted on posting guards to shut down sites which had been allowed to operate during past governmental shut downs.


Curious how you call the shutdown a GOP temper tantrum when

A) Obama and the Democrats are the ones who said they would not compromise even it if it meant defaulting on our debts and

B) the past month has thoroughly vindicated Republicans on what they were protesting against.

Compromise?!! Obama and Reid both stated they would not negotiate.

Obama and Reid are not Kings.

 

[daveman]

Yes.

The federal government invested 50 billion dollars and has a 9.7 billion dollar loss. A report from the GAO stated that A collapse would have reduced personal income in the U.S. in 2009 and 2010 by $96.5 billion, costing the federal government $28.6 billion in extra jobless benefits and reduced Social Security contributions and income taxes in those years, the center said. A ripple effect of an addition 1.14 million jobs in 2009 and 2010 would have certainly driven the economy much deeper into recession. A 9.7 billion dollar loss or even twice that is a small price to pay when you consider the cost of doing nothing.

Or they could have used the laws in place -- bankruptcy -- to restructure their debt and keep working at no cost to the taxpayer.

Of course, the unions would have taken a hit, and that would not have been acceptable.

Oh, you didn't know? The bailout was to the UAW -- GM was just the middleman.

There was no private-sector financing available in 2009 and the bailout was the only way to keep the companies alive. Without it, GM and Chrysler would have gone out of business, taking down many suppliers. That would have likely caused bankruptcies at the healthier automakers such Ford, who would not have been able to get the parts they needed to build cars. That is why Ford went to Capitol Hill in late 2008 pushing for the rescue of its rivals.

What the opposition can't accept is the reorganization worked. Both GM and Chrysler became profitable and America came out of the worst recession since the great depression. Obama shattered the right's dream of the destruction of the American economy which could have been the foundation of a new conservative America build on conservative ideology.

If it worked so great, how come the US taxpayers got fucked to the tune of 10 billion dollars?

But, hey, you don't give a shit. The UAW came out just fine. Meanwhile, The Obama Administration broke the law by terminating benefits for 20,000 non-union Delphi retirees.

The Obama administration terminated the pensions, health care and life insurance of more than 20,000 Delphi retirees during that bailout. Internal Pension Benefit Guaranty Corporation (PBGC) emails The Daily Caller published on Aug. 7 show the Obama White House and Treasury Department have consistently misrepresented the decision-making process behind the backroom deal.

The emails demonstrate that White House and Treasury officials were behind the pension terminations and that Secretary Tim Geithner and his Treasury Department were the driving force pushing them. The emails also contradict sworn testimony in which several Obama administration figures have said the decision to terminate the pensions came from the PBGC.

The PBGC is a federal government agency that handles private-sector pension benefits issues. Its charter calls for independent representation of pension beneficiaries’ interests. Federal law is clear: The PBGC is the only government entity that may initiate termination of a pension or move toward doing so.​

Non-unionized Delphi retirees rally in Dayton over 'theft of our pensions' caused by auto bailout | The Daily Caller

Ask them how successful THEY think the bailout was?

Oh, right, we already covered that. You -- and Obama -- don't give a shit.

 

[OnePercenter]

I see the far left did nothing but peddle their propaganda again.

1.5 million jobs were saved by the bailout.

A job well done.

Incorrect and as always far left propaganda.

If you believe that 1.5M isn't correct, why don't you tell us the actual number, but make sure you include the subs that GM contracts with.

 

[Kosh]

1.5 million jobs were saved by the bailout.

A job well done.

Incorrect and as always far left propaganda.

If you believe that 1.5M isn't correct, why don't you tell us the actual number, but make sure you include the subs that GM contracts with.

Even more far left propaganda.

 

[JoeB131]

Incorrect and as always far left propaganda.

If you believe that 1.5M isn't correct, why don't you tell us the actual number, but make sure you include the subs that GM contracts with.

Even more far left propaganda.

I work for one of those sub-contractors. We'd have laid off hundreds of people had GM gone under.

 

[BluesMistress]

This is All just Crazy Talk!!
Everyone knows GM is ALIVE and Bin Laden is DEAD ~
And Obama is focused like a laser on that 3 letter word "JOBS"

 

[NYcarbineer]

Incorrect and as always far left propaganda.

If you believe that 1.5M isn't correct, why don't you tell us the actual number, but make sure you include the subs that GM contracts with.

Even more far left propaganda.

For a long time I used to tell longwinded rightwing posters,

if you're going to say something stupid, at least be brief. I'm glad to see that finally one of them got the message.