US swallowed $9.7 billion loss on General Motors bailout

[g5000]

The right hates jobs.

I seeeee...

So any business that grossly fucked up and is failing should get bailed out by the government. Or do you hate jobs?

 

[g5000]

Praise be Obama, he saved GM!

Yaaaay! Obama rewarded a company that grossly mismanaged itself and grossly fucked up its business model and made predatory loans to American consumers! Yaaaaaaaayyyy!!!

Obama loves corporations so much that he wants to bail out even the evil ones.

Oh, wait. Just the one percenters that donate to Democrats. Let's not be hasty!

 

[nodoginnafight]

Nonsense. The federal employees are all getting Back Pay, so nothing has been taken out of the economy in the way you mean it. And all of the suppliers will get paid.

So if you operated the Subway sandwich shop in the lobby of a Federal Building and nobody on floors 2-50 came to work, you don't think your business would be effected?
Or if you ran the cleaning company for the building, delivered paper to the building, etc...

The subway shop provides a valuable service for which they charge a reasonable price.

The government offers addiction and charges people who do not partake of their services.

How exactly is your analogy even remotely close?

You REALLY don't get the point of this scenario????

Remind me NEVER to pay any attention to your views on the economy

 

[Flopper]

Democrats footed the bill for failure and you support it, that's the bottom line.

It was a success, your inane denial notwithstanding.

So, losing $9.7 billion dollars on an investment is a success to you.

Remind me not to take any investment advice from progressives. They SUCK at it.

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.

 

[Flopper]

Praise be Obama, he saved GM!

Yaaaay! Obama rewarded a company that grossly mismanaged itself and grossly fucked up its business model and made predatory loans to American consumers! Yaaaaaaaayyyy!!!

Obama loves corporations so much that he wants to bail out even the evil ones.

Oh, wait. Just the one percenters that donate to Democrats. Let's not be hasty!

Stockholders in GM lost practically everything. Bond holders lost most of their investment. The CEO and Chairman of the board lost their job in the following year. Top management went through a reorganization. I wouldn't consider that a reward.

 

[daveman]

It was a success, your inane denial notwithstanding.

So, losing $9.7 billion dollars on an investment is a success to you.

Remind me not to take any investment advice from progressives. They SUCK at it.

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.

 

[daveman]

Praise be Obama, he saved GM!

Yaaaay! Obama rewarded a company that grossly mismanaged itself and grossly fucked up its business model and made predatory loans to American consumers! Yaaaaaaaayyyy!!!

Obama loves corporations so much that he wants to bail out even the evil ones.

Oh, wait. Just the one percenters that donate to Democrats. Let's not be hasty!

Stockholders in GM lost practically everything. Bond holders lost most of their investment. The CEO and Chairman of the board lost their job in the following year. Top management went through a reorganization. I wouldn't consider that a reward.

Doesn't matter. The UAW came out okay, and that's all that's important.

I wonder how much the UAW donated to Obama and the Dem Party...?

 

[Flopper]

Obama saved GM??

Bullshit. What he did was pay back the Unions for all their support for his election. They needed to pull their mismanaged pension funds out of the red. Our tax dollar at work. We are still waiting for the payback of those tax dollars.

Even after our tax dollars they still went bankrupt. Something they should have done without our tax dollars.

GM should have gone into bankrupcy, reorganized and come back if they were good enough to come back that is.

GM did go into bankruptcy and chapter 11 reorganization. 1/3 of the product line was dropped or sold and 13 of 47 plants were closed.

General Motors Chapter 11 reorganization - Wikipedia, the free encyclopedia

 

[kaz]

GM is not Detroit and vice versa.

We also are footing the $24 Billion bill from the GOP temper tantrum that shut down the government...

Is that the amount Obama spent doing things like shutting down the DC memorials and Mount Rushmore to maximize the pain?

It's interesting that you'd advertise that Obama is so mind numbingly incompetent that he spent more money shutting government down than operating it. But hey, if that's the way you want to play it, it's your own guy you're making look like a moron, so go with it.

 

[g5000]

It was a success, your inane denial notwithstanding.

So, losing $9.7 billion dollars on an investment is a success to you.

Remind me not to take any investment advice from progressives. They SUCK at it.

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.

Doing nothing would have sent a very clear message to all the other fuckups. These bailouts are costing us way more than $100 billion.

We are bailing out the fuckups and predators to the tune of $85 billion a month right now. That's one GM bailout every two and a half weeks! And savers are being robbed with low interest rates to keep these fuckups and predators in business.

 

[Flopper]

So, losing $9.7 billion dollars on an investment is a success to you.

Remind me not to take any investment advice from progressives. They SUCK at it.

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.

Doing nothing would have sent a very clear message to all the other fuckups. These bailouts are costing us way more than $100 billion.

We are bailing out the fuckups and predators to the tune of $85 billion a month right now. That's one GM bailout every two and a half weeks! And savers are being robbed with low interest rates to keep these fuckups and predators in business.

When the owners of a business lose their investment, bondholders lose most of their principal, the CEO and Chairman of Board along with 20% of top management lose their job, and workers at 13 plants are laid off, I think that sends a pretty clear message.

The bailout was clearly not about saving GM, but rather about preventing the worst recession in recent history from becoming the first depression of the 21st century.

 

[Howey]

$9.7 billion to save the auto industry

$24 billion to show how stupid is TeaPology

right...because obama really tried to end the government shut down

you're such a pathetic hack jakey

Considering what is obviously an elementary level of understanding of economist, I'm not surprised by you utter lack of understanding of the dire effects our country would have faced if Bush, Obama and Congress didn't succeed in saving the auto industry.

Precipitously more than 9.7 billion.

 

[Remodeling Maidiac]

The right hates jobs.

I have an idea.

I love my job but winter will probably slow down as it always does so why don't YOU send ME some of YOUR money so I can ensure the survival of my company.

You love jobs too right? If so you should feel compelled to send me your money

 

[Soggy in NOLA]

$9.7 billion to save the auto industry

$24 billion to show how stupid is TeaPology

right...because obama really tried to end the government shut down

you're such a pathetic hack jakey

Considering what is obviously an elementary level of understanding of economist, I'm not surprised by you utter lack of understanding of the dire effects our country would have faced if Bush, Obama and Congress didn't succeed in saving the auto industry.

Precipitously more than 9.7 billion.

They didn't save anything.... they delayed the inevitable. GM still sits atop staggering amounts of unfunded liabilities. They pay out more to past workers than to current...

 

[NYcarbineer]

Democrats footed the bill for failure and you support it, that's the bottom line.

It was a success, your inane denial notwithstanding.

So, losing $9.7 billion dollars on an investment is a success to you.

Remind me not to take any investment advice from progressives. They SUCK at it.

Iraq cost 12 billion a month and you think that was a good investment.

 

[JoeB131]

[

Now, if we were really smart, we'd actually do that the Japanese and Germans do, and treat our auto industry as a national resource.

Spoken like a true Communist.

Germany and Japan are Communist? Really?

Hey, guy, here's what the Japanese and Germans do.

They have strong unions. In fact, the unions have a say in who the CEO is at Nissan or Volkswagen.

Goverment takes care of health care, so that's not an issue.

They invest properly in education. Which means they don't have "I got mine, fuck you poor people", but everyone gets the same quality of education. Therefore they produce better engineers and make smarter cars.

Yeah, bunch of stinking communists making us look bad by doing it right!

 

[JoeB131]

It was a success, your inane denial notwithstanding.

So, losing $9.7 billion dollars on an investment is a success to you.

Remind me not to take any investment advice from progressives. They SUCK at it.

Iraq cost 12 billion a month and you think that was a good investment.

Don't worry, that was going to pay for itself, right?

 

[JoeB131]

The right hates jobs.

I have an idea.

I love my job but winter will probably slow down as it always does so why don't YOU send ME some of YOUR money so I can ensure the survival of my company.

You love jobs too right? If so you should feel compelled to send me your money

If the collapse of your company would put 3 million people out of work, at the worst possible time, they'd seriously consider it.

YOu guys do realize that the GM bailout kept "the Great Recession" from becoming the "Great Depression II", right?

Or are you obtuse?

I give both Presidents Bush and Obama credit for making the moves to keep our economy afloat by bailing these corporations out... it's just too bad they got stabbed in the back by the same assholes in suits.

But much like the old story about the girl who picked up the viper, "You knew what I was when you picked me up!"

 

[Londoner]

US took a $9.7 billion bath on GM and Detroit still went bankrupt.

What is Obama going to do to save the Motor City? Or does he not care anymore now that he has been reelected?


That was money well spent -- it got him 4 more years in office to continue his destructive policies. No reason for any more concern.

George Bush initiated the bailout of GM; Obama continued it.

Here is what Bush said to National Automobile Dealers Association in Las Vegas after approving the bailout:

“I didn’t want there to twenty-one-per-cent unemployment,”.

“I didn’t want history to look back and say, ‘Bush could have done something but chose not to do it.’ ”

We need you to hold both parties accountable. You don't want to be reduced to being a mere cheerleader for one side. If you allow your opinions to be completely controlled by the Republican Party (and its popular media sources), than you're bound to keep repeating their lies in public forums.

Do you know who removed lending restrictions for the poor so they could take out mortgages so that Wall Street could make trillions growing the most dangerous and corrupt asset bubble in U.S. History? Watch the video below. Your party lied to you about the housing bubble and the financial Meltdown.

Listen to this so you can get the truth
[ame=http://www.youtube.com/watch?v=kNqQx7sjoS8]Home Ownership and President Bush - YouTube[/ame]

They're also lying to you about the Affordable Care Act.

People are getting cancellation notices for sub-standard insurance plans that are being shutdown and replaced with better/more affordable plans - but the Republicans are not telling you that these terrible plans are getting replaced by more affordable ones with better benefits. Meaning: the less the 5% of the people who are losing their plans are going to be able to sign up for better plans. But just like your party lied to you about the bailouts, they'e lying to you about health care. Please turn off talk radio and get yourself into a college or university so that you can develop analytical skills and protect your brain from the propaganda machine that has stolen your brain.

 

[Flopper]

US took a $9.7 billion bath on GM and Detroit still went bankrupt.

What is Obama going to do to save the Motor City? Or does he not care anymore now that he has been reelected?


That was money well spent -- it got him 4 more years in office to continue his destructive policies. No reason for any more concern.

George Bush initiated the bailout of GM; Obama continued it.

Here is what Bush said to National Automobile Dealers Association in Las Vegas after approving the bailout:

“I didn’t want there to twenty-one-per-cent unemployment,”.

“I didn’t want history to look back and say, ‘Bush could have done something but chose not to do it.’ ”

We need you to hold both parties accountable. You don't want to be reduced to being a mere cheerleader for one side. If you allow your opinions to be completely controlled by the Republican Party (and its popular media sources), than you're bound to keep repeating their lies in public forums.

Do you know who removed lending restrictions for the poor so they could take out mortgages so that Wall Street could make trillions growing the most dangerous and corrupt asset bubble in U.S. History? Watch the video below. Your party lied to you about the housing bubble and the financial Meltdown.

Listen to this so you can get the truth
[ame=http://www.youtube.com/watch?v=kNqQx7sjoS8]Home Ownership and President Bush - YouTube[/ame]

They're also lying to you about the Affordable Care Act.

People are getting cancellation notices for sub-standard insurance plans that are being shutdown and replaced with better/more affordable plans - but the Republicans are not telling you that these terrible plans are getting replaced by more affordable ones with better benefits. Meaning: the less the 5% of the people who are losing their plans are going to be able to sign up for better plans. But just like your party lied to you about the bailouts, they'e lying to you about health care. Please turn off talk radio and get yourself into a college or university so that you can develop analytical skills and protect your brain from the propaganda machine that has stolen your brain.

Not just Bush but most economist and national leaders agreed that bailing out GM was the right thing to do.