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GM heading for bankruptcy... again.


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#1 Sean Payton's Vicodin

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Posted 01 September 2012 - 11:46 AM

http://www.forbes.co...nkruptcy-again/

#2 stirs

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Posted 01 September 2012 - 12:29 PM

Okay. Free market adherance would have saved us millions, but hey, those unions vote for Dems. Wonder if Obama will beat his chest on this one?

#3 Gazi

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Posted 01 September 2012 - 12:38 PM

Just an opinion. And a bumbling one at that. Don't even waste time reading it. I want my 2 minutes back

#4 Davidson Deac II

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Posted 01 September 2012 - 01:00 PM

I don't know, it seemed like a pretty decent article. Of course, GM heading for bankruptcy is an opinion, but the drop in share value relative to the overall market, and the loss of market share are real enough.

#5 pstall

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Posted 01 September 2012 - 01:51 PM

If gm does go belly up. Either the libs here need to shut up or I will at every chance give them hell.

#6 SZ James

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Posted 01 September 2012 - 02:15 PM

http://www.forbes.co...y-op-ed-pieces/

#7 Anybodyhome

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Posted 01 September 2012 - 03:19 PM

Just one, small problem..... the Dems and Obama didn't make the bailout to the Big 3. GM, Chrysler and Ford asked for it before Bush left office. It was a done deal before Obama was even inaugurated.

http://useconomy.abo...uto_bailout.htm
"In December 2008, the three major U.S. auto industry companies -- GM, Chrysler and Ford -- asked the government for a $34 billion bailout to avoid bankruptcy. The Big 3 stated that their demise would trigger 3 million layoffs within a year, plunging the economy further into recession.
In January 2009, the Federal government used $24.9 billion of the $700 billion bank bailout fund to rescue two of the Big 3 :
  • $17.4 billion for General Motors and Chrysler.
  • $6 billion for GMAC.
  • $1.5 billion for Chrysler Financial.
http://detroit.about...uto_bailout.htm
"The auto-industry bailout saga came to an end, at least temporarily, on December 19th, 2008, when President Bush announced a $13.4 billion bailout from TARP funds. While still against the notion of using TARP funds for such a bailout, the President acknowledged the unique circumstances affecting the Detroit auto companies and the disastrous consequences that could result from their disorderly bankruptcies."

So, before the short term memory loss the effects so many Republicans becomes an epidemic, please review your history.

#8 SZ James

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Posted 01 September 2012 - 03:52 PM

its pstall and stirs

just let em live out their lives in idiocy

#9 Davidson Deac II

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Posted 01 September 2012 - 03:54 PM

n/m

#10 Davidson Deac II

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Posted 01 September 2012 - 04:02 PM

Just one, small problem..... the Dems and Obama didn't make the bailout to the Big 3. GM, Chrysler and Ford asked for it before Bush left office. It was a done deal before Obama was even inaugurated.

http://useconomy.abo...uto_bailout.htm
"In December 2008, the three major U.S. auto industry companies -- GM, Chrysler and Ford -- asked the government for a $34 billion bailout to avoid bankruptcy. The Big 3 stated that their demise would trigger 3 million layoffs within a year, plunging the economy further into recession.
In January 2009, the Federal government used $24.9 billion of the $700 billion bank bailout fund to rescue two of the Big 3 :

  • $17.4 billion for General Motors and Chrysler.
  • $6 billion for GMAC.
  • $1.5 billion for Chrysler Financial.
http://detroit.about...uto_bailout.htm
"The auto-industry bailout saga came to an end, at least temporarily, on December 19th, 2008, when President Bush announced a $13.4 billion bailout from TARP funds. While still against the notion of using TARP funds for such a bailout, the President acknowledged the unique circumstances affecting the Detroit auto companies and the disastrous consequences that could result from their disorderly bankruptcies."

So, before the short term memory loss the effects so many Republicans becomes an epidemic, please review your history.


Sorry, but thats not really correct. Some of the tarp funds were used for GM during President Bush's term, but the vast majority of the bailout, GM's filing for chapter 11 bankruptcy and most of the conditions that came with the bailout were set during the early days of the Obama administration.

GM files for bankruptcy


WASHINGTON — President Obama will push General Motors into bankruptcy protection on Monday, making a risky bet that by temporarily nationalizing the onetime icon of American capitalism, he can save at least a diminished automaker that is competitive.


But to get there, American taxpayers will invest an additional $30 billion in the company, atop $20 billion already spent just to keep it solvent as the company bled cash as quickly as Washington could inject it. Whether that investment will ever be recovered is still an open question.

With the additional funds, the rules and negotiations with the union, and other aspects of the GM deal, this is about 80% Obama, and 20% Bush. And as the incoming president, Obama was probably consulted and bought off on the initial funds. Like it or not, this is Obama's thing, and if it ends up failing, his name will be associated with it.

#11 stirs

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Posted 01 September 2012 - 04:12 PM

its pstall and stirs

just let em live out their lives in idiocy


So you are saying that Obama has been lying each time he takes credit? Idiocy indeed

#12 NanuqoftheNorth

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Posted 01 September 2012 - 04:19 PM

Sorry, but thats not really correct. Some of the tarp funds were used for GM during President Bush's term...
GM files for bankruptcy


"some of the tarp funds" are actually tens of billions of taxpayer dollars that will never be recovered because they were given to the auto industry just before they declared bankruptcy.

The Bush Administration should have recognized what was already widely held public knowledge, that GM and Chrysler did not have viable business structures to survive the downturn in the economy, much less pay back the loans.

Just two of the countless companies ultimately forced into bankruptcy, along with millions of workers thrown into unemployment, and government budgets destroyed by the (ongoing) criminal activities of Wall Street Bankers recklessly toying with the world economy.

#13 SZ James

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Posted 01 September 2012 - 04:39 PM

So you are saying that Obama has been lying each time he takes credit? Idiocy indeed


No. I'm saying it's not just dems that supported it.

I'd like to know your thoughts on how Mittens claimed that he deserves the credit for the bailouts.

Talk about idiocy.

#14 Anybodyhome

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Posted 01 September 2012 - 04:42 PM

Absolutely correct- the companies asked for government help in December 2008 while the Bush administration was still in the White House. Bush committed TARP funds before the companies filed for bankruptcy and his Congress was ready to hand over the entire amount until Obama was elected and brought what was supposed to be a complete and totally free handout to a screeching halt.

Thanks to Obama there were conditions and stipulations to the remainder of the money, otherwise nobody would have ever seen any of that money again and, at the very least, there's no longer be a "Big 3."

#15 Davidson Deac II

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Posted 01 September 2012 - 04:58 PM

"some of the tarp funds" are actually tens of billions of taxpayer dollars that will never be recovered because they were given to the auto industry just before they declared bankruptcy.

The Bush Administration should have recognized what was already widely held public knowledge, that GM and Chrysler did not have viable business structures to survive the downturn in the economy, much less pay back the loans.


Some of the tarp funds equals 13-17 billion that was given to GM. Thats not 10's of billions. Chrysler actually seems to be doing pretty well and they weren't included in the discussion, but then they didn't get saddled with as much interference as GM did, because they were bought out by Fiat.

And none of what you said disputes anything I said. Bush started out with a relatively small amount and Obama's admin pumped in significantly more, pushed them into bankruptcy and pushed down a lot of rules regarding the bailout and the way GM would move in the future. I of course, hope they don't fail,
but if they do, its Obama's baby, not GWB's, (and thats as it should be).


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