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Thread: US Lost Ten Billion Dollars on GM Bailout

  1. #111
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    Re: US Lost Ten Billion Dollars on GM Bailout

    Quote Originally Posted by AlabamaPaul View Post
    There is a huge difference between loan guarantees and a direct takeover...
    BTW, I would have supported a government dismantling of the TBTF financial institutions before I would have agreed with TARP...
    I don't often change my signature, but this was just too over the top to let anyone forget with what this country is up against...
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    Re: US Lost Ten Billion Dollars on GM Bailout

    Quote Originally Posted by AlabamaPaul View Post
    There is a huge difference between loan guarantees and a direct takeover...
    It is still a bailout
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  3. #113
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    Re: US Lost Ten Billion Dollars on GM Bailout

    Quote Originally Posted by Born Free View Post
    Sense when does big daddy government go around and buy stock in a bankrupt company?
    "Since"

    And yes, that is actually a role for government on occasion -- especially when "doing nothing" would plunge the nation into a depression. In particular, many Asian governments provide extensive financial support to local companies; it's one reason why they often out-compete US companies.


    In fact big daddy did not want GM to file bankruptcy....
    A normal bankruptcy was not an option, period. No one in the private sector was willing to bail out the auto companies. If GM alone had gone under, it would have decimated one of the largest manufacturing industries in the US.

    Creditors would still have gotten screwed in a normal bankruptcy. And the unions made concessions for years before the bankruptcy, and made some additional ones during the bailout.

    GM has also posted profits for the last 15 quarters; it's a more nimble company; it shed a bunch of dead-weight brands. Like it or not, the bailout has succeeded.

  4. #114
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    Re: US Lost Ten Billion Dollars on GM Bailout

    Quote Originally Posted by Lord Tammerlain View Post
    It is still a bailout
    One solution would have followed bankruptcy; the other did not...
    I don't often change my signature, but this was just too over the top to let anyone forget with what this country is up against...
    Quote Originally Posted by James D Hill View Post
    I am for gay marriage because it ticks off Jesus freaks and social conservatives. Gays are also good voters because the vote for my side so I fight next to them.

  5. #115
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    Re: US Lost Ten Billion Dollars on GM Bailout

    Quote Originally Posted by Lord Tammerlain View Post
    That is if GM could have survived that long. Suppliers would not provide GM with parts, workers would not work, contractors would not do any work if they were not getting paid. The bankruptcy would have lasted under normal bankruptcy conditions for years, and suppliers and workers (salary and factory) would want to get paid. Where was that money going to come from in 2008

    Just like American Airlines. GM could have kept functioning in bankruptcy.
    "It's always reassuring to find you've made the right enemies." -- William J. Donovan

  6. #116
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    Re: US Lost Ten Billion Dollars on GM Bailout

    Quote Originally Posted by Lutherf View Post
    There's a HUGE difference between a government secured loan and direct lending by the government. It's kind of like the difference between getting an FHA mortgage and getting a student loan.
    Again, it would still have been a bailout

    Taxpayer dollars being used to prop up a failed company with no guarantee of being paid back. It could have cost the government (ie taxpayer) $11 billion dollars or more, or less depending on the size of the loan
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  7. #117
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    Re: US Lost Ten Billion Dollars on GM Bailout

    Quote Originally Posted by Lord Tammerlain View Post
    Again, it would still have been a bailout

    Taxpayer dollars being used to prop up a failed company with no guarantee of being paid back. It could have cost the government (ie taxpayer) $11 billion dollars or more, or less depending on the size of the loan
    We have now lost $25B. I'd take the $11B over that...
    I don't often change my signature, but this was just too over the top to let anyone forget with what this country is up against...
    Quote Originally Posted by James D Hill View Post
    I am for gay marriage because it ticks off Jesus freaks and social conservatives. Gays are also good voters because the vote for my side so I fight next to them.

  8. #118
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    Re: US Lost Ten Billion Dollars on GM Bailout

    Quote Originally Posted by Jack Hays View Post
    Just like American Airlines. GM could have kept functioning in bankruptcy.
    Sure it could have, but you have not listed any potential companies that would have taken the risk or would have had access to the money to do so
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  9. #119
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    Re: US Lost Ten Billion Dollars on GM Bailout

    Quote Originally Posted by AlabamaPaul View Post
    One solution would have followed bankruptcy; the other did not...
    I'm curious about how they are going to manage the pension payouts, which are much higher now than they were at the time of the bailout!

    Good evening, AP. Keeping warm?

  10. #120
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    Re: US Lost Ten Billion Dollars on GM Bailout

    Quote Originally Posted by AlabamaPaul View Post
    We have now lost $25B. I'd take the $11B over that...

    $25 billion?

    The government lost $10 billion according to the OP
    Happy Hanukkah Cheerfull Kwanzaa
    Happy Christmas Merry New Year Festivus for the rest of us

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