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Thread: US Lost Ten Billion Dollars on GM Bailout

  1. #11
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    Re: US Lost Ten Billion Dollars on GM Bailout

    Quote Originally Posted by jonny5 View Post
    MIGHT have, not would have. And only because the govt forces us to bail out people as well as businesses. We dont have to have federal UI or social program spending. And what about the cost to creditors?
    The gov't forces the bailouts but the social spending is somehow optional? I think you have it backwards there. Special legislation was needed for the bailouts, the social spending is largely "mandatory" and is increased annually as a routine "budget" matter.
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    Re: US Lost Ten Billion Dollars on GM Bailout

    Quote Originally Posted by Jack Hays View Post
    The US lost $10 billion on the GM bailout. What do you think about that?

    Treasury sells last shares in GM, posts a loss of $10 billion

    Danielle Douglas DEC 9
    The government will lose $10 billion on the deal, which kept the automaker from collapsing.

    "The Treasury Department announced Monday the sale of its remaining shares in General Motors, closing the books on one of the most controversial government interventions of the financial crisis. The government will lose $10 billion on the deal, which kept the automaker from collapsing."
    Sure, some money might have been lost from the real loans they gave out, but I think they will have saved the government a lot of more than that due to not having to pay unemployment benefits for thousands upon thousands upon thousands of car workers and people who supply stuff to the car industry. And a lot of people are dependent on that money. Whether it is the local shops who kept their customers, banks having to take back homes from people who would have lost their jobs. The amount that is going to be saved by not having let the auto industry collapse will be much more than 10 billion IMHO.
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    Re: US Lost Ten Billion Dollars on GM Bailout

    Luckily our country has a surplus of money and 10 billion is no big deal. And I think we can all agree that nothing helps the private sector more than government intervention. Until our country is in debt, until our our teachers, cops and firefighters are underpaid, until our schools are underfunded, or people are going hungry in this country then our government should continue to blow money like its nothing since there are no other uses for it.
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    Re: US Lost Ten Billion Dollars on GM Bailout

    Given the fact that the GOP induced government shutdown over nothing cost the country about $24 billion, and we have nothing to show for it....I think assuring the US auto industry for decades is quite a bargain at $10B.
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    Re: US Lost Ten Billion Dollars on GM Bailout

    Quote Originally Posted by ttwtt78640 View Post
    The gov't forces the bailouts but the social spending is somehow optional? I think you have it backwards there. Special legislation was needed for the bailouts, the social spending is largely "mandatory" and is increased annually as a routine "budget" matter.
    It doesnt have to be. We should let GM fail, and we should let people fail. What youre basically saying is because the govt has chosen to take care of people from cradle to grave, we're screwed either way.

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    Re: US Lost Ten Billion Dollars on GM Bailout

    Quote Originally Posted by Threegoofs View Post
    Given the fact that the GOP induced government shutdown over nothing cost the country about $24 billion, and we have nothing to show for it....I think assuring the US auto industry for decades is quite a bargain at $10B.
    Not spending money costs 24 billion?

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    Re: US Lost Ten Billion Dollars on GM Bailout

    Quote Originally Posted by Peter King View Post
    Sure, some money might have been lost from the real loans they gave out, but I think they will have saved the government a lot of more than that due to not having to pay unemployment benefits for thousands upon thousands upon thousands of car workers and people who supply stuff to the car industry. And a lot of people are dependent on that money. Whether it is the local shops who kept their customers, banks having to take back homes from people who would have lost their jobs. The amount that is going to be saved by not having let the auto industry collapse will be much more than 10 billion IMHO.
    Using that logic, the federal govt should never let any business fire an employee due to financial reasons.

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    Re: US Lost Ten Billion Dollars on GM Bailout

    Quote Originally Posted by Peter King View Post
    Sure, some money might have been lost from the real loans they gave out, but I think they will have saved the government a lot of more than that due to not having to pay unemployment benefits for thousands upon thousands upon thousands of car workers and people who supply stuff to the car industry. And a lot of people are dependent on that money. Whether it is the local shops who kept their customers, banks having to take back homes from people who would have lost their jobs. The amount that is going to be saved by not having let the auto industry collapse will be much more than 10 billion IMHO.
    It's a fair point but we'll never know. I think the industry could have been saved by good old fashioned bankruptcy too.
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    Re: US Lost Ten Billion Dollars on GM Bailout

    Quote Originally Posted by Jack Hays View Post
    The US lost $10 billion on the GM bailout. What do you think about that?

    Treasury sells last shares in GM, posts a loss of $10 billion

    Danielle Douglas DEC 9
    The government will lose $10 billion on the deal, which kept the automaker from collapsing.

    "The Treasury Department announced Monday the sale of its remaining shares in General Motors, closing the books on one of the most controversial government interventions of the financial crisis. The government will lose $10 billion on the deal, which kept the automaker from collapsing."
    That's less than the 13.4 billion President Bush gave them.

    http://www.nytimes.com/2008/12/20/business/20auto.html

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    Re: US Lost Ten Billion Dollars on GM Bailout

    Quote Originally Posted by pbrauer View Post
    That's less than the 13.4 billion President Bush gave them.

    http://www.nytimes.com/2008/12/20/business/20auto.html
    So what? The fact that GWB also gave away $$$ doesn't change what BHO did. Stop trying to change the subject.
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