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Thread: US Lost Ten Billion Dollars on GM Bailout

  1. #21
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    Re: US Lost Ten Billion Dollars on GM Bailout

    Quote Originally Posted by jonny5 View Post
    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.
    You again, show lack of understanding of the US gov't. We choose the gov't, at least on paper, it is time for the sheeple to choose more wisely, IMHO.
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    Re: US Lost Ten Billion Dollars on GM Bailout

    Quote Originally Posted by jonny5 View Post
    Not spending money costs 24 billion?
    That's an odd way to put it....but yes. That's an estimate from S&P, and probably an underestimate. We basically gave thousands of government workers a paid vacation while disrupting lots of ongoing projects. That's $2B right there. I know scientists who had ongoing experiments destroyed or delayed for a year. That's costly.
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    Re: US Lost Ten Billion Dollars on GM Bailout

    Quote Originally Posted by jonny5 View Post
    Using that logic, the federal govt should never let any business fire an employee due to financial reasons.
    Yeah, not talking about 1 or 2 jobs lost, or even 100 or 1,000.

    The Center for Automotive Research, an Ann Arbor, Mich., think tank, issued an updated report Monday saying that if the government hadn't intervened and GM went out of business, nearly 1.9 million jobs would have been lost in 2009 and 2010. Federal and state governments also would have lost $39.4 billion in tax revenue and payments made for unemployment benefits and food stamps, the study said.
    U.S. exits GM stake, taxpayers lose $10.5 billion - NBC News.com
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    Re: US Lost Ten Billion Dollars on GM Bailout

    Quote Originally Posted by sawyerloggingon View Post
    What a waste of money. This is a great example of squandering tax payer dollars and all we did really was to save union jobs with bloated contracts that will make GM fail again. If GM had been allowed to go bankrupt and these contracts could have been renegotiated so that the company stood a long term chance of surviving and us tax payers would not be 10 billion in the hole.
    My apologies, but I took your excellent rendition of the story and changed a few words to describe a similar situation.
    Kept the original words in parens.
    Here goes:
    What a waste of money. This is a great example of squandering tax payer dollars and all we did really was to save Wall Street (union) jobs with fraudulent (bloated) mortgage backed securities (contracts) that will make the banks (GM) fail again. If the banks (GM) had been allowed to go bankrupt and these mortgage backed securities (contracts) could have been renegotiated so that the economy (company) stood a long term chance of surviving and us tax payers would not be trillions (10 billion) in the hole.

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    Re: US Lost Ten Billion Dollars on GM Bailout

    Quote Originally Posted by Jack Hays View Post
    It's a fair point but we'll never know. I think the industry could have been saved by good old fashioned bankruptcy too.
    I read this morning that Mary Barra has been chosen to be the first female CEO at GM! Interesting bio.

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    Re: US Lost Ten Billion Dollars on GM Bailout

    Quote Originally Posted by polgara View Post
    I read this morning that Mary Barra has been chosen to be the first female CEO at GM! Interesting bio.
    Interesting. I'll have to look that up. Good morning, Polgara. I have a snow day today.
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  7. #27
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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
    Woohoo! Obama's as stupid as Bush was! We should all be very proud.
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    Re: US Lost Ten Billion Dollars on GM Bailout

    Quote Originally Posted by Lord Tammerlain View Post
    Considering the probably costs of letting GM close, 11 billion is not bad

    The cost would be, increased medicare and Medicaid bills, welfare and UI payments not just to GM workers and retirees, but to dealership and suppliers as well
    All that would have been VERY short term as other manufacturers came in to fill the void. If you'll remember, the entire auto industry didn't implode when AMC went out of business and Chrysler picked up the Jeep line.

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    Re: US Lost Ten Billion Dollars on GM Bailout

    Quote Originally Posted by Lord Tammerlain View Post
    Considering the probably costs of letting GM close, 11 billion is not bad

    The cost would be, increased medicare and Medicaid bills, welfare and UI payments not just to GM workers and retirees, but to dealership and suppliers as well
    Well there you have it. "It doesn't matter."
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    Re: US Lost Ten Billion Dollars on GM Bailout

    Quote Originally Posted by Jack Hays View Post
    Interesting. I'll have to look that up. Good morning, Polgara. I have a snow day today.
    The current storm in your area of the country sure seems to be taking its time moving out! Enjoy your snow day!

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