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Thread: US Lost Ten Billion Dollars on GM Bailout

  1. #81
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    Re: US Lost Ten Billion Dollars on GM Bailout

    Quote Originally Posted by Jack Hays View Post
    Moody's is linked to investors. Of course they want to avoid bankruptcy. Just protecting the BHO gang's financiers.
    You sure throw around the bull**** Jack. They did go bankrupt, why in HELL did they have an IPO??? LMMFAO And polgara likes your post? Double LMMFAO

  2. #82
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    Re: US Lost Ten Billion Dollars on GM Bailout

    Quote Originally Posted by Jack Hays View Post
    It happened. Probably politically unavoidable. I would have preferred good old fashioned bankruptcies.
    Yes, those good ol' bankruptcies did a great job in the Great Depression. Oh wait....

  3. #83
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    Re: US Lost Ten Billion Dollars on GM Bailout

    Quote Originally Posted by pbrauer View Post
    You sure throw around the bull**** Jack. They did go bankrupt, why in HELL did they have an IPO??? LMMFAO And polgara likes your post? Double LMMFAO
    It wasn't real bankruptcy. It was "too big to fail" bankruptcy. Don't laugh so much or I won't defend you next time a poster says you're missing a few parts. GM should have been sent into real bankruptcy.
    "It's always reassuring to find you've made the right enemies." -- William J. Donovan

  4. #84
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    Re: US Lost Ten Billion Dollars on GM Bailout

    Quote Originally Posted by Visbek View Post
    Yes, those good ol' bankruptcies did a great job in the Great Depression. Oh wait....
    Ancient history. Not of interest.
    "It's always reassuring to find you've made the right enemies." -- William J. Donovan

  5. #85
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    Re: US Lost Ten Billion Dollars on GM Bailout

    Quote Originally Posted by Jack Hays View Post
    It wasn't real bankruptcy. It was "too big to fail" bankruptcy. Don't laugh so much or I won't defend you next time a poster says you're missing a few parts. GM should have been sent into real bankruptcy.


    http://www.nytimes.com/2009/06/02/bu...auto.html?_r=0

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    Re: US Lost Ten Billion Dollars on GM Bailout

    Sense when does big daddy government lose 10 billion on a bankruptcy? Sense when does big daddy government go around and buy stock in a bankrupt company? But you know all this was a bailout by big daddy government. In fact big daddy did not want GM to file bankruptcy as it would go out of business or be broken up and the unions would lose big time and the bond holders would get something on their dollar, as this was a structured bankruptcy that big daddy orchestrated before the filing. But you know all that.
    Liberals - Punish the Successful, Reward the Unsuccessful
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    Re: US Lost Ten Billion Dollars on GM Bailout

    I think Born Free's #86 sums it up quite well. Nothing further required from me.
    "It's always reassuring to find you've made the right enemies." -- William J. Donovan

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    Re: US Lost Ten Billion Dollars on GM Bailout

    Quote Originally Posted by Jack Hays View Post
    GM would not have shut down. American Airlines flew while bankrupt. This is just administration propaganda.
    Yes administration propaganda

    Which does not explain why the top auto executives begged for a government bailout

    The Auto Industry Bailout: Thoughts About Why GM Executives Are Clueless And Their Destructive

    I am ambivalent about whether the auto industry should receive the 25 billion dollars that they are begging and pleading for from the U.S. taxpayers. On the one hand, I realize that millions of jobs depend on the industry and that saving these jobs is not only a humane thing --- it also may help the country(and even the rest of the world) from sliding into a deeper recession in the long-term. On the other hand, I worry that it will be a waste because the industry has lost so much money and so many jobs in recent years that these firms are in a death spiral that is impossible to stop (GM alone lost 39 billion last quarter). I also believe it will be a waste because the leaders of these firms (at least GM, which I know best) are so backward and misguided that the thought of giving these bozos any of my tax money turns my stomach which is pretty much the same point made by observers ranging from ultra-capitalist Mitt Romney to near-socialist documentary filmmaker Michael Moore. Recall that Moore made the famous film that attacked GM, Roger and Me.
    GM lost in one year 39 billion dollars, and was losing a lot the year they begged for a bailout. I am rather certain that if the auto executives had any other choice but to go to the government begging for money, they would have done so
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    Re: US Lost Ten Billion Dollars on GM Bailout

    Quote Originally Posted by Lutherf View Post
    So if there was no demand for cars and trucks GM should have been supported because.......why?

    Quite often the best time to make capital investments is when demand is low due to short term economic conditions like the 2009 crash. The bulk of GM manufacturing could have been picked up cheap and the buyer wouldn't have the burden of an underfunded pension plan or a financing division that was a mess. Such a move would have also had an immediate positive effect on the economy because the way things played out it only added a bunch of uncertainty to the bond market where all of a sudden bondholders could no longer be confidant that they would be in first position in the case of a bankruptcy.
    Yes in NORMAL economic times it is a great time to do so. But in this case no companies were willing to step up and risk the money that would have been required to do so. Or those that would have been willing would not have gotten financing from the banks. With the exception of Chinese ones. I doubt SAIC would have been allowed to buy GM so it does not matter
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    Re: US Lost Ten Billion Dollars on GM Bailout

    And saved how many jobs directly, indirectly, and tricklin down--10 billion is 40% of what the GOP House threw away in October..
    Physics is Phun

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