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Thread: US Lost Ten Billion Dollars on GM Bailout

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    US Lost Ten Billion Dollars on GM Bailout

    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."
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    Re: US Lost Ten Billion Dollars on GM Bailout

    But but but... in this recent progressive leaning thread which quotes a Center for Automotive Research study (with no link I might add), Conservatives are challenged to admit that the GM deal has been fully paid off! What a conundrum!
    “I think if Thomas Jefferson were looking down, the author of the Bill of Rights, on what’s being proposed here, he’d agree with it. He would agree that the First Amendment cannot be absolute.” - Chuck Schumer (D). Yet, Madison and Mason wrote the Bill of Rights, according to Sheila Jackson Lee, 400 years ago. Yup, it's a fact.


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    Re: US Lost Ten Billion Dollars on GM Bailout

    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
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    Re: US Lost Ten Billion Dollars on GM Bailout

    Most would agree that the other option, letting them pursue bankruptcy, would have cost at least 4 times that amount from lost taxation, UI benefits and added social program spending. The lesson learned should be that too big to fail really means very painful to bail. While the profits are mostly private, the losses are mostly public when big business gets too big.
    “The reasonable man adapts himself to the world: the unreasonable one persists to adapt the world to himself.
    Therefore all progress depends on the unreasonable man.” ― George Bernard Shaw, Man and Superman

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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
    Least we forget, over 100,000 dealership jobs were lost due to Obama's overzealous insistence.

    The great Obama auto dealer job shaft | The Daily Caller

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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
    They still lost hundreds of thousands of jobs and Delphi worker's pensions got screwed.

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    Re: US Lost Ten Billion Dollars on GM Bailout

    Anyone here realize WE paid the 10 billion??
    It's nothing more than X's and O's.

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    Re: US Lost Ten Billion Dollars on GM Bailout

    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.

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    Re: US Lost Ten Billion Dollars on GM Bailout

    Quote Originally Posted by Ockham View Post
    But but but... in this recent progressive leaning thread which quotes a Center for Automotive Research study (with no link I might add), Conservatives are challenged to admit that the GM deal has been fully paid off! What a conundrum!
    This former con would say, its about time. It doesnt change the fact that GM only survived in its current form because it cheated by getting tax payers to give them billions in loans and welfare, and lets not forget how shareowners were shafted when the govt gave half the company to the unions. GM has a long way to go to earn the trust of cons, to erase this black mark on their history.

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    Re: US Lost Ten Billion Dollars on GM Bailout

    Quote Originally Posted by ttwtt78640 View Post
    Most would agree that the other option, letting them pursue bankruptcy, would have cost at least 4 times that amount from lost taxation, UI benefits and added social program spending. The lesson learned should be that too big to fail really means very painful to bail. While the profits are mostly private, the losses are mostly public when big business gets too big.
    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?

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