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Thread: GM Pays off its Bailout Loans

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    Re: GM Pays off its Bailout Loans

    Its good that they paid off their "loan" portion. Regardless of the tricks, that's good.

    However it is also irresponsable journalism (and the type that if Fox News was doing it many on the left would be screaming "PROPOGANDA!" at the top of their lungs) to imply or act in articles as if simply paying off the loan makes GM essentially equal now in regards to the money the Government gave them.

    They paid back less that 20% of what was owned and the Government still holds equity in a private company. Yes, its wonderful they've managed to pay back the 7 that they did and kudos for them to it. However I'm sorry if I'm not going to throw a parade or excuse a misleading news story simply because they paid back less than 20% they were given.

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    Re: GM Pays off its Bailout Loans

    Quote Originally Posted by Zyphlin View Post
    Its good that they paid off their "loan" portion. Regardless of the tricks, that's good.

    However it is also irresponsable journalism (and the type that if Fox News was doing it many on the left would be screaming "PROPOGANDA!" at the top of their lungs) to imply or act in articles as if simply paying off the loan makes GM essentially equal now in regards to the money the Government gave them.

    They paid back less that 20% of what was owned and the Government still holds equity in a private company. Yes, its wonderful they've managed to pay back the 7 that they did and kudos for them to it. However I'm sorry if I'm not going to throw a parade or excuse a misleading news story simply because they paid back less than 20% they were given.
    Aside from confirming that GM has paid off $5.8 billion in loans owed to the U.S. and Canadian governments five years before the government deadline, CEO Ed Whitacre boldly predicted the U.S. government would recoup its entire $50-billion-plus investment in the automaker and possibly even make money on it.
    GM's Whitacre: U.S. may recoup all costs | freep.com | Detroit Free Press

    Isn't this better than GM going out of business, as conservatives demanded?

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    Re: GM Pays off its Bailout Loans

    Quote Originally Posted by WillRockwell View Post
    Isn't this better than GM going out of business, as conservatives demanded?
    Imo, no. Any business that can't stay afloat because they make good decisions and have legitimate and intelligent policies and leadership, should go out of business.
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    Re: GM Pays off its Bailout Loans

    Quote Originally Posted by lizzie View Post
    Imo, no. Any business that can't stay afloat because they make good decisions and have legitimate and intelligent policies and leadership, should go out of business.
    That would have been the entire US financial industry in 2008. Then many non financial companies who would not have been able to get or renew their loans
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    Re: GM Pays off its Bailout Loans

    Quote Originally Posted by Lord Tammerlain View Post
    That would have been the entire US financial industry in 2008. Then many non financial companies who would not have been able to get or renew their loans
    There's a ton of debt out there that is going to slowly take us down, and much of the financial industry did collapse. Allowing the natural course to take place would have made us much more stable in the long run by allowing businesses operating legitimately to take up the slack. We basically need to reboot the system. Americans, as a general rule, have a high capacity to live in denial, and our politicians continue to enable that. Our consumption is excessive, and our production is low, and until we as individuals and we as corporations and government entities learn to live within our means and in a reasonable manner, nothing will improve.
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    Re: GM Pays off its Bailout Loans


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    Re: GM Pays off its Bailout Loans

    Quote Originally Posted by lizzie View Post
    Imo, no. Any business that can't stay afloat because they make good decisions and have legitimate and intelligent policies and leadership, should go out of business.
    I'm not so sure about that...

    If a company of that size DOES manage to fail, there's only ONE reason... Simply, these companies collapsed under the weight of their own corruption.

    If those 'too big to fail' companies failed... wouldn't that FORCE the american people to return to an entrepreneurial spirit, which would then spark it's own wave of innovation??

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    Re: GM Pays off its Bailout Loans

    Quote Originally Posted by lizzie View Post
    Imo, no. Any business that can't stay afloat because they make good decisions and have legitimate and intelligent policies and leadership, should go out of business.
    I don't disagree with you, but we have to be willing to let all the support business also fail. It would be painful, and it would hurt a lot of working people. Do you believe politicians would not be blamed for the fallout?

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    Re: GM Pays off its Bailout Loans

    Quote Originally Posted by texmaster View Post
    No because they borrowed 43 Billion more.

    They simply aren't paying interest on that loan.

    You aren't going to pretend that 43 billion didn't come from the government are you?
    No, that is factually incorrect. They traded equity for the other 43b. They borrowed 7b, which they have now paid back.
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    Re: GM Pays off its Bailout Loans

    GM is still left being Government Motors, and that is not helping them, they need to pay back everything and stand on their own without the federal government:

    "...But the loan money is only a fraction of the financial support that the federal government gave to GM over the past 12 months to stop it from going out of business.

    Overall, GM received $50 billion in federal help. In return, the government got $2 billion in preferred stock and 61% of the company's privately held common shares..."

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