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Thread: GM Falls Below IPO Price as Rising Oil Dims Truck Outlook

  1. #111
    Sage

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    Re: GM Falls Below IPO Price as Rising Oil Dims Truck Outlook

    today: Barack Obama: Losing $84 billion big success - Washington Times

    Though Democrats tout the auto bailout as a success, recent reports illustrate the taxpayer cost of the GM auto bailout was substantially larger than the Obama administration and a Congressional Oversight report has owned up to.

    "American taxpayers are now positioned to recover more than my administration invested in GM,” President Obama said, according to a piece in USA Today last November. Steven Rattner, former head of the Treasury's auto task force agreed, telling CNN in November: “Recent progress at GM gives reason for optimism that it may be possible for taxpayers to get every penny back.”

    However, a March 16 Congressional Oversight report, tells a different story. It estimates taxpayers will be out $25 billion. Additionally, the report points out that “full repayment will not be possible unless the government is able to sell its remaining shares at a far higher price.”

    That's only the beginning. Both the White House and the Congressional Oversight report omit the fact that during its bankruptcy, GM got a $45 billion tax break, courtesy of the American people.

    GM is driving “away from its U.S.-government-financed restructuring with a final gift in its trunk: a tax break that could be worth as much as $45 billion,” reported The Wall Street Journal last November.

    Over one year after the promises President Obama and his administration made about the auto bailout, a February piece on AutoBlog also confirms that GM will also get a $14 billion dollar domestic tax break:

    GM will be able to skip its tax tab due to years of massive losses. Companies are typically forgiven a portion of future taxes due to their past losses, but that benefit is typically stripped after an organization goes through bankruptcy.
    http://cop.senate.gov/documents/cop-031611-report.pdf

    GM Could Be Free of Taxes for Years - WSJ.com
    Last edited by The Prof; 04-01-11 at 06:55 PM.

  2. #112
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    Re: GM Falls Below IPO Price as Rising Oil Dims Truck Outlook

    Quote Originally Posted by ptif219 View Post
    There is no proof it saved anything. It did grow government. As for jobs unemployment just kept increasing
    Since unemployment is a lagging factor, it is not going to turn around right away. First we have to get increased demand, then inventories have to fall, before any significant hiring takes place (Economics 101). We are getting steady job increases now, due to the economy turning around, but I believe that this is due more to the markets than anything Obama has done. Unfortunately, for the GOP, voters will not see it this way.
    The ghost of Jack Kevorkian for President's Physician: 2016

  3. #113
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    Re: GM Falls Below IPO Price as Rising Oil Dims Truck Outlook

    I guess an 84 Billion loss is a huge success......if your only intention is to ensure the flow of Political donations from the army of UAW union slobs.
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  4. #114
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    Re: GM Falls Below IPO Price as Rising Oil Dims Truck Outlook

    Quote Originally Posted by danarhea View Post
    Since unemployment is a lagging factor, it is not going to turn around right away. First we have to get increased demand, then inventories have to fall, before any significant hiring takes place (Economics 101). We are getting steady job increases now, due to the economy turning around, but I believe that this is due more to the markets than anything Obama has done. Unfortunately, for the GOP, voters will not see it this way.
    Why would the GOP see in another way?

    I believe the Economy is turning around in defiance of The Kenyan Tyrant's subprime policies to nowhere........so were in agreement.
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  5. #115
    Educating the Ignorant
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    Re: GM Falls Below IPO Price as Rising Oil Dims Truck Outlook

    Quote Originally Posted by USA_1 View Post
    You do know unions have been around for awhile, don't you?
    Yes, I think EVERYONE knows that. Do they realize they're doing a bad job on behalf of their workers and the company and why?

    However, countless millions of the American manufacturing job losses in recent decades were not inevitable, but rather the result of misguided public policies. This fact sheet briefly examines one of the most destructive of these policies: federal support for compulsory unionism.

    Since the 1930’s, Congress has authorized and promoted a labor-law system under which the individual worker may be compelled to accept an unwanted union as his or her “exclusive” (monopoly) bargaining agent. Compounding this injustice, federal labor laws also authorize and promote the firing of workers who refuse to join or pay dues or “fees” to an unwanted union monopoly-bargaining agent.
    http://www.nilrr.org/files/nilrrFact...urcing2005.pdf
    The Leftists strike again!


    Even when US automakers grew into some of the largest corporations in the world and during times of record profits.
    You should read Deming as to why.

    The Bush recession almost destroyed US automakers.
    That was the Unions own doing.

    Who knew? Speculation about which welfare state will be the first to buckle under the strain of the pension and medical costs of aging populations... Who knew the first to buckle would be General Motors, with Ford not far behind?

    ...GM's stock price is down 45 percent from a year ago; its market capitalization is smaller than Harley-Davidson's. This is partly because GM is a welfare state.

    GM says health expenditures -- $1,525 per car produced; there is more health care than steel in a GM vehicle's price tag -- are one of the main reasons it lost $1.1 billion in the first quarter of 2005...
    George F. Will - What Ails GM - washingtonpost.com
    UAW-negotiated contracts require rigid job classifications that waste time and money, ultimately to the detriment of workers’ paychecks and job security. Under the UAW contract, a “skilled tradesman” may be required to change a fuse in an assembly-line machine, although virtually any assembly-line worker could be trained to do the job. Furthermore, managers cannot assign additional work to employees who have begun working faster after mastering a task without entering into a potentially lengthy “consultation” with a UAW official.
    http://www.nilrr.org/files/nilrrFact...urcing2005.pdf
    While the medical coverage received by active Big Three employees and their family members isn’t measurably better than the coverage of transplant employees and family members, the Big Three pay much more, per active employee, for health benefits.
    http://www.nilrr.org/files/nilrrFact...urcing2005.pdf
    And the pension plans of the Big Three and unionized auto-parts companies are currently underfunded by $45 to $50 billion. That means unionized autoworkers and their families will likely get much smaller benefits than they’ve been promised once they retire.
    http://www.nilrr.org/files/nilrrFact...urcing2005.pdf

    Did the unions create the recession, too?
    No but the whole mentality of those in the Leftist Party have created a platform for what happened.

    Do unions control gas prices?
    No but the whole mentality of those in the Leftist Party have created a platform for higher energy prices; Can't drill here, can't build a refinery there, I'm going to bankrupt the coal companies, no nukes, is the hallmark of the Left. You folks made that bed... now we have to sleep in it. Why do you folks run from your record?
    Last edited by zimmer; 04-02-11 at 03:16 AM.
    The Clintons are what happens...
    when you have NO MORAL COMPASS.

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