GM is getting another bailout

2009-11-16 14:29:57

#1

Jay: Bork! Bork! Bork!; +2,006|5356|London, England

http://article.nationalreview.com/?q=Zj … A1NzVhNmM=

GMAC, the company that finances car purchases for GM, has already received two infusions of taxpayer assistance totaling $12.5 billion. Now, the feds say it needs up to $5.6 billion more. Sen. Chris Dodd, chairman of the Senate Banking Committee, was among the first to break the news. “There will be an infusion, I’m told, beyond what they’ve already seen,” he told the Dow Jones news service. “But I’ve also been assured by the administration that this is the last of it.”

Really? Bear in mind, this is the same Chris Dodd who called Fannie Mae and Freddie Mac “viable, strong institutions” a few weeks before they collapsed into a sucking vortex that vacuumed half a trillion dollars out of the U.S. Treasury. The taxpayers’ commitment to GM, including the previous two GMAC bailouts, already stands at $62 billion. The failed automaker and its federal backers have promised us much in return. How are those promises holding up?

"Ah, you miserable creatures! You who think that you are so great! You who judge humanity to be so small! You who wish to reform everything! Why don't you reform yourselves? That task would be sufficient enough."
-Frederick Bastiat

2009-11-16 14:31:43

#2

Red Forman: Banned; +402|5398

i love it. obama! obama! obama!

2009-11-16 14:33:14

#3

blademaster: I'm moving to Brazil; +2,075|6643

the way we are going it should be only fair if everyone got a bail out, give every citizen 1 million or so

2009-11-16 15:12:31

#4

Flaming_Maniac: prince of insufficient light; +2,490|6704|67.222.138.85

At this rate we should be electing entrepreneurs, not politicians.

2009-11-16 15:13:39

#5

ghettoperson: Member; +1,943|6647

Seriously? When are we just going to let them die?

2009-11-16 15:14:34

#6

Red Forman: Banned; +402|5398

ghettoperson wrote:
Seriously? When are we just going to let them die?

wait for the next president and his "change" we can beleive in i guess....

2009-11-16 15:21:50

#7

rdx-fx: ...; +955|6589

Congratulations.

Every single man, woman and child in the USA has now contributed about $206 each to GM. ($62B / $300M)

Funny, that.
I've NEVER owned a GM vehicle, never been a United Auto Worker employee (nor even known one).
I'd be fine if GM just failed, like any other business that mismanages their finances that horribly.

To my way of thinking, if a company is 'too big to let fail', it is too big to allow to exist without some form of self-supported insurance.

Oh well. Back to the old Wall Street addage, "If you owe the bank $100,000, you're in trouble. If you owe the bank $100,000,000, the bank is in trouble"

2009-11-16 15:27:16

#8

rdx-fx: ...; +955|6589

Red Forman wrote:
ghettoperson wrote:
Seriously? When are we just going to let them die?
wait for the next president and his "change" we can beleive in i guess....

Not a big fan of anything a politician or preacher tells me I have to believe in.

Give me something I can see, or at least a good plan I can understand.

Selling me belief sounds like selling me bullshit.

2009-11-16 15:28:45

#9

Flaming_Maniac: prince of insufficient light; +2,490|6704|67.222.138.85

rdx-fx wrote:
I've NEVER owned a GM vehicle, never been a United Auto Worker employee (nor even known one).
I'd be fine if GM just failed, like any other business that mismanages their finances that horribly.

Okay that is pretty naive.

2009-11-16 15:30:06

#10

Red Forman: Banned; +402|5398

great so some uneducated hilljack can still make 26 an hour to turn a bolt. yay.

2009-11-16 15:33:43

#11

Dilbert_X: The X stands for; +1,810|6104|eXtreme to the maX

GM has failed, it should be broken up and sold off.
Once things get too fat and old rot sets in and it can't be fixed, like govt and lowing's brain.

Русский военный корабль, иди на хуй!

2009-11-16 15:37:58

#12

Mekstizzle: WALKER; +3,611|6619|London, England

rdx-fx wrote:
I've NEVER owned a GM vehicle, never been a United Auto Worker employee (nor even known one).
I'd be fine if GM just failed, like any other business that mismanages their finances that horribly.

I agree with you, but an argument to that would be what if your business relies on GM in some form (whether it's GM itself, or just from the employees in an unrelated way)

If they're fucked, you're fucked. You're fucked, someone else is fucked. And somehow it matters more if they're (GM) are fucked because... well, they're a large employer. I think that's how the rationale goes but really it doesn't make... much sense, nor is it fair, but life is never fair.

But yeah... it is a problem I guess, the only way to solve shit like that is to make sure a situation like that never happens where everything just sort of collapses for a whole load of people and there's nothing to pick up the pieces. Cos that's probably what would have happened if GM failed. Don't really think there would be anything to replace them!

2009-11-16 18:12:31

#13

AussieReaper: ( ͡° ͜ʖ ͡°); +5,761|6150|what

rdx-fx wrote:
Every single man, woman and child in the USA has now contributed about $206 each to GM. ($62B / $300M)

imo a better stimulus package would have been to give middle and low income earners $206 to spend within the economy as they saw fit.

2009-11-16 19:31:47

#14

Macbeth: Banned; +2,444|5583

GM does deserve to die though for bad business.

Story Time
The parts delivery trucks at my job are Chevrolet which is owned by GM. They needed repairs and we don't have access to the tech books and scan tools that Chevrolet has so we sent them to the nearest GM dealership that we were lucky enough to have a former coworker there.

I later went with the foreman to pick up one of the trucks and went to the service area in the back and it was dead back there. A bunch of the techs were watching TV while 2 guys worked on a Transmission. We were talking to the guys working on the Trans and they were splitting the time for the work on it.

But here is the thing about it, the older guy who was working on the trans for the entire week only made 5 hours worth of work. So all the time he spent there he is only getting paid 5 hours for the week. But Chevrolet was guaranteeing their techs hours. So even though he only did 5 hours worth of work on his pay check he would get 15 hours worth of work even though there wasn't 15 hours of work to cover it.

This was actually a huge cut for him since before they were guaranteeing him 40 hours at one point.

The place was unionized, go figure.

2009-11-16 19:59:39

#15

DrunkFace: Germans did 911; +427|6679|Disaster Free Zone

rdx-fx wrote:
Every single man, woman and child in the USA has now contributed about $206 each to GM. ($62B / $300M)

Not sure where you learnt maths. But...
12.5 + 5.6 does not equal 62.

2009-11-16 20:28:06

#16

S3v3N: lolwut?; +685|6516|Montucky

I've still wondered to this day. why we have GMC and Chevrolet.

Aside from different wheels and interior designs they're the same.

2009-11-16 21:48:57

#17

Skorpy-chan: Member; +127|6343|Twyford, UK

AussieReaper wrote:
rdx-fx wrote:
Every single man, woman and child in the USA has now contributed about $206 each to GM. ($62B / $300M)
imo a better stimulus package would have been to give middle and low income earners $206 to spend within the economy as they saw fit.

Why not just give it straight to the credit card companies? That's where it'll end up anyway; people will just pay it off their credit card.

S3v3N wrote:
I've still wondered to this day. why we have GMC and Chevrolet.

Aside from different wheels and interior designs they're the same.

Chevrolet is worth saving because of the Corvette. Nothing that makes a noise that gorgeous should be allowed to die.

2009-11-17 04:05:39

#18

FEOS: Bellicose Yankee Air Pirate; +1,182|6409|'Murka

Ummm GMAC =/= GM, fellas.

GM (the car company) is about to start paying back part of its bailout money...sort of.

GMAC (the financing company) is the one getting a bailout.

“Everybody is a genius. But if you judge a fish by its ability to climb a tree, it will live its whole life believing that it is stupid.”
― Albert Einstein
Doing the popular thing is not always right. Doing the right thing is not always popular

2009-11-17 04:11:36

#19

AussieReaper: ( ͡° ͜ʖ ͡°); +5,761|6150|what

Skorpy-chan wrote:
AussieReaper wrote:
rdx-fx wrote:
Every single man, woman and child in the USA has now contributed about $206 each to GM. ($62B / $300M)
imo a better stimulus package would have been to give middle and low income earners $206 to spend within the economy as they saw fit.
Why not just give it straight to the credit card companies? That's where it'll end up anyway; people will just pay it off their credit card.

And then the banks have more liquidity and there is no longer a credit crisis.

It's better that the people also get to lower some of their crippling debt at the same time, don't you think?

2009-11-17 06:23:18

#20

Jay: Bork! Bork! Bork!; +2,006|5356|London, England

FEOS wrote:
Ummm GMAC =/= GM, fellas.

GM (the car company) is about to start paying back part of its bailout money...sort of.

GMAC (the financing company) is the one getting a bailout.

It's the same company under the same umbrella corporation.

"Ah, you miserable creatures! You who think that you are so great! You who judge humanity to be so small! You who wish to reform everything! Why don't you reform yourselves? That task would be sufficient enough."
-Frederick Bastiat

2009-11-17 06:25:13

#21

Jay: Bork! Bork! Bork!; +2,006|5356|London, England

AussieReaper wrote:
Skorpy-chan wrote:
AussieReaper wrote:
imo a better stimulus package would have been to give middle and low income earners $206 to spend within the economy as they saw fit.
Why not just give it straight to the credit card companies? That's where it'll end up anyway; people will just pay it off their credit card.
And then the banks have more liquidity and there is no longer a credit crisis.

It's better that the people also get to lower some of their crippling debt at the same time, don't you think?

Or... the government could just not spend any money at all. Lower taxes and stuff or pay down the national debt. How about that?

Last edited by JohnG@lt (2009-11-17 06:25:25)

"Ah, you miserable creatures! You who think that you are so great! You who judge humanity to be so small! You who wish to reform everything! Why don't you reform yourselves? That task would be sufficient enough."
-Frederick Bastiat

2009-11-17 06:33:32

#22

Dilbert_X: The X stands for; +1,810|6104|eXtreme to the maX

JohnG@lt wrote:
Lower taxes and stuff or pay down the national debt

I thought the national debt didn't matter?

Русский военный корабль, иди на хуй!

2009-11-17 06:46:56

#23

Jay: Bork! Bork! Bork!; +2,006|5356|London, England

Dilbert_X wrote:
JohnG@lt wrote:
Lower taxes and stuff or pay down the national debt
I thought the national debt didn't matter?

No. National debt is very important. The balance of trade is not.

"Ah, you miserable creatures! You who think that you are so great! You who judge humanity to be so small! You who wish to reform everything! Why don't you reform yourselves? That task would be sufficient enough."
-Frederick Bastiat

2009-11-17 07:13:33

#24

Agent_Dung_Bomb: Member; +302|6734|Salt Lake City

It is possible to let GMAC fail without taking down the automotive branch of GM. It would just mean GM could no longer do any of their own financing, and people would have to get loans from other institutions to purchase their car.

2009-11-17 08:19:37

#25

Jay: Bork! Bork! Bork!; +2,006|5356|London, England

Agent_Dung_Bomb wrote:
It is possible to let GMAC fail without taking down the automotive branch of GM. It would just mean GM could no longer do any of their own financing, and people would have to get loans from other institutions to purchase their car.

GM loses money on every car it makes. GMAC and the profit made on interest from car loans is really the only thing that has been keeping the company running.

"Ah, you miserable creatures! You who think that you are so great! You who judge humanity to be so small! You who wish to reform everything! Why don't you reform yourselves? That task would be sufficient enough."
-Frederick Bastiat

BF2S Forums GM is getting another bailout

ghettoperson wrote:

Red Forman wrote:

ghettoperson wrote:

rdx-fx wrote:

rdx-fx wrote:

rdx-fx wrote:

rdx-fx wrote:

AussieReaper wrote:

rdx-fx wrote:

S3v3N wrote:

Skorpy-chan wrote:

AussieReaper wrote:

rdx-fx wrote:

FEOS wrote:

AussieReaper wrote:

Skorpy-chan wrote:

AussieReaper wrote:

JohnG@lt wrote:

Dilbert_X wrote:

JohnG@lt wrote:

Agent_Dung_Bomb wrote:

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