Skip to comments.Obama Saved GM?
Posted on 11/04/2012 9:18:14 AM PST by agatsu
Obama Saved GM?
Oh yeah! I bought something GM.....not.
I was a satisfied GM customer in the past, but I never want to see the inside of another GM dealership.
Tell it to the Bond holders.
Obama Saved GM? No, he just spent a lot of money.
Depends on what the definition of the word, “saved”, is. I it means saddling the taxpayers with yet unpaid billions in debt, then I guess so.
Has anyone figured out the net cost to taxpayers per job “saved”? I think that such a figure would drive home the point that “saving” jobs in this fashion is absurdly expensive and unaffordable if we try to extend it to other industries.
Irish Eyes~:” Tell it to the Bond holders. “
I understand that GM is going to have to go back into Federal Court again as the “Fed” failed to include some vital information in their application to take over the company.
Any truth to that ?
mtrott~:” Depends on what the definition of the word, saved, is. I it means saddling the taxpayers with yet unpaid billions in debt, then I guess so. “
The only thing saved was ‘UNION JOBS’.. ,
everything else was collateral damage.
Treasury now estimates the 2009 bailout will eventually cost the government $25.1 billion, according to a report sent to Congress on Friday.
That is up from the last quarterly estimate of $21.7 billion.
Since the $80 billion bailout of the auto industry, Detroit's big automakers have moved from crisis to profit. GM and Chrysler were put through government-funded bankruptcies that slashed costs and debt.
You sure know where to kick an old geezer—right in his- “but, I’m not a one percenter wallet”. It has convinced me and my extended family to never again purchase a vehicle made by UAW, not even a Ford.
“Treasury now estimates the 2009 bailout will eventually cost the government $25.1 billion, according to a report sent to Congress on Friday.”
Excellent. Then the question is how many jobs were saved. Obama claims more than 1 million:
If so, then each job was saved at a taxpayer cost of ~$25K. If true, that’s actually not such a bad deal, especially when you consider that unemployment and food stamps for laid-off workers likely would have totaled a similar amount. The stimulus, in contrast, cost in excess of $250K per “job saved” which is an absurd and unaffordable amount by which to try and keep an economy going. I’m not in a position to quarrel with the 1 million jobs saved figure, but will observe that the jobs outcome presumably would have been very similar under the bankruptcy terms proposed by Romney. I don’t know whether Romney’s plan would have required $25B in taxpayer funds. At minimum, it would NOT have channeled tens of billions to unions. Somewhere I saw that the unions essentially got 75 cents on the dollar vs. bondholders, who got only 10 cents on the dollar—something that never would have occurred in a standard bankruptcy (which has to follow rules/guidelines/precedents).
Bleepin’ heck. The post dropped my link: http://www.youtube.com/watch?v=zhfDWhUoeJw
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