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Obama:our policy saved GM
AP ^ | 11/18/2010 | AP

Posted on 11/18/2010 2:52:50 PM PST by Huskrrrr

President Barack Obama on Thursday celebrated the return of a reborn General Motors to the U.S. stock market, saying it shows some of the "tough decisions that we made" during the recession are payingoff.

(Excerpt) Read more at news.yahoo.com ...


TOPICS: Government
KEYWORDS: gm
Incredible. Still down 40 billion and counting.
1 posted on 11/18/2010 2:52:54 PM PST by Huskrrrr
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To: Huskrrrr

And guess who is buying the Volt. GM is giving them to employees as test cars and our states will buy fleets. The consumer market?? THERE IS NONE!!! Why are they building these things?? You can only go 40 miles before you need a charge.


2 posted on 11/18/2010 2:56:00 PM PST by Sacajaweau
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To: Huskrrrr

Zero screwed the bondholders and saved the union. GM should have gone thru bankruptcy; reorganized under competent management and de-certified the union.


3 posted on 11/18/2010 2:56:32 PM PST by SVTCobra03 (You can never have enough friends, horsepower or ammunition.)
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To: Huskrrrr

The only thing that would suprise me is if Obama ever told the truth.


4 posted on 11/18/2010 2:58:18 PM PST by fuzzybutt (Democrat Lawyers are the root of all evil.)
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To: Huskrrrr

Amen. We have a long-established process in this country for reorganization including a specialized court system that has developed decades of experience. All that was bypassed. Anyone with half a brain realizes that it was a political payoff to the UAW. If GM had gone into Chapter 11, it would have survived but the secured creditors would have received more than the Obama supporters.

Notice how we NEVER hear about the other zombie, Chrysler?


5 posted on 11/18/2010 2:59:44 PM PST by rockvillem
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To: Jet Jaguar; NorwegianViking; ExTexasRedhead; HollyB; FromLori; EricTheRed_VocalMinority; ...

The list, ping

Let me know if you would like to be on or off the ping list

http://www.nachumlist.com/


6 posted on 11/18/2010 3:02:02 PM PST by Nachum (The complete Obama list at www.nachumlist.com)
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To: Huskrrrr

Obama is wrong.

The $40 billion did not save GM, bankruptcy did,

and a legitimate bankruptcy process did not need the heavy hand of Obama’s Czars in there on the side of the UAW - GM would have got a better deal in bankruptcy WITHOUT Obama helping the UAW in the process,

and the $40 billion - IF it was truly needed - should have been a long term loan, not an “ownership” investment, which over time would have returned not only the $40 billion but interest as well.


7 posted on 11/18/2010 3:03:04 PM PST by Wuli (T)
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To: Huskrrrr

yah. Let’s see how sales of the Volt affect that IPO everyone was getting all moist about today. So far, GE is the only customer and they will probably finance a significant portion of the cost through tax cuts/breaks/credits and/or direct handouts from the US Treasury.

So if the IPO goes into the crapper, will Helicopter Ben go in and buy up a bunch of GM stock??

Can’t happen you say??


8 posted on 11/18/2010 3:04:15 PM PST by Bean Counter (Stout Hearts!!)
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To: Huskrrrr

Goverment Motors and Chrysler are Walking DEAD corporations. In a few years (maybe 4) they are going tobe in the same position they were in 2008.

The GM stock is a pump and dump stock it will below 33 at the end of the first quarter of 2011.

FUBO and Geithner too.


9 posted on 11/18/2010 3:05:01 PM PST by wetgundog (" Extremism in the Defense of Liberty is no Vice")
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To: SVTCobra03

It WAS a union bailout.
The funny thing is, in the 010 elections, that didn’t seem to help Democrats at all.

With private sector unions at 11% of the workforce and declining, their influence continues to deteriorate.

And don’t be fooled by the UAW’s membership numbers either. The actual auto workers are fading away fast. A lot of their membership now is public sector and nurses.


10 posted on 11/18/2010 3:06:18 PM PST by nascarnation
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To: SVTCobra03

BINGO including tag.


11 posted on 11/18/2010 3:06:34 PM PST by mcshot (The dude is bent on our destruction as a superpower.)
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To: Huskrrrr
Obama: our policy saved GM

Who is 'our'?

12 posted on 11/18/2010 3:07:49 PM PST by Hoodat ( Don't touch my junk, Bro !)
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To: Huskrrrr
I guess we could say that the original shareholder's wealth has been sufficiently redistributed.
13 posted on 11/18/2010 3:07:58 PM PST by AmusedBystander (Republicans may have helped drive the economy into the ditch, but Obama is driving it off the cliff.)
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To: wetgundog
GM stock is a pump and dump stock it will below 33 at the end of the first quarter of 2011.

Are they trading options on it yet?

14 posted on 11/18/2010 3:08:21 PM PST by nascarnation
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To: SVTCobra03
GM should have gone thru bankruptcy; reorganized under competent management and de-certified the union.

If they had, I would have gladly supported them with my next purchase. After watching the bondholders get screwed, it will be a Ford or a transplant for me.

15 posted on 11/18/2010 3:09:45 PM PST by TwelveOfTwenty (Compassionate Conservatism? Promoting self reliance is compassionate. Promoting dependency is not.)
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To: Huskrrrr

He saved them from Chapter 13, which would have allowed them to reorganize and renegotiate contracts.

Which means, he didn’t save them. He stole them. And then sold them to China.


16 posted on 11/18/2010 3:11:47 PM PST by marron
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To: Huskrrrr

Hey, you stupid fool King Obama. Tell you what, how about giving me a few million and I guarantee I will save my extended family. They are really hurting and I just don’t have enough to save them all. You ungrateful piece of junk.


17 posted on 11/18/2010 3:13:56 PM PST by Logical me
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To: SVTCobra03

Precisely right (bankrupty, restructure, non-union). Without downsizing, work rule changes, contract wage changes, and pension changes, GM is going to right back where they were in a few years. And the prospectus for the IPO had a buried footnote that you cannot sue them for fraud, either.


18 posted on 11/18/2010 3:14:24 PM PST by ProtectOurFreedom
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To: Huskrrrr

Day’s Range: 33.89 - 35.99
52wk Range: 0.27 - 35.99
Volume: 456,943,420
Avg Vol (3m): 58,714,700
Market Cap: N/A
P/E (ttm): N/A
EPS (ttm): N/A
Div & Yield: N/A (N/A)


19 posted on 11/18/2010 3:15:55 PM PST by BenLurkin (This post is not a statement of fact. It is merely a personal opinion -- or humor -- or both)
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To: Sacajaweau
Why are they building these things

Understand the batteries are crap. Has anyone heard anything about them that is not gossip?

20 posted on 11/18/2010 3:15:55 PM PST by Logical me
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To: wetgundog

Key Statistics
Forward P/E (1 yr): N/A
P/S (ttm): N/A
Ex-Dividend Date: N/A

Analysts
Annual EPS Est () : N/A
Quarterly EPS Est () : N/A
Mean Recommendation*: N/A
PEG Ratio (5 yr expected): N/A


21 posted on 11/18/2010 3:16:42 PM PST by BenLurkin (This post is not a statement of fact. It is merely a personal opinion -- or humor -- or both)
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To: Huskrrrr

What took him so long? I thought he would have been on TV ringing the opening bell.


22 posted on 11/18/2010 3:17:56 PM PST by jersey117
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To: Huskrrrr
Obama:our policy saved GM"

Bullshit. For the first time in the American history, US courts stripped secured creditors of their collateral stake in a US business to sate the demands of an unsecured creditor, in this instance, the unions.

More than that, this administration stole from the American taxpayer to give directly (in the form of ownership equity) to a union. Where does this end? How many other business will be nationalized under some guise of "emergency" to strip owners of the equity, and then to repatriate that equity to political allies.

GM "bailout" was one of the darkest events in the history of the Republic. The government under color of law stole from American citizens to reward political allies. It's sickening.

23 posted on 11/18/2010 3:20:01 PM PST by OldDeckHand
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To: wetgundog
Goverment Motors and Chrysler are Walking DEAD corporations. In a few years (maybe 4) they are going tobe in the same position they were in 2008.

Ding, Ding, Ding...Winner Winner Chicken Dinner.

I had a very interesting conversation with my auto gnome who does not work for the two mentioned :-).

In our discussion I noted, we do not know what the real balance sheet is because in essence they have been privately held for almost 2 years and are they really keeping the books to GAAP standards? What are they doing with all the debt? i.e. they have to show it in a real accounting fashion now.

Also, now they have to conform to Sarbanes Oxley, if the books are cooked the CEO goes to "da bigga house". Serious as a heart attack. At somepoint we will find the real Asset Value of Gm and it may be way below this vaulted 50 billion.....

24 posted on 11/18/2010 3:26:53 PM PST by taildragger ((Palin / Mulally 2012 ))
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To: Hoodat
Obama: our policy saved GM
Who is 'our'?

He wanted SO badly to say "my policy..."

25 posted on 11/18/2010 3:28:20 PM PST by kromike
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To: Nachum

He is a POS liar his ‘policies’ aka mob slush fund paid them off for all of the campaign cash he got from them.


26 posted on 11/18/2010 3:28:44 PM PST by Dubya-M-DeesWent2SyriaStupid!
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To: OldDeckHand

I agree completely...it was government sponsored theft. As an attorney, it made me sick to my stomach.


27 posted on 11/18/2010 3:29:57 PM PST by ab01
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To: AmusedBystander

Amen to that. The originial shareholders are screwed, as are the taxpayers, while the unions get the wealth redistribution. What a great program Obama. Sheesh!


28 posted on 11/18/2010 3:37:44 PM PST by From The Deer Stand
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To: Huskrrrr

The leftist media is gushing about the tremendous success this IPO was. The AP article conspicuously fails to mention that the stock opened at 35 and sank steadily throughout the whole day,closing at 34.09. Thus almost everyone who bought the stock on the open market today lost money.

To me, this was a really awful first day performance of a supposedly hot IPO, and doesn’t seem to bode too well for the stock in the coming days.


29 posted on 11/18/2010 3:42:02 PM PST by catnipman (Cat Nipman: Made from The Right Stuff!)
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To: OldDeckHand
More than that, this administration stole from the American taxpayer to give directly (in the form of ownership equity) to a union.

Isn't there a federal program that bails out defunct pension plans at a discounted rate? If GM had gone bankrupt the taxpayer would have been liable to provide some assistance to the bankrupt pension plans. So the 5 billion or so giveaway to the unions by the feds was probably what they would have owed either way.

Now the out and out theft from the bond holders and maybe the stockholders if anything was left was absolutely criminal and the next republican administration should revisit this abomination.

30 posted on 11/18/2010 3:45:03 PM PST by oldbrowser (Welcome to California's workers paradise..)
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To: Huskrrrr
The stock rose sharply at first, rising to nearly $36 per share from the $33 price GM set for the initial public offering before pulling back and closing at $34.19.

Pulling back?

It had a straight line sinking trajectory (against the upward tide of the overall market, IIRC) for over the last half of the trading day.

If you bought GM, this is what you absolutely do not want to see.

A lot of investors will joining the "pull back" before it becomes a swan dive, IMHO.

(Note, I'm not a broker and I don't give investment advice. Do your own dd before making stock market moves.)

.

31 posted on 11/18/2010 3:50:08 PM PST by Seaplaner (Never give in. Never give in. Never...except to convictions of honour and good sense. W. Churchill)
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To: Huskrrrr
If GM was saved they would be making something as exciting for today as this was in 64.


32 posted on 11/18/2010 3:51:56 PM PST by kbennkc (For those who have fought for it freedom has a flavor the protected will never know .F Trp 8th Cav)
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To: oldbrowser
"So the 5 billion or so giveaway to the unions by the feds was probably what they would have owed either way."

I understand what you're saying, but remember that they split GM into two companies - the one that had an IPO today, and the other one that was riddled with debt. The US taxpayer assumed that company and it's debt. That wasn't $5 billion, that was something well north of $50B. They'll recoup some of that today, and in the future, but they wont' recoup all of it, ever.

Essentially, the US taxpayer is eating whatever is left, plus the $5B (is it a little more than that?) equity stake. I'd have to do the math on paper, but I'm pretty confident that the way they've done it is costing taxpayers much more than any exposure they had from pension guarantee programs.

I agree though, this should be - IMHO - investigation number one when the gavel falls on the new Congress.

33 posted on 11/18/2010 3:56:54 PM PST by OldDeckHand
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To: OldDeckHand
Essentially, the US taxpayer is eating whatever is left, plus the $5B (is it a little more than that?) equity stake.

The 5 billion was only the unions share of the stimulus money that was given to GM so that it could pay us back for some of the money that they owed us. That does not include the "investment" we have in GM. That will probably be another 10 or 20 billion loser, depending on how the stock deals work out.

34 posted on 11/18/2010 4:07:13 PM PST by oldbrowser (Welcome to California's workers paradise..)
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To: oldbrowser
"That does not include the "investment" we have in GM. That will probably be another 10 or 20 billion loser, depending on how the stock deals work out."

Just for kicks...FedGov owned 60.8% of GM before today. After today, if I understand correctly, they will only have a 37% equity stake in the company. The problem is they only raised $11.8B (ish). Just doing the math in my head, they are going to fall woefully short of recouping their original "investment" of $42B, unless the GM stock price rises, exponentially. I'm not holding my breath.

35 posted on 11/18/2010 4:18:11 PM PST by OldDeckHand
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To: SVTCobra03
Zero screwed the bondholders and saved the union.

Well, the media told us he was like Lincoln. Sort of.

36 posted on 11/18/2010 4:36:48 PM PST by Charles Martel ("Oh, Bother", said Pooh... as he chambered another round.)
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To: Huskrrrr

And I’m boycotting them.


37 posted on 11/18/2010 4:37:03 PM PST by devistate one four (Read the candidate b 4 voting! Kimber CDP II .45 OOHRAH! TET68)
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To: Huskrrrr

Hasn’t GM been given a pass on paying several BILLION in income taxes?


38 posted on 11/18/2010 4:39:00 PM PST by lonestar
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To: TwelveOfTwenty
After watching the bondholders get screwed, it will be a Ford or a transplant for me.

I was at a Ford dealership last week and saw this shirt for sale in the service and parts cashier's office:

I bought two. :-) The ladies in the office there told me that the shirts are going fast.

39 posted on 11/18/2010 4:45:18 PM PST by Charles Martel ("Oh, Bother", said Pooh... as he chambered another round.)
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To: Huskrrrr
Obama:our policy saved GM

For the Chinese.

Yes, we know...

40 posted on 11/18/2010 5:20:48 PM PST by Caipirabob ( Communists... Socialists... Democrats...Traitors... Who can tell the difference?)
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To: catnipman

“To me, this was a really awful first day performance of a supposedly hot IPO, and doesn’t seem to bode too well for the stock in the coming days.”

If any of my mutual funds have this tossed into them I am out as quick as you can say Obama is a buttwipe.


41 posted on 11/18/2010 5:26:48 PM PST by oust the louse (When you subsidize poverty and failure, you get more of both.)
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To: SVTCobra03

Zero screwed the bondholders and saved the union. GM should have gone thru bankruptcy; reorganized under competent management and de-certified the union.


I agree—I don’t understand how it was legal to screw the bondholders and stockholders and now offer a new IPO


42 posted on 11/18/2010 6:10:41 PM PST by bushwon ("If you think healthcare is expensive now, wait till it is free"--PJ O'rourke)
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