This is General Motors.
The first four cars I ever drove and owned were all GM.
I despise the brand now.
I believe that many of us thought so at the time.
POS...*spit*
The National Review writer who thinks that Rust Belt whites should just go die?
Well of course he wouldn't care if GM went out of business. It would only affect the serfs who work on those production lines.
And the bond holders got the shaft in that bail out. First time that’s ever happened if I’m not mistaken.
Uh, I believe GM DID go bankrupt. They filed a chapter 13 Bankruptcy and were allowed to restructure in a very unconventional fashion screwing millions of bondholders. The Unions came out like a rose though.
Anybody who has studied the Halfrican KNOWS...he did nothing until he knew what was in it FOR HIM.
===========================================
Here's another bailout gem, the Halfrican's Troubled Asset Relief Program (TARP), Obama’s disastrous initiative to rescue the nation’s ailing financial institutions.
EXCERPT---FOURTEEN TRILLION DOLLARS Behind The Real Size of the Bailout; A guide to the abbreviations, acronyms, and obscure programs that make up the $14 trillion federal bailout of Wall Street
SOURCE motherjones.com --- Mon Dec. 21, 2009 12:23 PM PST
The price tag for the Wall Street bailout is popularly put at $787 billion—---the actual size of TARP--the Troubled Assets Relief Program. But TARP is just the best known program in an array of more than 30 overseen by Treasury Department and Federal Reserve that have paid out or put aside untraceable money to bail out financial firms and inject money into the markets.
To get a sense of the size of the real $14 trillion bailout, see MJ chart at web site. A guide to the pieces of the puzzle includes massive untraceable Treasury Department bailout programs.
Money Market Mutual Fund: In September 2008, the Treasury controlled by Obama/Emanuel announced that it would insure the holdings of publicly offered money market mutual funds. According to the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), these guarantees could have potentially cost the federal government more than $3 trillion [PDF].
Public-Private Investment Fund: This joint Treasury-Federal Reserve program bought toxic assets from banks and brokerages—as much as $5 billion of assets per firm. According to SIGTARP, the government's potential exposure from the PPIF is between $500 million and $1 trillion [PDF].
TARP: As part of the Troubled Asset Relief Program, the Treasury controlled by Obama/Emanuel made loans to or investments more than 750 banks and financial institutions. $650 billion has been paid out (not including HAMP; see below). As of December 21, 2009, $117.5 billion of that has been repaid.
Government-sponsored enterprise (GSE) stock purchase: The Treasury controlled by Obama/Emanuel bought $200 million in preferred stock from Fannie Mae and another $200 million from Freddie Mac [PDF] to show that they "will remain viable entities critical to the functioning of the housing and mortgage markets."
GSE mortgage-backed securities purchase: Under the Housing and Economic Recovery Act of 2008, the Treasury controlled by Obama/Emanuel may buy mortgage-backed securities from Fannie Mae and Freddie Mac. According to SIGTARP, these purchases could cost as much as $314 billion ---SNIP---.
LONG READ---go to web site to read more and checkout the shocking financial charts.
SOURCE http://motherjones.com/politics/2009/12/behind-real-size-bailout
The inevitable result of BK is a smaller, leaner company. What should have happened then is happening now.
Bush and Obama were a tandem team of incompetents. I think Reagan said, what’s wrong with bankruptcy?
Did the Obamas get Free Cars for life ?
They DID go bankrupt.
no, it was the UAW. the obamites didn’t bail out the auto industry, they bailed out the UAW, who would have been crushed if GM had gone through a normal restruturing.
the freaking UAW OWNED a big chunk of GM after obama was done, and it was pure political payback for the $100 million he got from organized labor during the capmpaign that he JUST finished.
the quid pro quo was astounding, yet you heard nothing about it.
GM is a social welfare program with a loss leading car division.
I agree, GM should have been allowed to go bankrupt.
That way they could have told their bloated UAW union to go pound sand, eliminate the “job banks”, and emplement new work standards to improve the engineering and build quality of their vehicles. All while lowering the price of their vehicles.
This is General Motors.
The first four cars I ever drove and owned were all GM.
I despise the brand now.
While I wouldn’t argue the more essential point, however if GM is weak in the North American home market it is not because it’s sedans are weak.
It is because it’s because it’s top selling SUV ranks fifth in sales, with little Ford even doing better than GM in that category. Sedans are weak, period - all makes and models. It is SUVs that are now the biggest sellers, along with pickup trucks (there are also GM ranks 2nd to Ford).
Yes, in Sedans, Toyota still outsells GM, but even Totota knows it is the SUV and truck markets that are growing, not Sendans.
What supports GM today? It’s China where it sells 1 million more vehicles than it does in the U.S.
Actually he did neither. ST6 got bin laden and GM is still in financial trouble.
AND THE LOSERS WERE THE STOCKHOLDERS
AND GM DEALERSHIPS (That were owned by republicans- because why keep a successful dealership open to sell your product if it is owned by a republican)
GM finds out making ugly cars don’t sell 6 models gone not many cars now look good most look like a fish out of water sucking for air.
If we had not lowered the tariffs in the 1960’s, American car companies would never have been in trouble.
Bailouts were a bandaid on a hemorrhaging cancer due to low tariffs. We should have cured the cancer, then the bailouts would have been more successful.