Did Obama Save GM?

[Spoonman]

No. Obama did not save GM. He helped the UAW plunder it and the bond holders.

You owned stock in GM and you got screwed. Ford was in the same position GM was in but pulled out better and faster without Obama's help.

And even worse, legitimate bond holders who had a superior claim on assets were screwed in order to pay off the UAW.

That is Gangster Government.

Obama's plan allowed GM to stiff their creditors, skip payments of billions for outstanding invoices for goods and services. Tons of suppliers went out of business as a result. Which added to the massive unemployment in the rust belt states. Obama screwed the workers in those states royally which is why he is stumping there so hard now. November will be payback time and Obama has failed so miserably across the board he is going to be hit from all sides. Obama paid back the unions for support in his election. GM will suffer their same fate over again because they still do not produce with competitive labor rates.

 

[Procrustes Stretched]

Did Obama Save GM?
GM Profit Rises to $1.54 Billion on Auto Sales Gains
GM Profit Rises to $1.54 Billion on Auto Sales Gains - BusinessWeek

For the longest time we have been subjected to wild rants about Obama 'taking over' GM. Socialism on the march!

Now it looks like GM is on the road to becoming a profitable private entity again -- thanks to Obama.

Does Obama get credit?

---

“Last year GM was shutting down plants when they filed” Chapter 11, said Wall, who is based in Grand Rapids, Michigan. “This summer, most of its U.S. plants were running full out.”

btw, is the above quote an example of the new generation of editors being dumbed down? who is 'Wall'?

Just checked. GM is a live and doing well. It's off life support. The auto industry and especially GM and the suppliers who would have went out of business with GM, thank you Mister President.

*salute!

Ford is doing even better and it didn't cost the taxpayers a dime. Nor did the stiff thier supplier base and put thousands out of work in the process.

I'm sorry. I missed the news that Ford was in danger of going under and taking everyone with them.

can you link to this?

 

[boedicca]

I recall the Obama Administration making the case that Ford benefited from the bail outs:

In remarks he made at the plant Obama, says that while others criticized his $60 billion bailout over a year ago, he chose that course because of his faith in American workers.

While Ford did not accept federal funds, Obama argued that the company did benefit from a resurgence in the industry following the bailout of General Motors and Chrysler and a $400 million in new Energy Department loan guarantees for companies that redesign their plants to make more fuel-efficient vehicles.

Obama Touts Auto Bailout at Ford's Chicago Plant | NBC Chicago


and more:

Now, Ford was in better financial shape and was able to weather the storm without federal assistance. That’s a testament to the hard work you all do and the choices this company made. But I don’t have to tell you, and your CEO will -- has said this publicly -- if your competitors had gone down, they would have taken down a whole bunch of the suppliers you depend on. The brand of American autos would have diminished. That would have had severe consequences for Ford.

http://www.inthesetimes.com/working...chrysler_bail-out_helps_ford--and_the_us_eco/


Note how the obedient media spread the meme that Ford would have been harmed if all of a sudden it had the chance to gain major market share in the U.S.

 

[Spoonman]

Just checked. GM is a live and doing well. It's off life support. The auto industry and especially GM and the suppliers who would have went out of business with GM, thank you Mister President.

*salute!

Ford is doing even better and it didn't cost the taxpayers a dime. Nor did the stiff thier supplier base and put thousands out of work in the process.

I'm sorry. I missed the news that Ford was in danger of going under and taking everyone with them.

can you link to this?

You are kidding me right? Ford stock plumeted at the end of 09 when it was in danger of filing for bankruptcy. Down to like $1.20. I bought at like $1.90
Ford elected not to take the government offer of a bail out.

Ford faces competition; bankruptcy gives rivals benefits - USATODAY.com

Ford CEO: Bankruptcy 'Not an Option' - Hybrid Cars | Vehicles | Car Buying - FOXNews.com

GM, Ford, Chrysler may face bankruptcy, S&P analyst says

Digg - Will Ford Motor Co. go into bankruptcy until June 30, 2009?

Ford on the brink of bankruptcy?

GM or Ford bankruptcy 'is economically and psychologically unacceptable' - BloggingStocks

 

[Perry2016]

President Obama should get some credit for this because, let's be honest, he gets next to no credit for anything good that he's accomplished during his term.

GM has payed back all of their bailout money with interest and as noted, they are posting profits again now.

Some will call it strong-arming or a government takeover, but had Obama not forced the lame duck and greedy then CEO out of his position (and without a golden parachute, as for once, a rich businessman who has failed isn't rewarded), and put in place a chance for people who wanted to reinvent GM and bring forth better service and fuel economy, it seems reasonable that such a turnaround would not have happened.

So, he should get some credit, but credit also goes to the people at GM who stepped up and innovated as well as consumers who returned to the brand and bought American.

 

[Flopper]

You owned stock in GM and you got screwed. Ford was in the same position GM was in but pulled out better and faster without Obama's help.

And even worse, legitimate bond holders who had a superior claim on assets were screwed in order to pay off the UAW.

That is Gangster Government.

Obama's plan allowed GM to stiff their creditors, skip payments of billions for outstanding invoices for goods and services. Tons of suppliers went out of business as a result. Which added to the massive unemployment in the rust belt states. Obama screwed the workers in those states royally which is why he is stumping there so hard now. November will be payback time and Obama has failed so miserably across the board he is going to be hit from all sides. Obama paid back the unions for support in his election. GM will suffer their same fate over again because they still do not produce with competitive labor rates.

That does not make sense. The 27 billion dollars in unsecured bonds became almost worthless the day GM declared bankruptcy with or without federal funds. With the reorganization of GM, these bond holder got about 5 cents on the dollar in GM Stock. Had the bankruptcy proceeded without the government, they likely would have got nothing. Without federal funds, most of the divisions could have been sold off at a fraction of book value with only the most profitable surviving. So yes, GM was saved by the government. To have gambled on a bankruptcy court whose purpose is to recover the creditors investment would be unthinkable. No administration, Republican of Democrat would have undertaken this experiment with hundreds of thousands of jobs at stake.

 

[Flopper]

No. Obama did not save GM. He helped the UAW plunder it and the bond holders.

You owned stock in GM and you got screwed. Ford was in the same position GM was in but pulled out better and faster without Obama's help.

The only resemblance between Ford and GM in 2008 was that they were both auto manufactures. Although neither company was making a profit in 2008, GM was insolvent. It's balance sheet was a bloody mess and they had no line of credit.

 

[Flopper]

Just checked. GM is a live and doing well. It's off life support. The auto industry and especially GM and the suppliers who would have went out of business with GM, thank you Mister President.

*salute!

Ford is doing even better and it didn't cost the taxpayers a dime. Nor did the stiff thier supplier base and put thousands out of work in the process.

I'm sorry. I missed the news that Ford was in danger of going under and taking everyone with them.

can you link to this?

Ford was never in danger of going bankrupt. They had a strong line of credit and were in a good cash position. That's why they declined federal support.

In 2008, "GM could not tell you on any given day within $500 million how much cash they had." They were losing 15 billion dollars. In August of 2010 GM profits had risen to 1.5 billion in first 6 months and they are hiring.
Republicans are choking on this because it's turning into a real success story not only for GM but American public.


GM Profit Rises to $1.54 Billion on Auto Sales Gains - BusinessWeek
Inside Obama's Auto Industry 'Overhaul' | KQED Public Media for Northern CA

 

[Flopper]

I recall the Obama Administration making the case that Ford benefited from the bail outs:

In remarks he made at the plant Obama, says that while others criticized his $60 billion bailout over a year ago, he chose that course because of his faith in American workers.

While Ford did not accept federal funds, Obama argued that the company did benefit from a resurgence in the industry following the bailout of General Motors and Chrysler and a $400 million in new Energy Department loan guarantees for companies that redesign their plants to make more fuel-efficient vehicles.

Obama Touts Auto Bailout at Ford's Chicago Plant | NBC Chicago


and more:

Now, Ford was in better financial shape and was able to weather the storm without federal assistance. That’s a testament to the hard work you all do and the choices this company made. But I don’t have to tell you, and your CEO will -- has said this publicly -- if your competitors had gone down, they would have taken down a whole bunch of the suppliers you depend on. The brand of American autos would have diminished. That would have had severe consequences for Ford.

Obama, Workers Agree: GM and Chrysler Bailout Helps Ford—And the Economy - Working In These Times


Note how the obedient media spread the meme that Ford would have been harmed if all of a sudden it had the chance to gain major market share in the U.S.

If GM were eliminated, Ford would have gained market share, but a share of what? The car market as well as all consumer spending would have gone down the drain if we had lost a half million or more jobs. when unemployment was already at 10%.

 

[Procrustes Stretched]

Did Obama Save GM?
GM Profit Rises to $1.54 Billion on Auto Sales Gains
GM Profit Rises to $1.54 Billion on Auto Sales Gains - BusinessWeek

For the longest time we have been subjected to wild rants about Obama 'taking over' GM. Socialism on the march!

Now it looks like GM is on the road to becoming a profitable private entity again -- thanks to Obama.

Does Obama get credit?

---

“Last year GM was shutting down plants when they filed” Chapter 11, said Wall, who is based in Grand Rapids, Michigan. “This summer, most of its U.S. plants were running full out.”

btw, is the above quote an example of the new generation of editors being dumbed down? who is 'Wall'?

let's try this in the CLEAN ZONE

 

[EdwardBaiamonte]

Did Obama Save GM?
GM Profit Rises to $1.54 Billion on Auto Sales Gains
GM Profit Rises to $1.54 Billion on Auto Sales Gains - BusinessWeek

For the longest time we have been subjected to wild rants about Obama 'taking over' GM. Socialism on the march!

Now it looks like GM is on the road to becoming a profitable private entity again -- thanks to Obama.

Does Obama get credit?

---

“Last year GM was shutting down plants when they filed” Chapter 11, said Wall, who is based in Grand Rapids, Michigan. “This summer, most of its U.S. plants were running full out.”

btw, is the above quote an example of the new generation of editors being dumbed down? who is 'Wall'?

let's try this in the CLEAN ZONE

Barry did a managed bankruptcy to pay off the unions. Without Barry it would still have been a managed bankruptcy, but not with the crony capitalist payoff.

The liberals would have us believe that airlines and car companies disappear in bankruptcy.

 

[Procrustes Stretched]

Did Obama Save GM?
GM Profit Rises to $1.54 Billion on Auto Sales Gains
GM Profit Rises to $1.54 Billion on Auto Sales Gains - BusinessWeek

For the longest time we have been subjected to wild rants about Obama 'taking over' GM. Socialism on the march!

Now it looks like GM is on the road to becoming a profitable private entity again -- thanks to Obama.

Does Obama get credit?

---

“Last year GM was shutting down plants when they filed” Chapter 11, said Wall, who is based in Grand Rapids, Michigan. “This summer, most of its U.S. plants were running full out.”

btw, is the above quote an example of the new generation of editors being dumbed down? who is 'Wall'?

 

[Procrustes Stretched]

Did Obama Save GM?
GM Profit Rises to $1.54 Billion on Auto Sales Gains
GM Profit Rises to $1.54 Billion on Auto Sales Gains - BusinessWeek

For the longest time we have been subjected to wild rants about Obama 'taking over' GM. Socialism on the march!

Now it looks like GM is on the road to becoming a profitable private entity again -- thanks to Obama.

Does Obama get credit?

---

“Last year GM was shutting down plants when they filed” Chapter 11, said Wall, who is based in Grand Rapids, Michigan. “This summer, most of its U.S. plants were running full out.”

btw, is the above quote an example of the new generation of editors being dumbed down? who is 'Wall'?

let's try this in the CLEAN ZONE

Barry did a managed bankruptcy to pay off the unions. Without Barry it would still have been a managed bankruptcy, but not with the crony capitalist payoff.

The liberals would have us believe that airlines and car companies disappear in bankruptcy.

I don't know where you get that from, but you have a future...


...in the Clean Debate Zone.

http://www.usmessageboard.com/clean...president-obama-get-credit-for-saving-gm.html

 

[tjvh]

Did Obama Save GM?
GM Profit Rises to $1.54 Billion on Auto Sales Gains
GM Profit Rises to $1.54 Billion on Auto Sales Gains - BusinessWeek

For the longest time we have been subjected to wild rants about Obama 'taking over' GM. Socialism on the march!

Now it looks like GM is on the road to becoming a profitable private entity again -- thanks to Obama.

Does Obama get credit?

---

“Last year GM was shutting down plants when they filed” Chapter 11, said Wall, who is based in Grand Rapids, Michigan. “This summer, most of its U.S. plants were running full out.”

btw, is the above quote an example of the new generation of editors being dumbed down? who is 'Wall'?

If your OK with 70% of GM cars being built overseas since the bailout then ah, sure Obama saved GM. [ame=http://www.youtube.com/watch?v=Lvl5Gan69Wo&feature=player_detailpage]General Motors is becoming China Motors - YouTube[/ame]

 

[Procrustes Stretched]

Did Obama Save GM?
GM Profit Rises to $1.54 Billion on Auto Sales Gains
GM Profit Rises to $1.54 Billion on Auto Sales Gains - BusinessWeek

For the longest time we have been subjected to wild rants about Obama 'taking over' GM. Socialism on the march!

Now it looks like GM is on the road to becoming a profitable private entity again -- thanks to Obama.

Does Obama get credit?

---

“Last year GM was shutting down plants when they filed” Chapter 11, said Wall, who is based in Grand Rapids, Michigan. “This summer, most of its U.S. plants were running full out.”

btw, is the above quote an example of the new generation of editors being dumbed down? who is 'Wall'?

If your OK with 70% of GM cars being built overseas since the bailout then ah, sure Obama saved GM. http://www.youtube.com/watch?v=Lvl5...otors is becoming China Motors - YouTube[/url

What does it mean to say cars are being built overseas?