GM Bailout Looking like a win for Obama

Discussion in 'Politics' started by Flopper, Nov 18, 2010.

  1. Flopper
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    Flopper Gold Member

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    Much sooner than expect GM successfully floated it's initial public stock offering. The planned offering price of $29 a share was raised to $33 due to public demand. The stock closed up on it's first day of trading.

    "American taxpayers are now positioned to recover more than my administration invested in GM, and that's a good thing," Obama said, speaking of the government's $50 billion taxpayer-backed rescue of the venerable automaker. This public offering should reduce government ownership of GM stock by nearly a half. Full payoff is expected to come in about 5 yrs.

    Since the bailout GM has racked up 3 billion in profits. GM states that they have significantly reduced their production cost increasing the profit margin.

    The Center for Automotive Research estimated that aid to GM and Chrysler saved more than 1.1 million jobs in 2009 and 314,000 jobs this year.

    I suspect that the GM bailout will not be a campaign issue in the upcoming presidential election.

    Obama: GM stock sale a success for his policy - Yahoo! News
    GM stock price up 3.6 percent on first day: five questions about the IPO - CSMonitor.com
     
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  2. Sallow
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    Sallow The Big Bad Wolf. Supporting Member

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  3. Oddball
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    Oddball BANNED Supporting Member

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    Uh-huh...When's GM cutting the check to pay back the bailouts?
     
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  4. Yurt
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    Yurt Gold Member

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    why are you not saying it is a win for bush as well....?
     
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  5. JFK_USA
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    JFK_USA Gold Member

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    Yeah it was a good thing Obama did it. Too bad probably 5-10% of those employees are a part of the Tea party and against their own jobs.
     
  6. Tom Clancy
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    Tom Clancy Clancy for Ron Paul

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    Because anything bad that happened is all Bush's fault?

    Jesus.. get with the program.



    ;)
     
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  7. loosecannon
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    loosecannon Senior Member

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    are you nuts? GM is selling most of the IPO to foreigners and the tax payers are losing $11/share!

    WE ARE SENDING GM TO CHINA!

    You call this a WIN for OBAMA?
     
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  8. Tom Clancy
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    Tom Clancy Clancy for Ron Paul

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    Obama didn't bail out GM....

    That was all Dubya.
     
  9. iamwhatiseem
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    iamwhatiseem Gold Member

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    Win?
    Sooo...the object of this bailout was too recupe stockholder holdings?
    Who again is buying most of these?
     
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  10. loosecannon
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    loosecannon Senior Member

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    No it was all Obama. Even Congress refused to send GM a life line. Bush was long gone when they asked for help. They didn't get that until they filed for bankruptcy.
     

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