GM Bailout Looking like a win for Obama

[Londoner]

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

They are on track to pay it back in spades, but that is not the point.

The GOP just needed to make it look like Obama was seizing companies and foisting them onto the taxpayer's back. They keep lying to the same class of uncritical voters -- people who get their information exclusively from right wing news sources. Middle aged white fat men.

Everyone else (including the GOP leadership) knew that Obama was only giving them a temporary bridge, and that this wasn't some deep socialist plot. The Bush administration had every option to let them fail, and they didn't. Reagan would not have let them die either.

Republicans, for all their "buy American" patriotism, were manipulated to turn on the very country they profess to love. If it was up to them, we'd all be buying Chinese. American car companies practically built the postwar middle class, Because of companies like GM, parents could afford to send a generation of middle class kids to college. And those kids went on to make great contributions to this country.

America used to invest in the Middle Class. [It's not a hand-out you morons] Ronald Reagan's father was given a job by a New Deal work program. America invested in Reagan's family. It wasn't a hand-out. Look what the investment got us. (Better to invest in people rather than terrorist oil or ponzi derivatives. The Right doesn't understand why FDR trusted, loved, and invested in the Middle Class. They live in a mental prison)

Whenever you talk to the Right about issues like this -- and I'm talking about the dumb ones who listen to talk radio -- you realize how sad, gullible, and unstable they are. Obama saved a great American company, but these partisan hacks are too bitter and deluded to see it.

 

[rightwinger]

A glorious sucess, which saved between a million and two million jobs.

Uh, no, dumbass, they killed plenty of jobs at dealerships, and crashed bondholders to do it.

Those jobs would have been saved through reorganization, too at no cost to taxpayers.

LOL

Sure they would...sure they would

Try to sell it to the auto workers

 

[The T]

A glorious sucess, which saved between a million and two million jobs.

Uh, no, dumbass, they killed plenty of jobs at dealerships, and crashed bondholders to do it.

Those jobs would have been saved through reorganization, too at no cost to taxpayers.

That they did. There are several here that lost thier dealerships...added to the unemployment woes.

 

[rightwinger]

Bush bailed them out... Obama had the Stimulus.

Obama didn't do shit.

LOL....yea

Tell it to all the Auto workers who still have their jobs today

Excuse me? Who was the one who signed in the Bailout? That's what counts.

Obama did his part, but he didn't sign it nor did he have the idea.


Besides, both the Bailout and Stimulus in my opinion was a waste.

Expecting to reduce the deficit by spending more money? Yeahh.... awesome logic!


Oh wait! let's not forget that Ford is doing way better than GM and Chrysler and didn't accept any funds.

Ford supported the bailouts of both GM and Chrysler. Ford was in good financial shape and did not want to make the concessions the other auto companies had to make

 

[rightwinger]

The American workers will always remember that when it came time to save their jobs or send them overseas...the Republican response was.........FUCK YOU

 

[The T]

A glorious sucess, which saved between a million and two million jobs.

Uh, no, dumbass, they killed plenty of jobs at dealerships, and crashed bondholders to do it.

Those jobs would have been saved through reorganization, too at no cost to taxpayers.

LOL

Sure they would...sure they would

Try to sell it to the auto workers

I wonder if the Autoworkers understand that they have scammed their fellow citizens?

 

[Revere]

LOL....yea

Tell it to all the Auto workers who still have their jobs today

Excuse me? Who was the one who signed in the Bailout? That's what counts.

Obama did his part, but he didn't sign it nor did he have the idea.


Besides, both the Bailout and Stimulus in my opinion was a waste.

Expecting to reduce the deficit by spending more money? Yeahh.... awesome logic!


Oh wait! let's not forget that Ford is doing way better than GM and Chrysler and didn't accept any funds.

Ford supported the bailouts of both GM and Chrysler. Ford was in good financial shape and did not want to make the concessions the other auto companies had to make

Yes, "supported" means they wanted GM and Chrysler comatose, as they are now.

 

[Revere]

Uh, no, dumbass, they killed plenty of jobs at dealerships, and crashed bondholders to do it.

Those jobs would have been saved through reorganization, too at no cost to taxpayers.

LOL

Sure they would...sure they would

Try to sell it to the auto workers

I wonder if the Autoworkers understand that they have scammed their fellow citizens?

Bingo. UAW Bailout. Period.

 

[The T]

LOL

Sure they would...sure they would

Try to sell it to the auto workers

I wonder if the Autoworkers understand that they have scammed their fellow citizens?

Bingo. UAW Bailout. Period.

Exactly. PAYBACK by the 'O' period.

 

[rightwinger]

Uh, no, dumbass, they killed plenty of jobs at dealerships, and crashed bondholders to do it.

Those jobs would have been saved through reorganization, too at no cost to taxpayers.

LOL

Sure they would...sure they would

Try to sell it to the auto workers

I wonder if the Autoworkers understand that they have scammed their fellow citizens?

As part of the bailout the autoworkers had to vote for major wage and benefits concessions. They understand that when their jobs were on the line...it was the Republicans who voted against them

 

[Revere]

LOL

Sure they would...sure they would

Try to sell it to the auto workers

I wonder if the Autoworkers understand that they have scammed their fellow citizens?

As part of the bailout the autoworkers had to vote for major wage and benefits concessions. They understand that when their jobs were on the line...it was the Republicans who voted against them

Those contracts should have been re-opened in bankruptcy court under reorganization.

The concessions were pissing in an ocean.

 

[Ragnar]

Government Motors Now 50% Less Governmenty Hot Air

President Obama described this as, “our disciplined commitment to exit this investment while protecting the American taxpayer,” which sounds great on the surface. But even under the most optimistic of circumstances, former head of the U.S. Automotive Task Force Steve Rattner said the government,”may lose $5 billion to $7 billion on its rescue of t he auto industry.”

And what will be required to achieve these modest losses? First of all, the government is contractually barred from selling any more stock for the next six months. And when they do, they’d better hope that G.M’s fortunes have shown an astounding turnaround.

The new shares start trading on Thursday at $33 each. To break even, the Treasury Department will need to sell its remaining 500 million shares at an average price of $53 each in the months and years to come. And while the administration may retain great influence over the company, it may not be able to keep stoking the enthusiasm investors have shown for G.M. stock in recent days.

That may prove to be quite a feat, particularly given the performance of their cousins at Ford, whose stock has struggled to get back to $16 per share without being burdened with the Government Motors moniker. And, of course, all of this fails to take into account the fact that people without jobs don’t tend to rush out and buy new cars.

It’s good to see the government slowly extricating itself from this situation, but the pie in the sky projections being rattled off by the Obama administration this week will likely strike many as a lot more vapor and a lot less Viper.

All of the above ignoring the question of weather jumping in to save the highest paid unskilled workers in the world was even legal in the first place... for Bush (or Obama).

Illegal Lending Practices - Reason Magazine

Not to mention that GM could have been on it's slow journey into two or three smaller companies building good cars that people actually want to buy rather than fixing the giant monster that we will just have to bail out again in a decade or two... or sooner.

What a waste!

And not for nothing but Obama did not create the mess in any way shape or form. (he just poured our future into making sure we have the same mess for a long long time to come)

 

[rightwinger]

Excuse me? Who was the one who signed in the Bailout? That's what counts.

Obama did his part, but he didn't sign it nor did he have the idea.


Besides, both the Bailout and Stimulus in my opinion was a waste.

Expecting to reduce the deficit by spending more money? Yeahh.... awesome logic!


Oh wait! let's not forget that Ford is doing way better than GM and Chrysler and didn't accept any funds.

Ford supported the bailouts of both GM and Chrysler. Ford was in good financial shape and did not want to make the concessions the other auto companies had to make

Yes, "supported" means they wanted GM and Chrysler comatose, as they are now.

Thats strange..

The people buying their stock today don't seem to think so


What ever happened to the GOP that used to scream "Buy American" ??

Now they just tell the workers to drop dead

 

[Revere]

Ford supported the bailouts of both GM and Chrysler. Ford was in good financial shape and did not want to make the concessions the other auto companies had to make

Yes, "supported" means they wanted GM and Chrysler comatose, as they are now.

Thats strange..

The people buying their stock today don't seem to think so


What ever happened to the GOP that used to scream "Buy American" ??

Now they just tell the workers to drop dead

The IPO was only available to the Chinese and handpicked institutional investors. More corporate cronyism.

Let the workers renegotiate their contract with the bankruptcy trusteee in reorganization.

 

[The T]

Government Motors Now 50% Less Governmenty Hot Air

President Obama described this as, “our disciplined commitment to exit this investment while protecting the American taxpayer,” which sounds great on the surface. But even under the most optimistic of circumstances, former head of the U.S. Automotive Task Force Steve Rattner said the government,”may lose $5 billion to $7 billion on its rescue of t he auto industry.”

And what will be required to achieve these modest losses? First of all, the government is contractually barred from selling any more stock for the next six months. And when they do, they’d better hope that G.M’s fortunes have shown an astounding turnaround.

The new shares start trading on Thursday at $33 each. To break even, the Treasury Department will need to sell its remaining 500 million shares at an average price of $53 each in the months and years to come. And while the administration may retain great influence over the company, it may not be able to keep stoking the enthusiasm investors have shown for G.M. stock in recent days.

That may prove to be quite a feat, particularly given the performance of their cousins at Ford, whose stock has struggled to get back to $16 per share without being burdened with the Government Motors moniker. And, of course, all of this fails to take into account the fact that people without jobs don’t tend to rush out and buy new cars.

It’s good to see the government slowly extricating itself from this situation, but the pie in the sky projections being rattled off by the Obama administration this week will likely strike many as a lot more vapor and a lot less Viper.

All of the above ignoring the question of weather jumping in to save the highest paid unskilled workers in the world was even legal in the first place... for Bush (or Obama).

Illegal Lending Practices - Reason Magazine

Not to mention that GM could have been on it's slow journey into two or three smaller companies building good cars that people actually want to buy rather than fixing the giant monster that we will just have to bail out again in a decade or two... or sooner.

What a waste!

And not for nothing but Obama did not create the mess in any way shape or form. (he just poured our future into making sure we have the same mess for a long long time to come)

Shh! Let the lefies dream awhile while they wallow in the scam they've taken the taxpayer for.

 

[Revere]

Government Motors Now 50% Less Governmenty Hot Air

President Obama described this as, “our disciplined commitment to exit this investment while protecting the American taxpayer,” which sounds great on the surface. But even under the most optimistic of circumstances, former head of the U.S. Automotive Task Force Steve Rattner said the government,”may lose $5 billion to $7 billion on its rescue of t he auto industry.”

And what will be required to achieve these modest losses? First of all, the government is contractually barred from selling any more stock for the next six months. And when they do, they’d better hope that G.M’s fortunes have shown an astounding turnaround.

The new shares start trading on Thursday at $33 each. To break even, the Treasury Department will need to sell its remaining 500 million shares at an average price of $53 each in the months and years to come. And while the administration may retain great influence over the company, it may not be able to keep stoking the enthusiasm investors have shown for G.M. stock in recent days.

That may prove to be quite a feat, particularly given the performance of their cousins at Ford, whose stock has struggled to get back to $16 per share without being burdened with the Government Motors moniker. And, of course, all of this fails to take into account the fact that people without jobs don’t tend to rush out and buy new cars.

It’s good to see the government slowly extricating itself from this situation, but the pie in the sky projections being rattled off by the Obama administration this week will likely strike many as a lot more vapor and a lot less Viper.

All of the above ignoring the question of weather jumping in to save the highest paid unskilled workers in the world was even legal in the first place... for Bush (or Obama).

Illegal Lending Practices - Reason Magazine

Not to mention that GM could have been on it's slow journey into two or three smaller companies building good cars that people actually want to buy rather than fixing the giant monster that we will just have to bail out again in a decade or two... or sooner.

What a waste!

And not for nothing but Obama did not create the mess in any way shape or form. (he just poured our future into making sure we have the same mess for a long long time to come)

A resurgent market for trucks saved GM's bacon, not Obama. All Obama gave them is an electric car nobody wants to buy and debt they can never pay back to American taxpayers.

 

[The T]

I wonder if the Autoworkers understand that they have scammed their fellow citizens?

As part of the bailout the autoworkers had to vote for major wage and benefits concessions. They understand that when their jobs were on the line...it was the Republicans who voted against them

Those contracts should have been re-opened in bankruptcy court under reorganization.

The concessions were pissing in an ocean.

Yep. And their pensions should have also been re-negotiated. The taxpayer is now on the hook for those...with an eye by government to commandeer others to shore them up. All payack to the unions.

 

[Flopper]

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

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?

Yes it's a win for Obama but an even bigger win for tax payers. Tax payers will have almost half the bailout money back in less than 2 years. Critics were pretty damn certain that the attempted bailout was doomed to fail, that the administration’s effort to save an estimated million jobs could not work and would only end up costing the taxpayers tens of billions of dollars.

It should certainly not come as a surprise that foreign entities will have a substantial stake in GM. Just as before the bankruptcy, the most profitable part of the business is foreign sales. China just announced a .97% ownership in GM stock. China has a vested interest in GM's success so one might expect that they would acquire some interest in the company.

 

[Ragnar]

Ford supported the bailouts of both GM and Chrysler. Ford was in good financial shape and did not want to make the concessions the other auto companies had to make

Yes, "supported" means they wanted GM and Chrysler comatose, as they are now.

Thats strange..

The people buying their stock today don't seem to think so


What ever happened to the GOP that used to scream "Buy American" ??

Now they just tell the workers to drop dead

We are trying to purge the RINOS, lol. There are still plenty of "Buy American" idiots in both parties.

The Ayn Rand Institute: Buy American is UN-American

Contrary to Marxism, one does not benefit from the poverty or incompetence of others. It is in your interest that other men—in every country—be smart, ambitious, and productive, not stupid, lazy, or incompetent. Would you be better off if Thomas Edison had been dim-witted? Nothing is changed if we substitute a Japanese inventor for Edison.

More and better production is good for all men, everywhere. What's good for Toyota is good for America. That's individualism, and that's Americanism.

Government interference with free trade is un-American. Sacrificing one's standard of living in order to subsidize inefficient domestic producers is un-American. The tribal fear of foreigners is un-American. Resentment at others' success is un-American.

A patriotic American acts as a capitalist and an individualist: he buys the best, wherever it may be found.

 

[rightwinger]

As part of the bailout the autoworkers had to vote for major wage and benefits concessions. They understand that when their jobs were on the line...it was the Republicans who voted against them

Those contracts should have been re-opened in bankruptcy court under reorganization.

The concessions were pissing in an ocean.

Yep. And their pensions should have also been re-negotiated. The taxpayer is now on the hook for those...with an eye by government to commandeer others to shore them up. All payack to the unions.

As the right wing revision of history begins!

A bankruptcy proceeding in Feb 2009 would have led to a destruction of the US Auto Industry. Nobody......Nobody was willing to buy into the US Auto industry. It was offered to Fiat, Toyota, VW...nobody wanted to put up the money

Except the US Govt who saved the US Auto Industry