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Obama took a lot of heat for saving GM. Today, I think a lot of Americans are proud that America is once again home of the world's largest automaker. GM is well on it's way to paying back the government. If the recent trend in GM stock holds, the government may actually make a profit.
Less than two years after emerging from bankruptcy,General Motors Co.has regained the title of the world's largest automaker.
GM's worldwide sales rose 7.6% to 9 million vehicles in 2011. The Detroit manufacturer last held the top spot in 2007 before it was surpassed byToyota Motor Corp.the next year.
Chevrolet, GM's flagship brand, set a record by selling nearly 4.8 million vehicles. That was more than what many entire auto companies posted in sales last year, including Nissan and Honda.
GM has repaid $24.1 billion of the $49.5 billion in federal government aid it received. The repayments include the proceeds from the automaker's public stock offering. The government's holdings in the company's stock are worth about $10 billion based on Thursday's closing share price of $24.82.
GM is again the world's largest automaker - latimes.com
Bush announces $17.4 billion auto bailout
The sales figures are for the whole year, not the month of December. After being in bankruptcy reorganization just a year+ prior, GM sold more cars than any other manufacturer in the world last year. It's a remarkable turn around for one of America's most iconic and important brands....so of course Republicans must dismiss it.All through December these vehicles were half price with bad credit and zero down very real. Please explain how a boost in sales under those conditions make those the best cars.
Yes fire sales usually do well.
GM has not and never will pay back the loans. Anyone who investigates the real facts will quickly realize that they have not paid back one penny. They used borrowed money to "pay back" borrowed money. It's like using a credit card to pay a credit card. The Obama fluffers will continue to trot out these lies as we get closer to the election.
It also occurs to me that 'biggest' is not necessarily 'best'. Personally, I'd prefer we produce the 'best' cars in the world and not worry about the 'biggest' thing... but that is the rational view. I really should try to think less and see if that helps me to understand the drooling hordes in the ObamaNation.
The company that produces the "best" car at the "best" price will sell the most. Being the biggest seller of a product is an indication that you are producing the best version of that product for the value.It also occurs to me that 'biggest' is not necessarily 'best'. Personally, I'd prefer we produce the 'best' cars in the world and not worry about the 'biggest' thing... but that is the rational view. I really should try to think less and see if that helps me to understand the drooling hordes in the ObamaNation.
There's a reason the Iphone is both the best-selling of its kind and considered the best.
That is unbridled horseshit.
And, anyone who buys an I-phone is a twit. It is considered the 'best' only by morons who fall for the marketing hype of Apple (who are a company with a very hinky safety record and.... they outsource to countries with crap human rights records) Supporting Apple is trendy.... unless you actually care about working conditions, human rights, etc. Typical leftist hypocrisy.
Which is weird because the cars they make are pieces of shit. I'm not saying this in any sort political sense, I just think GM makes some of the worst cars out there. They're notorious for break downs at just around 100,000 miles, weird how that happens huh.
Obama took a lot of heat for saving GM. Today, I think a lot of Americans are proud that America is once again home of the world's largest automaker. GM is well on it's way to paying back the government. If the recent trend in GM stock holds, the government may actually make a profit.
Less than two years after emerging from bankruptcy,General Motors Co.has regained the title of the world's largest automaker.
GM's worldwide sales rose 7.6% to 9 million vehicles in 2011. The Detroit manufacturer last held the top spot in 2007 before it was surpassed byToyota Motor Corp.the next year.
Chevrolet, GM's flagship brand, set a record by selling nearly 4.8 million vehicles. That was more than what many entire auto companies posted in sales last year, including Nissan and Honda.
GM has repaid $24.1 billion of the $49.5 billion in federal government aid it received. The repayments include the proceeds from the automaker's public stock offering. The government's holdings in the company's stock are worth about $10 billion based on Thursday's closing share price of $24.82.
GM is again the world's largest automaker - latimes.com
I have at least 48 billion reasons why it was a failure....nice try though!No, they haven't paid back 50% of the government's "investment". They will never pay back the $34 Billion of $48 Billion they received under the TARP program.....Don't you think your are exaggerating just a wee bit. GM was award 521 million dollars in federal contracts as part of the bailout of which 361 million were by competitive bids. This amounts to .38% of their total revenue. GM normally carries 400 to 900 million in federal contracts.
GM has paid off 50% of the government's investment. They still hold 26 billion in ownership equity worth 10 billion at the current market prices. Aside from fact that the bailout probably saved millions of jobs and saved one of the great American corporations, the government may actually make a profit on the investment. I think history will look back on the GM bailout as excellent investment.
Will Ford Benefit From Federal Contracts Given Government Stakes in GM, Chrysler? - CBS News
sorry, but the facts are the facts..... Read the CBO report for yourself. The taxpayers got SCREWED.
http://cbo.gov/ftpdocs/112xx/doc11227/03-17-TARP.pdf
And here are some more facts.......
It was claimed that the bailout was unfair to the other car companies who didn't get government help. What actually happened: Ford, Toyota and Honda all begged the Obama administration to save GM and Chrysler. Failure would have caused the automotive supplier industry in America to collapse, and the other car companies - with America's economy - would have been sucked into the vortex.
Conservatives can argue the rescue of GM and Chrysler was an ideological mistake until the cows come home. Be my guest. But one thing you can't deny. It worked.
GM, Chrysler bailouts a success
So do I. But most of GM's cars are not made by AMERICANS. You need to read something other than the Daily Kooks every day....GM has not and never will pay back the loans. Anyone who investigates the real facts will quickly realize that they have not paid back one penny. They used borrowed money to "pay back" borrowed money. It's like using a credit card to pay a credit card. The Obama fluffers will continue to trot out these lies as we get closer to the election.
It also occurs to me that 'biggest' is not necessarily 'best'. Personally, I'd prefer we produce the 'best' cars in the world and not worry about the 'biggest' thing... but that is the rational view. I really should try to think less and see if that helps me to understand the drooling hordes in the ObamaNation.
Really? I happen to think that American workers are the best in the world and make the best product.
I would never even think of owning a foreign labeled car or truck. My current crop is two Buick LeSabres (2001&2005), 1999 Chevy S-10 Blazer with 160,000 miles, a 2005 GMC Sierra 2500 diesel truck with 145,000 miles and a 2000 Harley Davidson Heritage Springer motorcycle.
Both of my Buicks have around 120,000 miles on them and, as you can see none of my vehicles have less than 100,000 miles except for my Harley. And EVERY vehicle has been relatively trouble free.
So to hell with foreign labeled cars and trucks. It used to be considered anti-American to buy those vehicles.
Another good Obama decision that saved thousands of jobs. Bush bailed out the white collars. Obama saved the blue collars...
Bullshit. Obama payed back his Union buddies at taxpayer expense.
Catch a clue idiot.
So do I. But most of GM's cars are not made by AMERICANS. You need to read something other than the Daily Kooks every day....It also occurs to me that 'biggest' is not necessarily 'best'. Personally, I'd prefer we produce the 'best' cars in the world and not worry about the 'biggest' thing... but that is the rational view. I really should try to think less and see if that helps me to understand the drooling hordes in the ObamaNation.
Really? I happen to think that American workers are the best in the world and make the best product.
I would never even think of owning a foreign labeled car or truck. My current crop is two Buick LeSabres (2001&2005), 1999 Chevy S-10 Blazer with 160,000 miles, a 2005 GMC Sierra 2500 diesel truck with 145,000 miles and a 2000 Harley Davidson Heritage Springer motorcycle.
Both of my Buicks have around 120,000 miles on them and, as you can see none of my vehicles have less than 100,000 miles except for my Harley. And EVERY vehicle has been relatively trouble free.
So to hell with foreign labeled cars and trucks. It used to be considered anti-American to buy those vehicles.
Actually, yours aren't either. The S-10 is assembled in Brazil, The Sierra is assembled in Canada, Venezuala, or Mexico. You got one correct !! The LaSabres are assembled in Hamtramack Michigan!! Woohoo!!So do I. But most of GM's cars are not made by AMERICANS. You need to read something other than the Daily Kooks every day....Really? I happen to think that American workers are the best in the world and make the best product.
I would never even think of owning a foreign labeled car or truck. My current crop is two Buick LeSabres (2001&2005), 1999 Chevy S-10 Blazer with 160,000 miles, a 2005 GMC Sierra 2500 diesel truck with 145,000 miles and a 2000 Harley Davidson Heritage Springer motorcycle.
Both of my Buicks have around 120,000 miles on them and, as you can see none of my vehicles have less than 100,000 miles except for my Harley. And EVERY vehicle has been relatively trouble free.
So to hell with foreign labeled cars and trucks. It used to be considered anti-American to buy those vehicles.
Mine are so fuck off.
You also have to consider where the corporate profits are going.
The government agreed to accept 500 million shares of GM stock in exchange for most of the debt. The remainder of the debt, $6.7 billion was paid off in April 2010.No, they haven't paid back 50% of the government's "investment". They will never pay back the $34 Billion of $48 Billion they received under the TARP program.....Don't you think your are exaggerating just a wee bit. GM was award 521 million dollars in federal contracts as part of the bailout of which 361 million were by competitive bids. This amounts to .38% of their total revenue. GM normally carries 400 to 900 million in federal contracts.well when you give billions to a company to keep them afloat and they dont pay the loan back and you then give them a contract for x amount of cars at an inflated price ....
they better be doing good!!
GM has paid off 50% of the government's investment. They still hold 26 billion in ownership equity worth 10 billion at the current market prices. Aside from fact that the bailout probably saved millions of jobs and saved one of the great American corporations, the government may actually make a profit on the investment. I think history will look back on the GM bailout as excellent investment.
Will Ford Benefit From Federal Contracts Given Government Stakes in GM, Chrysler? - CBS News
sorry, but the facts are the facts..... Read the CBO report for yourself. The taxpayers got SCREWED.
http://cbo.gov/ftpdocs/112xx/doc11227/03-17-TARP.pdf
The government agreed to accept 500 million shares of GM stock in exchange for most of the debt. The remainder of the debt, $6.7 billion was paid off in April 2010.No, they haven't paid back 50% of the government's "investment". They will never pay back the $34 Billion of $48 Billion they received under the TARP program.....Don't you think your are exaggerating just a wee bit. GM was award 521 million dollars in federal contracts as part of the bailout of which 361 million were by competitive bids. This amounts to .38% of their total revenue. GM normally carries 400 to 900 million in federal contracts.
GM has paid off 50% of the government's investment. They still hold 26 billion in ownership equity worth 10 billion at the current market prices. Aside from fact that the bailout probably saved millions of jobs and saved one of the great American corporations, the government may actually make a profit on the investment. I think history will look back on the GM bailout as excellent investment.
Will Ford Benefit From Federal Contracts Given Government Stakes in GM, Chrysler? - CBS News
sorry, but the facts are the facts..... Read the CBO report for yourself. The taxpayers got SCREWED.
http://cbo.gov/ftpdocs/112xx/doc11227/03-17-TARP.pdf
The 34 billion dollar loss assumes that the Treasury's equity holdings in GM are worthless, which is ridiculous. Today GM stock is about $25/sh. Breakeven for the government is $53/sh. If the government liquidated it's 500 million shares, the lost would be about 14 billion. If the market price for GM continues to rise the government may breakeven or even show a profit.
Will Ford Benefit From Federal Contracts Given Government Stakes in GM, Chrysler? - CBS News