- Jun 4, 2011
- 33,567
- 7,077
- 1,130
GM Ramps Up Risky Subprime Auto Loans To Drive Sales; Taxpayers Still Own 26.5% - Investors.com
SUBPRIME loans......didnt we already go through this
SUBPRIME loans......didnt we already go through this
Follow along with the video below to see how to install our site as a web app on your home screen.
Note: This feature currently requires accessing the site using the built-in Safari browser.
.
Gotta wonder what all those fucked-over former bondholders think of stuff like this.
.
It wasnt a government takeover; it was a bankruptcy reorganization. The General Motors (GM) Chapter 11 case was filed at the height of the economic recession; and there were no banks or other commercial lenders that could provide the DIP (Debtor in Possession) financing necessary to continue business operations during the reorganization proceedings; and without the government assistance (and that of Canada as well) GM would have been DOA (dead on arrival) on the first day, forcing the liquidation of the company, and loss of thousands of jobs as happened in the Circuit City bankruptcy that cost over 35,000 jobs. The liquidation of GM would in turn precipitate the failure of hundreds of related industry manufacturers and suppliers resulting in a flood of business bankruptcy cases across the country, and loss of millions of jobs. And, as it turned out, the reorganization was a success; witness the profitability of the company today.
It wasnt a government takeover; it was a bankruptcy reorganization. The General Motors (GM) Chapter 11 case was filed at the height of the economic recession; and there were no banks or other commercial lenders that could provide the DIP (Debtor in Possession) financing necessary to continue business operations during the reorganization proceedings; and without the government assistance (and that of Canada as well) GM would have been DOA (dead on arrival) on the first day, forcing the liquidation of the company, and loss of thousands of jobs as happened in the Circuit City bankruptcy that cost over 35,000 jobs. The liquidation of GM would in turn precipitate the failure of hundreds of related industry manufacturers and suppliers resulting in a flood of business bankruptcy cases across the country, and loss of millions of jobs. And, as it turned out, the reorganization was a success; witness the profitability of the company today.
If I gave you 50 billion of taxpayer funding, even you could make GM work. For a while.
GM is alive. Bin Laden is dead.
Our 'Conservatives' are unhappy with both outcomes.
You are certainly the Libtard exception, then:
Liberal Democrats Most Likely to Drive Imports
Liberal Democrats Most Likely to Drive Imports | Be John Galt
Mitt Romney recently made a speech criticizing President Obama for the government bailout of General Motors. He would have preferred to see GM fail; which would have precipitated the failure of hundreds of industry related manufacturing and supply businesses, and the loss of millions of jobs. That's what Mitt Romney would do. Does that make good economic sense? Does it make any sense at all?
It is within living memory that it was said: "What is good for General Motors is good for America." President Obama was right to intervene in the GM bankruptcy reorganization; he did it for the good of the country; he did it to save American jobs. It says a lot about his leadership priorities. Mitt Romney says that he "likes being able to fire people. . . ." What does that say about him? Surely, it does not speak well.