More economic Good News.........GM sales up 17%

[rightwinger]

Looking good for GM....they are going to start selling stock again.

The American People made a wise investment

UAW head: GM to file paperwork in August for IPO - USATODAY.com

GM received about $50 billion last year from the U.S. government to stay in business and make it through bankruptcy court. The company repaid $6.7 billion, and the balance was converted to a 61% government stake in the automaker.

The government hopes to get the rest of the money back when GM sells its shares.

Obama on Thursday said the government will recover all taxpayer money his administration used to bail out the auto industry.

The White House said the president referred only to the $60 billion his administration spent rescuing the auto industry, not the $25 billion spent under the Bush administration. The most recent government estimate found that taxpayers will lose $24.3 billion on the auto bailout.

The Obama and Bush administrations poured $85 billion into General Motors, Chrysler, auto lenders and suppliers to avoid an industrywide meltdown in 2008 and 2009.

 

[The Rabbi]

Looking good for GM....they are going to start selling stock again.

The American People made a wise investment

UAW head: GM to file paperwork in August for IPO - USATODAY.com

GM received about $50 billion last year from the U.S. government to stay in business and make it through bankruptcy court. The company repaid $6.7 billion, and the balance was converted to a 61% government stake in the automaker.

The government hopes to get the rest of the money back when GM sells its shares.

Obama on Thursday said the government will recover all taxpayer money his administration used to bail out the auto industry.

The White House said the president referred only to the $60 billion his administration spent rescuing the auto industry, not the $25 billion spent under the Bush administration. The most recent government estimate found that taxpayers will lose $24.3 billion on the auto bailout.

The Obama and Bush administrations poured $85 billion into General Motors, Chrysler, auto lenders and suppliers to avoid an industrywide meltdown in 2008 and 2009.

Can we take this as your public thanks to Pres George W Bush for extending TARP to the auto companies by executive order over the objections in Congress?
Do you miss him yet?

 

[rightwinger]

Looking good for GM....they are going to start selling stock again.

The American People made a wise investment

UAW head: GM to file paperwork in August for IPO - USATODAY.com

GM received about $50 billion last year from the U.S. government to stay in business and make it through bankruptcy court. The company repaid $6.7 billion, and the balance was converted to a 61% government stake in the automaker.

The government hopes to get the rest of the money back when GM sells its shares.

Obama on Thursday said the government will recover all taxpayer money his administration used to bail out the auto industry.

The White House said the president referred only to the $60 billion his administration spent rescuing the auto industry, not the $25 billion spent under the Bush administration. The most recent government estimate found that taxpayers will lose $24.3 billion on the auto bailout.

The Obama and Bush administrations poured $85 billion into General Motors, Chrysler, auto lenders and suppliers to avoid an industrywide meltdown in 2008 and 2009.

Can we take this as your public thanks to Pres George W Bush for extending TARP to the auto companies by executive order over the objections in Congress?
Do you miss him yet?

I am perfectly willing to congratulate Presidents Bush and Obama for standing up for the American Auto Industry

Many people on one side of the political spectrum opposed bailing them out. You might even say they said "Fuck-you" to the American Auto Industry

 

[The Rabbi]

Looking good for GM....they are going to start selling stock again.

The American People made a wise investment

UAW head: GM to file paperwork in August for IPO - USATODAY.com

GM received about $50 billion last year from the U.S. government to stay in business and make it through bankruptcy court. The company repaid $6.7 billion, and the balance was converted to a 61% government stake in the automaker.

The government hopes to get the rest of the money back when GM sells its shares.

Obama on Thursday said the government will recover all taxpayer money his administration used to bail out the auto industry.

The White House said the president referred only to the $60 billion his administration spent rescuing the auto industry, not the $25 billion spent under the Bush administration. The most recent government estimate found that taxpayers will lose $24.3 billion on the auto bailout.

The Obama and Bush administrations poured $85 billion into General Motors, Chrysler, auto lenders and suppliers to avoid an industrywide meltdown in 2008 and 2009.

Can we take this as your public thanks to Pres George W Bush for extending TARP to the auto companies by executive order over the objections in Congress?
Do you miss him yet?

I am perfectly willing to congratulate Presidents Bush and Obama for standing up for the American Auto Industry

Many people on one side of the political spectrum opposed bailing them out. You might even say they said "Fuck-you" to the American Auto Industry

Actually they said Fuck You to big government bail outs that shred judicial procedure and result in taxpayer funded government take overs of companies and industries. And I agree with them because otherwise they are saying Fuck You to the American people. That must be the Democrats I am speaking about, the Party of Fuck You.

 

[editec]

Are things really looking up for GM?

Happy to hear it.

After all, as an American citizen, I am one of its stockholders.

 

[Overdone]

You got to be kidding, Seriously things are not getting better at all. I just saw yesterday Ford closing a plant in Canada. You are correct this does help the bottom line, but if things are going so well why are they closing plants, and not opening them. They are all being artificially propped up and its pathetic. Let try to actually wake up and see what is happening here. This country is in serious trouble and that not doom and gloom that is reality
Google dailyjobcuts.com

 

[rightwinger]

You got to be kidding, Seriously things are not getting better at all. I just saw yesterday Ford closing a plant in Canada. You are correct this does help the bottom line, but if things are going so well why are they closing plants, and not opening them. They are all being artificially propped up and its pathetic. Let try to actually wake up and see what is happening here. This country is in serious trouble and that not doom and gloom that is reality
Google dailyjobcuts.com

The US Auto industry needs to downsize and get more efficient. Keeping open plants you don't need will not save the auto industry. Too many brands putting out the exact same product. They were just competing with themselves

Need to move to new technologies. Alternate fuels, lighter weight materials, better safety are all areas we could lead the world in.

Rehashing 60s muscle cars is not the wave of the future

 

[The Rabbi]

You got to be kidding, Seriously things are not getting better at all. I just saw yesterday Ford closing a plant in Canada. You are correct this does help the bottom line, but if things are going so well why are they closing plants, and not opening them. They are all being artificially propped up and its pathetic. Let try to actually wake up and see what is happening here. This country is in serious trouble and that not doom and gloom that is reality
Google dailyjobcuts.com

The US Auto industry needs to downsize and get more efficient. Keeping open plants you don't need will not save the auto industry. Too many brands putting out the exact same product. They were just competing with themselves

Need to move to new technologies. Alternate fuels, lighter weight materials, better safety are all areas we could lead the world in.

Rehashing 60s muscle cars is not the wave of the future

Except people don't want those things.

Have you found my post where I predicted GM would be back asking for money in 3 months? Or was that just a lie?

 

[rightwinger]

You got to be kidding, Seriously things are not getting better at all. I just saw yesterday Ford closing a plant in Canada. You are correct this does help the bottom line, but if things are going so well why are they closing plants, and not opening them. They are all being artificially propped up and its pathetic. Let try to actually wake up and see what is happening here. This country is in serious trouble and that not doom and gloom that is reality
Google dailyjobcuts.com

The US Auto industry needs to downsize and get more efficient. Keeping open plants you don't need will not save the auto industry. Too many brands putting out the exact same product. They were just competing with themselves

Need to move to new technologies. Alternate fuels, lighter weight materials, better safety are all areas we could lead the world in.

Rehashing 60s muscle cars is not the wave of the future

Except people don't want those things.

Have you found my post where I predicted GM would be back asking for money in 3 months? Or was that just a lie?

No...you are not worth the effort to review all your posts

Maybe you can enlighten us on how you supported the Auto Company bailouts?

 

[The Rabbi]

The US Auto industry needs to downsize and get more efficient. Keeping open plants you don't need will not save the auto industry. Too many brands putting out the exact same product. They were just competing with themselves

Need to move to new technologies. Alternate fuels, lighter weight materials, better safety are all areas we could lead the world in.

Rehashing 60s muscle cars is not the wave of the future

Except people don't want those things.

Have you found my post where I predicted GM would be back asking for money in 3 months? Or was that just a lie?

No...you are not worth the effort to review all your posts

Maybe you can enlighten us on how you supported the Auto Company bailouts?

Easy.
I opposed them. I thought Congress was right not to vote to approve the expansion. I thought it set us on a wrong track, which was proven true. I thought that speaking about "The US auto industry" to mean GM and Chrysler was wrong, misleading and disingenuous when BMW, Nissan, and Mercedes all have plants here and all employ people and none of whom have their hands out.
But you made the claim that I said that GM would be back in 3 months. Either substantiate your claim or admit you fabricated it.

 

[rightwinger]

Except people don't want those things.

Have you found my post where I predicted GM would be back asking for money in 3 months? Or was that just a lie?

No...you are not worth the effort to review all your posts

Maybe you can enlighten us on how you supported the Auto Company bailouts?

Easy.
I opposed them. I thought Congress was right not to vote to approve the expansion. I thought it set us on a wrong track, which was proven true. I thought that speaking about "The US auto industry" to mean GM and Chrysler was wrong, misleading and disingenuous when BMW, Nissan, and Mercedes all have plants here and all employ people and none of whom have their hands out.
But you made the claim that I said that GM would be back in 3 months. Either substantiate your claim or admit you fabricated it.

I have already apologized for besmirching your good name on the other thread

 

[KissMy]

The car companies are better off thanks to Bush dropping gas prices.

What drove oil prices up to $145.29? Here is a clue. This coincided with the "Peak Oil" media blitz. Similar to the Enron Power Scam. Oil traders leased most of the oil tankers tying them up to restrict the transportation of oil to markets. They stored their oil in these tankers & parked them offshore so they would not count in inventory creating the illusion of an oil shortage. This is called "Floating Storage"

Oil Stored at Sea Washes Out Rallies
More oil is being produced than recession-stricken economies need, and prices have fallen as the extra crude fills storage terminals world-wide. Crude-futures prices are down 72% from the record hit in July... The oil sitting at sea adds an extra layer of uncertainty about the supply overhang, which traders said must be whittled down for oil prices to rebound. Tankers carrying up to two million barrels each aren't counted in official statistics. Ship trackers estimate that as many as 80 million barrels may be on the water, or more than twice the amount kept in the largest commercial storage center in the U.S., in Cushing, Okla.

What Event Happened on the very day oil stopped climbing past $145.29 & began its decline all the way down to $33.87? That is a $112 drop in oil prices!

[ame="http://www.youtube.com/watch?v=FusqAtX0OJ8"]Oil Drops $112 because of this![/ame]

Amazing I Tell You, Utterly Amazing! If you think I am lying about the cause of the $112 drop, Check the date against the oil price charts. Now you see "Drill Baby Drill" worked. Don't you just hate it when Sarah Palin is smarter than you. This stuck all those Enron type traders with ship loads of oil that they lost their ass on. Now what event happened on the very day Oil Prices started to climb again from the $33 dollar low. Hint (New Administration took office). Check The Charts! Now every time Obama threatens to stop drilling, these Enron type "Floating Storage" scum bags make their money back. How Fucking Stupid is this Obama Idiot?

Hot off the press: Bloomberg - Oil Imports Surge as Traders Unwind Floating Storage Bets: Energy Markets

Oil imports into the Gulf of Mexico region surged to a record last week as the profits from floating storage evaporated, pushing traders to unload their cargoes and forcing crude futures lower.

The price advantage for traders who buy oil and store it at sea for a month instead of delivering it immediately has shrunk 90 percent since May. Floating storage in the Gulf dropped 24 percent in the week ended July 23, Bloomberg data show.

“What was going on last week was dumping the crude,” said Tim Evans, an energy analyst at Citi Futures Perspective in New York. “The spread is putting pressure on those holding inventories on tankers to move it ashore.”

Stockpiles unexpectedly rose 7.31 million barrels, or 2.1 percent, to 360.8 million in the week ended July 23, confounding analysts who predicted inventories would fall 1.73 million barrels, or 0.5 percent, to their lowest level in four months. A surge in imports to Gulf states contributed to the glut, Energy Department figures showed July 28.

 

[jeffrockit]

You got to be kidding, Seriously things are not getting better at all. I just saw yesterday Ford closing a plant in Canada. You are correct this does help the bottom line, but if things are going so well why are they closing plants, and not opening them. They are all being artificially propped up and its pathetic. Let try to actually wake up and see what is happening here. This country is in serious trouble and that not doom and gloom that is reality
Google dailyjobcuts.com

The US Auto industry needs to downsize and get more efficient. Keeping open plants you don't need will not save the auto industry. Too many brands putting out the exact same product. They were just competing with themselves

Need to move to new technologies. Alternate fuels, lighter weight materials, better safety are all areas we could lead the world in.

Rehashing 60s muscle cars is not the wave of the future

One of the bigger things GM did was to stand up to the unions and reign them in:
A new collective bargaining agreement between GM and the United Autoworkers Union (UAW) has allowed GM to remain competitive against non-union companies like Toyota, Nissan, and Honda.

The old agreement mandated that GM pay new workers a hefty $28 per hour, twice what the non-union companies paid. Now, GM pay is competitive at $14 per hour for new hires.

“Hanging focuses the mind,” the GM official said of the new UAW contract, describing how the historically recalcitrant union realized its previous demands were unsustainable after GM’s 2009 bankruptcy. “They got religion,” he said.
CNSNews.com - Free Enterprise -- Not Government Oversight -- Key to GM Turnaround, Say Company Officials

The other major thing GM did was tell the Govt they would not be making any business decisions:
GM officials said the government has had almost nothing at all to do with the company’s rapid return to profitability. According to one GM official, who spoke to CNSNews.com on background, the government has been a “silent investor,” and GM’s senior leadership does not seek “approval or permission” from the government before making business decisions.

The man responsible for the GM turnaround is new CEO Ed Whitacre. In fact, Whitacre only took the job – after declining it several times – on the condition that the government stay completely away from GM’s business decisions. If the government tried to give Whitacre and his team orders, Whitacre promised to quit on the spot, the official told CNSNews.com.
CNSNews.com - Free Enterprise -- Not Government Oversight -- Key to GM Turnaround, Say Company Officials

 

[rightwinger]

You got to be kidding, Seriously things are not getting better at all. I just saw yesterday Ford closing a plant in Canada. You are correct this does help the bottom line, but if things are going so well why are they closing plants, and not opening them. They are all being artificially propped up and its pathetic. Let try to actually wake up and see what is happening here. This country is in serious trouble and that not doom and gloom that is reality
Google dailyjobcuts.com

The US Auto industry needs to downsize and get more efficient. Keeping open plants you don't need will not save the auto industry. Too many brands putting out the exact same product. They were just competing with themselves

Need to move to new technologies. Alternate fuels, lighter weight materials, better safety are all areas we could lead the world in.

Rehashing 60s muscle cars is not the wave of the future

One of the bigger things GM did was to stand up to the unions and reign them in:
A new collective bargaining agreement between GM and the United Autoworkers Union (UAW) has allowed GM to remain competitive against non-union companies like Toyota, Nissan, and Honda.

The old agreement mandated that GM pay new workers a hefty $28 per hour, twice what the non-union companies paid. Now, GM pay is competitive at $14 per hour for new hires.

“Hanging focuses the mind,” the GM official said of the new UAW contract, describing how the historically recalcitrant union realized its previous demands were unsustainable after GM’s 2009 bankruptcy. “They got religion,” he said.
CNSNews.com - Free Enterprise -- Not Government Oversight -- Key to GM Turnaround, Say Company Officials

The other major thing GM did was tell the Govt they would not be making any business decisions:
GM officials said the government has had almost nothing at all to do with the company’s rapid return to profitability. According to one GM official, who spoke to CNSNews.com on background, the government has been a “silent investor,” and GM’s senior leadership does not seek “approval or permission” from the government before making business decisions.

The man responsible for the GM turnaround is new CEO Ed Whitacre. In fact, Whitacre only took the job – after declining it several times – on the condition that the government stay completely away from GM’s business decisions. If the government tried to give Whitacre and his team orders, Whitacre promised to quit on the spot, the official told CNSNews.com.
CNSNews.com - Free Enterprise -- Not Government Oversight -- Key to GM Turnaround, Say Company Officials

No matter how it was done, it is good news for GM to be back on solid footing

 

[Neubarth]

No matter how it was done, it is good news for GM to be back on solid footing

Did you see that ridiculous hybrid they came out with?

Damn Republican screw up everything they touch. They should all be removed from management at GM.

 

[Zander]

No matter how it was done, it is good news for GM to be back on solid footing

GM is not on solid footing. Please, do yourself a favor and stop smoking the fairy dust and get real. GM owes the US taxpayers over $50 Billion. Their stock is worthless. They produce sub-quality automobiles. And now they are essentially buying their own cars

. http://www.nytimes.com/2010/07/23/business/economy/23views.html ., the chief executive of General Motors, is walking a fine line with his just-announced $3.5 billion acquisition of the auto lender AmeriCredit. His desire to jump back into captive financing raised concerns that Mr. Whitacre was returning to the empire-building that characterized his days running AT&T. Such methods could overburden G.M.’s balance sheet and distract the company from its manufacturing business as it seeks to go public again.

This brings back memories of the mortgage industry which had their subprime lenders, and we all know how that worked out!! Bankruptcy statistics have shown that one of the main reasons for consumer bankruptcy’s has been a vehicle payment the consumer should never have been given in the first place. GM says that it cannot sell cars because "their customers can't get loans or leases". SO to increase sales they purchased AmeriCredit and can now "make loans and leases available to consumers to purchase GM products" - even when the people can't pay for them......that's smart, Obama Smart!!

 

[rightwinger]

No matter how it was done, it is good news for GM to be back on solid footing

GM is not on solid footing. Please, do yourself a favor and stop smoking the fairy dust and get real. GM owes the US taxpayers over $50 Billion. Their stock is worthless. They produce sub-quality automobiles. And now they are essentially buying their own cars

. http://www.nytimes.com/2010/07/23/business/economy/23views.html ., the chief executive of General Motors, is walking a fine line with his just-announced $3.5 billion acquisition of the auto lender AmeriCredit. His desire to jump back into captive financing raised concerns that Mr. Whitacre was returning to the empire-building that characterized his days running AT&T. Such methods could overburden G.M.’s balance sheet and distract the company from its manufacturing business as it seeks to go public again.

This brings back memories of the mortgage industry which had their subprime lenders, and we all know how that worked out!! Bankruptcy statistics have shown that one of the main reasons for consumer bankruptcy’s has been a vehicle payment the consumer should never have been given in the first place. GM says that it cannot sell cars because "their customers can't get loans or leases". SO to increase sales they purchased AmeriCredit and can now "make loans and leases available to consumers to purchase GM products" - even when the people can't pay for them......that's smart, Obama Smart!!

We shall see how worthless their stock is when it comes back on the market. Our 60% stock will show the taxpayers a profit

 

[Zander]

No matter how it was done, it is good news for GM to be back on solid footing

GM is not on solid footing. Please, do yourself a favor and stop smoking the fairy dust and get real. GM owes the US taxpayers over $50 Billion. Their stock is worthless. They produce sub-quality automobiles. And now they are essentially buying their own cars

. http://www.nytimes.com/2010/07/23/business/economy/23views.html ., the chief executive of General Motors, is walking a fine line with his just-announced $3.5 billion acquisition of the auto lender AmeriCredit. His desire to jump back into captive financing raised concerns that Mr. Whitacre was returning to the empire-building that characterized his days running AT&T. Such methods could overburden G.M.’s balance sheet and distract the company from its manufacturing business as it seeks to go public again.

This brings back memories of the mortgage industry which had their subprime lenders, and we all know how that worked out!! Bankruptcy statistics have shown that one of the main reasons for consumer bankruptcy’s has been a vehicle payment the consumer should never have been given in the first place. GM says that it cannot sell cars because "their customers can't get loans or leases". SO to increase sales they purchased AmeriCredit and can now "make loans and leases available to consumers to purchase GM products" - even when the people can't pay for them......that's smart, Obama Smart!!

We shall see how worthless their stock is when it comes back on the market. Our 60% stock will show the taxpayers a profit

I think you are going to be waiting a very long time to collect on that bet.....GM was supposed to have their "IPO" ready for July of 2010......that deadline is come and gone. When is the next deadline they are going to miss?

The only good news about a GM IPO is that stock traders will have another auto company that they can sell short.

GM is pushing the gas pedal on a car that has already run off the cliff - the engine revs, but the trajectory is D O W N

 

[eagleseven]

You would think that, after the Enron scandal, Americans would no longer fall for accounting gimmicks like this...

...but it seems that almost everyone in America, from the President to the Welfare Recipient, is financially illiterate.

 

[The Rabbi]

GM's problem wasn't selling cars. They could and did sell cars. Their problem was doing it profitably because they were and are burdened by legacy costs of union contracts. The bankruptcy did nothing to cancel those contracts--a violation of basic bankruptcy law. They look better financially (and, Rightwinger, sales aren't profits) mainly because they screwed their creditors and preferred share holders so aren't paying that out anymore.
It will only be a matter of time before their basic unprofitable cost structure lands back in the same situation.