Chrysler profits surge 80%

[Seawytch]

And they might have done even better than that had they gone through a normal, structured bankruptcy...without ******* the bondholders in the ass...or the taxpayers.

If they hadn't gotten guarantees from the government, GM would be gone now. There was no money at the time remember? Bush had just crashed the economy.

 

[Stephanie]

gm wouldn't of been gone, they would of went through bankruptcy like a lot of other companies have...the only thing that would of hurt is the UNIONS that supported Obama, that was the reason for the bailout folks..

YOUR MONEY to support the unions

 

[Seawytch]

gm wouldn't of been gone, they would of went through bankruptcy like a lot of other companies have...the only thing that would of hurt is the UNIONS that supported Obama, that was the reason for the bailout folks..

YOUR MONEY to support the unions

A key question for advocates of a conventional bankruptcy is whether private lenders would have come forward to finance any such deal. The view of most analysts is that the private money would not have been there.

The Economist, one of the bastions of free-market thinking, came around to that view. Originally, it favored no government intervention. In April 2010, it offered an apology to President Obama.

"Given the panic that gripped private purse-strings," the magazine wrote in an editorial. "It is more likely that GM would have been liquidated, sending a cascade of destruction through the supply chain on which its rivals, too, depended."

Even Sherk at the Heritage Foundation gives Obama credit for forcing the carmakers to go through bankruptcy and the necessary restructuring that followed. The Economist concludes "by and large Mr Obama has not used his stakes in GM and Chrysler for political ends. On the contrary, his goal has been to restore both firms to health and then get out as quickly as possible."
​

Did President Obama save the auto industry?

 

[Stephanie]

lol, Obama saved the ENTIRE auto industry with his magic wand

 

[Seawytch]

lol, Obama saved the ENTIRE auto industry with his magic wand

If you actually read the link, which would mean that you had to leave your Fox bubble of course, you would know that the article actually gave some of the credit to Bush.

 

[Stephanie]

lol, Obama saved the ENTIRE auto industry with his magic wand

If you actually read the link, which would mean that you had to leave your Fox bubble of course, you would know that the article actually gave some of the credit to Bush.

sorry, my guy works for Ford he will disagree with you on the Obama saved the auto industry.
as for the Fox comment, cute but I don't watch Fox news

 

[francoHFW]

It's all the same Pub propaganda machine- Fox hardly the worst, dupe.

 

[JoeB131]

I'll be glad to see our tax money repayed.

I'm sure those who had money, 401K's, retirement and other things invested in GM gotta be really glad they got hosed to make GM the success it is.

Of course the UAW is a real winner. Hell. We taxpayers got to bail out their mismanaged legacy pension funds.

I can't tell you how happy I am to be of service to the UAW.

A simple bankrupcy wouldn't have done that I'm sure. Thanks load Barry.

Frankly, if I'm driving down the highway at 65 MPH in a bit of metal powered by a flamable liquid, which guy do I want to be happy with his deal.

a] Someone who had GM as part of his 401K?

b] Someone who invested in GM hoping for a payout?

c] A CEO making 8 figures.

d] The guys who actually put the machine together for a decent salary?

The answer for non-conservatards is "D". You want the guy who actually ASSEMBLED the car to be happy and satisfied. I mean, yeah, you can bust his union, get rid of his pension and medical, and reduce his pay, but I'm not sure I'd be as keen to drive down the highway in something he put together after that point.

 

[Claudette]

Oh so only a union member can put a car together??

Kinda thought Honda and the other Japanese carmakers, sans unions, do a pretty damned good job of making pretty damned good cars.

As for what the CEO makes?? I could care. Thats between his board of directors and him.

I'd say all auto makers make a way decent salary.

I'm sure all those folks who got hosed will appreciate your well wishs.

GM and Chrysler got bailouts to prop up their legacy unions. They still went through bankrupcy despite that influx of tax dollars. They should have just gone through bankrupcy, oh wait if they had done that they wouldn't have had the money to repair those costly Union pensions. Never mind. I'm sure all those folks that got hosed don't mind losing their 401 and retirement money and can take that loss.

 

[JoeB131]

Oh so only a union member can put a car together??

Kinda thought Honda and the other Japanese carmakers, sans unions, do a pretty damned good job of making pretty damned good cars.

As for what the CEO makes?? I could care. Thats between his board of directors and him.

I'd say all auto makers make a way decent salary.

I'm sure all those folks who got hosed will appreciate your well wishs.

GM and Chrysler got bailouts to prop up their legacy unions. They still went through bankrupcy despite that influx of tax dollars. They should have just gone through bankrupcy, oh wait if they had done that they wouldn't have had the money to repair those costly Union pensions. Never mind. I'm sure all those folks that got hosed don't mind losing their 401 and retirement money can take that loss.

German and Japanese cars makers are heavily unionized in their home countries were most of the cars are built and designed. Unions in Japan actually have a say in who gets to be the CEO's of the car companies.

I would LOVE to have unions like the Japanese have.

True, their few US plants are non-union, mostly employing guys who retired from Detroit, but they get comparable wages and benefits to keep the UAW out.

Point is, our first concern should be about the guys who actually build the cars, not the investors or the executives. This is where our whole economy is upside down.

 

[Seawytch]

Oh so only a union member can put a car together??

Kinda thought Honda and the other Japanese carmakers, sans unions, do a pretty damned good job of making pretty damned good cars.

As for what the CEO makes?? I could care. Thats between his board of directors and him.

I'd say all auto makers make a way decent salary.

I'm sure all those folks who got hosed will appreciate your well wishs.

GM and Chrysler got bailouts to prop up their legacy unions. They still went through bankrupcy despite that influx of tax dollars. They should have just gone through bankrupcy, oh wait if they had done that they wouldn't have had the money to repair those costly Union pensions. Never mind. I'm sure all those folks that got hosed don't mind losing their 401 and retirement money can take that loss.

German and Japanese cars makers are heavily unionized in their home countries were most of the cars are built and designed. Unions in Japan actually have a say in who gets to be the CEO's of the car companies.

I would LOVE to have unions like the Japanese have.

True, their few US plants are non-union, mostly employing guys who retired from Detroit, but they get comparable wages and benefits to keep the UAW out.

Point is, our first concern should be about the guys who actually build the cars, not the investors or the executives. This is where our whole economy is upside down.

Germany and Japan have also helped their companies out considerably by providing health care to all their citizens.

 

[Si modo]

Thanks, President Obama....

NEW YORK (CNNMoney) -- The comeback continues at Chrysler.

The automaker reported third-quarter profits Monday that rose 80% versus a year ago, buoyed by strong sales in U.S.

Chrysler profits surge 80% - Oct. 29, 2012

Obama helped the Italians. Yippee.

 

[eflatminor]

And they might have done even better than that had they gone through a normal, structured bankruptcy...without ******* the bondholders in the ass...or the taxpayers.

If they hadn't gotten guarantees from the government, GM would be gone now. There was no money at the time remember? Bush had just crashed the economy.

Bullshit. You cannot state that with certainty. Many large companies have gone through bankruptcy without the government giving control of the company to the union and come out stronger.

And even if Chysler had been liquidated, their competitors had earned the right to take that market share by NOT requiring taxpayer money. They took it in the ass too.

 

[Katzndogz]

Sales will surge when the government buys up the cars.

 

[Oddball]

The auto bailout and the stimulus worked.

When is the treasury getting the $40 billion back from GM, Monica?

Here ya go................from Forbes magazine..................

It’s been three years since General Motors and Chrysler filed for bankruptcy, but with the political season in full swing, the two presidential candidates have put the auto industry bailouts back in the public eye, at least through the November election. Yet there’s only one Detroit automaker still in hock to U.S. taxpayers and – guess what? – it’s not GM or Chrysler.

Ford Motor owes the government $5.9 billion it borrowed in June 2009, the same month GM filed for bankruptcy. By Sept. 15, Ford needs to start paying that money back. In a government filing, the carmaker said $577 million is due within the next year, and the full amount must be paid off by June 15, 2022.

Automakers' Report Card: Who Still Owes Taxpayers Money? The Answer Might Surprise You - Forbes

GM is paid back, Ford is the only one that still owes money.

Wrong, yet again....Seems you told a little whopper via omission...From the same story:

GM: repaid $23.1 billion of the $49.5 billion it got from the U.S. Treasury (translation: they still owe $26.5 Bil), including all of its outstanding loans. But Treasury still owns 500 million shares, or 32%, of GM stock. To recoup its full investment, GM stock needs to hit $52.80 per share. It’s currently trading around $21. GM also received a $106 million matching grant to build a battery factory in Brownstown, MI, where it is assembling battery packs for the Chevrolet Volt plug-in car using cells imported from Korea.

So, after doing the math, the treasury is holding the bag for an additional $15.9 Bil in GM stock.

$26.5B + $15.5B = $42B

When can the American taxpayer expect this debt to be repaid, fluffer boi?

 

[Oddball]

And they might have done even better than that had they gone through a normal, structured bankruptcy...without ******* the bondholders in the ass...or the taxpayers.

If they hadn't gotten guarantees from the government, GM would be gone now. There was no money at the time remember? Bush had just crashed the economy.

Total lie.

Lockheed went bankrupt, emerged from it.

Almost all the major airlines have gone through bankruptcy proceedings and still exist.

Roger Penske had the money to buy up Saturn, and backed out of the deal after meeting with Oobiedoobie's Czars and regulators....Can't go around letting a private businessman save a non-union shop, can we?

If anyone killed any car company, it's your Boiking.

 

[eflatminor]

Lockheed went bankrupt, emerged from it.

Almost all the major airlines have gone through bankruptcy proceedings and still exist.

Indeed. PG&E also went through normal bankruptcy and emerged strong...and they were bigger than Chrysler!

 

[Wry Catcher]

See: Chrysler Profit Rises 80 Percent - Yahoo! Finance

In foreign policy; sanctons are working against Iraq; in domestic matters, the auto industry in on the mend.

 

[SniperFire]

Shipping jobs overseas pays!

Thanks, Obama!

 

[eflatminor]

...the auto industry in on the mend.

For christsake it ought to be! Any business bailed out by taxpayers and without having to pay their bondholders damn well out to be "on the mend". If a business can't recover with that kind of MASSIVE CRONYISM, they should never have been in business in the first place.

Doesn't change the fact that Chrysler should have gone through the normal bankruptcy process.