GM is doing AWESOME

[buckeye45_73]

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

 

[WillowTree]

shouldn't they wait til after NOV?

 

[Mac1958]

.

Gotta wonder what all those fucked-over former bondholders think of stuff like this.

.

 

[tinydancer]

.

Gotta wonder what all those fucked-over former bondholders think of stuff like this.

.

They're buying Fords. Man I'd be pissed. We have an awesome stick on the ice financial chick up here Diane Francis who was trying desperately to explain the insanity of the Obama takeovers of these car companies.

And that people to this day don't realize he pulled a Chavez. That's sad. That's pitiful that not only people don't understand what happened or grasp a fathom of what happened but then they turn around and applaud it.

 

[Jackson]

We'll never see the money back from the Great Mistake.

 

[Nemo]

It wasn’t 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.

 

[PredFan]

Doesn't GM still owe us taxpayers 47 billion?

 

[SniperFire]

It wasn’t 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.

 

[Truthseeker420]

 

[Papageorgio]

It wasn’t 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.

Jumping into sub prime loans isn't a way to make this work, after our last lesson, I would think everyone would be outraged.

 

[SniperFire]

You are certainly the Libtard exception, then:

Liberal Democrats Most Likely to Drive Imports

Liberal Democrats Most Likely to Drive Imports | Be John Galt

 

[Nemo]

The secured loan has been paid; and what remains is the stock redemption. You should also know that billions of dollars in government insured loans to business are wiped out in bankruptcy every year. Government funding is nothing new; the Bush administration provided 17.3 billion in emergency loans to GM and Chrysler to assist in restructuring efforts, which were unsuccessful. In the GM case, the government was granted a priority lien for administrative expense (which security the government would not have but for the bankruptcy filing); and a major equity share in the reorganized debtor. The bankruptcy laws function to balance the interests of debtors, creditors, equity holders, unions, governmental units and other parties in interest. That’s how bankruptcy works; and it works well.

 

[SniperFire]

Ignorant.

Obama violated American bankruptcy laws by willfully denying secured bond holders first payment, in favor of unsecured political supporters.

 

[Old Rocks]

GM is alive. Bin Laden is dead.

Our 'Conservatives' are unhappy with both outcomes.

 

[Nemo]

President Obama did not violate the bankruptcy laws. In almost every bankruptcy reorganization, the rights of equity holders are either subordinated or extinguished. Under the law, equitable interests to not have priority in distribution.

 

[rightwinger]

GM is alive. Bin Laden is dead.

Our 'Conservatives' are unhappy with both outcomes.

Conservatives circled their wagons and prepared for the inevitable day when ObamaMotors collapsed.

When GM and Chrysler succeeded beyond anyones expectations, all they had left was redefining failure

 

[PredFan]

The only entities that got paid in this shameful debacle were obama's union buddies. Everyone else, including the US taxpayer, got screwed.

 

[Nemo]

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.

 

[Truthseeker420]

You are certainly the Libtard exception, then:

Liberal Democrats Most Likely to Drive Imports

Liberal Democrats Most Likely to Drive Imports | Be John Galt

so who should I thank for buying American?

 

[rightwinger]

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.

Romneys "Let them fail" stance will cost him Michigan and Ohio.

What I would have loved to see is the campaign rhetoric from republicans if GM and Chrysler had been allowed to collapse