US swallowed $9.7 billion loss on General Motors bailout

[NYcarbineer]

The right hates jobs.

I have an idea.

I love my job but winter will probably slow down as it always does so why don't YOU send ME some of YOUR money so I can ensure the survival of my company.

You love jobs too right? If so you should feel compelled to send me your money

Didn't you once say that much of your work comes from customers who are seniors who are very much dependent on the government for much of their income?

 

[NYcarbineer]

ford

Ford's CEO endorsed the bailout.

Of course....look at their sales because of it.

So, if Ford indirectly benefited, that benefit translates into more taxable income being generated throughout the Ford network of auto production and sales,

and all that additional tax revenue attributable to Ford's benefit from the bailout also has to be subtracted from the government's 9 billiion dollar loss.

 

[OODA_Loop]

Ford's CEO endorsed the bailout.

Of course....look at their sales because of it.

So, if Ford indirectly benefited, that benefit translates into more taxable income being generated throughout the Ford network of auto production and sales,

and all that additional tax revenue attributable to Ford's benefit from the bailout also has to be subtracted from the government's 9 billiion dollar loss.

FORD indirectly benefited because so many Americans bought a car/truck from a company who ran a business and did it without suckling the teat of .gov

 

[NYcarbineer]

Stockholders in GM lost practically everything. Bond holders lost most of their investment. The CEO and Chairman of the board lost their job in the following year. Top management went through a reorganization. I wouldn't consider that a reward.

Sure they did. Anyone who had 401K's and retirement money in GM got hosed.

That didn't bother Barry one bit. Anything to save those Union pension funds.

The taxpayers will continue to be losers until all the money they used to save GM and Chrysler is payed back.

Ain't holdin my breath.

I'm not in a union, but I'm damned happy they did that. Probably saved my job at the time, where the company I worked for supplied parts to GM. Now, I've moved on to other duties since then, but the fact that Obama Saved GM also meant that they saved jobs at hundreds of other companies that simply provide parts and services.

It was definitely a win for the taxpayers in that they continued to make enough to PAY taxes.

Bush and Obama both deserve praise for putting the good of the country above empty partisan rhetoric.

And as I said before, all the people who kept their jobs who would not have otherwise have been and are paying taxes;

that revenue gets subtracted from that supposed 9 billion dollar loss, as must all the unemployment compensation and other means tested benefits that were NOT paid because those people kept their jobs, as must all the other federal tax revenue generated by whatever purchases those people made because they kept working and retained that buying power.

That benefit is ongoing.

 

[Claudette]

They were the parasites.

Got it.

Probably not...

Okay, try to make this simple for you because you are k ind of slow.

GM was bankrupt. The Investors had worthless paper. The government said, "We'll give them an infusion in cash, but the only way we get that back is to make sure the production lines keep running." and they paid them off, penny's on the dollar, but hey, you gamble, you take the chance of losing.

If GM was bankrupt they should have gone into bankrupcy to reorganize and get themselves back in shape.

They got taxpayer money, straighened out their mismanaged pension funds and then went into bankruptcy.

I'm not slow at all. I just see it differently than you do.

Oh and BTW. I don't think tax dollars should go to bail out any company. If the company can't survive on its own then let it fail.

 

[Remodeling Maidiac]

The right hates jobs.

I have an idea.

I love my job but winter will probably slow down as it always does so why don't YOU send ME some of YOUR money so I can ensure the survival of my company.

You love jobs too right? If so you should feel compelled to send me your money

Didn't you once say that much of your work comes from customers who are seniors who are very much dependent on the government for much of their income?

Lol umm no.

I do get occasional senior's who rely on whatever government check or insurance to subsidize their income.

Someone living off that shit can't afford us. Most of our customers are Dr's and Lawyers and the like.

 

[NYcarbineer]

Of course....look at their sales because of it.

So, if Ford indirectly benefited, that benefit translates into more taxable income being generated throughout the Ford network of auto production and sales,

and all that additional tax revenue attributable to Ford's benefit from the bailout also has to be subtracted from the government's 9 billiion dollar loss.

FORD indirectly benefited because so many Americans bought a car/truck from a company who ran a business and did it without suckling the teat of .gov

Ford's CEO endorsed the bailout.

 

[OODA_Loop]

So, if Ford indirectly benefited, that benefit translates into more taxable income being generated throughout the Ford network of auto production and sales,

and all that additional tax revenue attributable to Ford's benefit from the bailout also has to be subtracted from the government's 9 billiion dollar loss.

FORD indirectly benefited because so many Americans bought a car/truck from a company who ran a business and did it without suckling the teat of .gov

Ford's CEO endorsed the bailout.

Yes never step in the way of your enemy stomping on its own dicks.

It worked.

 

[NYcarbineer]

I have an idea.

I love my job but winter will probably slow down as it always does so why don't YOU send ME some of YOUR money so I can ensure the survival of my company.

You love jobs too right? If so you should feel compelled to send me your money

Didn't you once say that much of your work comes from customers who are seniors who are very much dependent on the government for much of their income?

Lol umm no.

I do get occasional senior's who rely on whatever government check or insurance to subsidize their income.

Someone living off that shit can't afford us. Most of our customers are Dr's and Lawyers and the like.

You had a different attitude before:

http://www.usmessageboard.com/gener...for-one-am-mad-as-hell-now-3.html#post3853240

 

[NYcarbineer]

I'm convinced that conservatives would be happier if the US were simply to break up into 50 countries,

with, at most, a defensive military alliance among most or all of them.

I'm convinced that conservatives have all but abandoned the idea that a nation as large as the US is a good thing.

 

[OODA_Loop]

I'm convinced that conservatives would be happier if the US were simply to break up into 50 countries,

with, at most, a defensive military alliance among most or all of them.

I'm convinced that conservatives have all but abandoned the idea that a nation as large as the US is a good thing.

Yep 50 Sovereign States.

Just as intended and was before 1865.

 

[Remodeling Maidiac]

Didn't you once say that much of your work comes from customers who are seniors who are very much dependent on the government for much of their income?

Lol umm no.

I do get occasional senior's who rely on whatever government check or insurance to subsidize their income.

Someone living off that shit can't afford us. Most of our customers are Dr's and Lawyers and the like.

You had a different attitude before:

http://www.usmessageboard.com/gener...for-one-am-mad-as-hell-now-3.html#post3853240

The only thing different are your assumptions

 

[Flopper]

So, losing $9.7 billion dollars on an investment is a success to you.

Remind me not to take any investment advice from progressives. They SUCK at it.

Yes.

The federal government invested 50 billion dollars and has a 9.7 billion dollar loss. A report from the GAO stated that A collapse would have reduced personal income in the U.S. in 2009 and 2010 by $96.5 billion, costing the federal government $28.6 billion in extra jobless benefits and reduced Social Security contributions and income taxes in those years, the center said. A ripple effect of an addition 1.14 million jobs in 2009 and 2010 would have certainly driven the economy much deeper into recession. A 9.7 billion dollar loss or even twice that is a small price to pay when you consider the cost of doing nothing.

Or they could have used the laws in place -- bankruptcy -- to restructure their debt and keep working at no cost to the taxpayer.

Of course, the unions would have taken a hit, and that would not have been acceptable.

Oh, you didn't know? The bailout was to the UAW -- GM was just the middleman.

There was no private-sector financing available in 2009 and the bailout was the only way to keep the companies alive. Without it, GM and Chrysler would have gone out of business, taking down many suppliers. That would have likely caused bankruptcies at the healthier automakers such Ford, who would not have been able to get the parts they needed to build cars. That is why Ford went to Capitol Hill in late 2008 pushing for the rescue of its rivals.

What the opposition can't accept is the reorganization worked. Both GM and Chrysler became profitable and America came out of the worst recession since the great depression. Obama shattered the right's dream of the destruction of the American economy which could have been the foundation of a new conservative America build on conservative ideology.

 

[Flopper]

I'm convinced that conservatives would be happier if the US were simply to break up into 50 countries,

with, at most, a defensive military alliance among most or all of them.

I'm convinced that conservatives have all but abandoned the idea that a nation as large as the US is a good thing.

I agree, the far right sees America in a hopeless situation with Armageddon just around the corner. I sense the attitude is one of "lets get on with it". Then we can rebuild the nation as it was intended, a loose confederation of states tied together for mutual defense.

 

[JakeStarkey]

And the reactionaries simply can't handle that

(1) it saved the auto industry in America

(2) it cost 40% of what the TeaPs threw away in the government shutdown

This is going into the face of every TeaP candidate in the primaries next yeaer

 

[edthecynic]

US took a $9.7 billion bath on GM and Detroit still went bankrupt.

What is Obama going to do to save the Motor City? Or does he not care anymore now that he has been reelected?



That was money well spent -- it got him 4 more years in office to continue his destructive policies. No reason for any more concern.

Last time the Right bitched about this they said we would lose 18.8 billion. Want to bet it ends up less than 9.7 billion?

Some actually negged me for reminding the Right of this fact!!! Shows how pissed the Right gets if anything improves in this country. The Right were WISHING the loss would get worse and are fit to be tied that the loss is much less!!!

Just shows how much the Right hates this great country.

Report: U.S. To Lose $25 Billion On Auto Bailout - Fox Nation

Treasury: U.S. To Lose $25 billion On Auto Bailout
By David Shepardson
Washington -The Treasury Department says in a new report the government expects to lose more than $25 billion on the $85 billion auto bailout. That's 15 percent higher than its previous forecast.
In a monthly report sent to Congress on Friday, the Obama administration boosted its forecast of expected losses by more than $3.3 billion to almost $25.1 billion, up from $21.7 billion in the last quarterly update.
The report may still underestimate the losses. The report covers predicted losses through May 31, when GM's stock price was $22.20 a share.

 

[Howey]

Of course....look at their sales because of it.

So, if Ford indirectly benefited, that benefit translates into more taxable income being generated throughout the Ford network of auto production and sales,

and all that additional tax revenue attributable to Ford's benefit from the bailout also has to be subtracted from the government's 9 billiion dollar loss.

FORD indirectly benefited because so many Americans bought a car/truck from a company who ran a business and did it without suckling the teat of .gov

Another one with no comprehension of economics!

The massive downfall of subcontractor and parts suppliers who supply all car makers would have ended up putting Ford six feet under alongside GM and Chrysler.

 

[Claudette]

Bullshit.

You think all those parts suppliers would be out of business. LOL

You think Ford couldn't have found a parts supplier??

Hell. They'd be knocking the doors down to sell to Ford.

 

[NYcarbineer]

I'm convinced that conservatives would be happier if the US were simply to break up into 50 countries,

with, at most, a defensive military alliance among most or all of them.

I'm convinced that conservatives have all but abandoned the idea that a nation as large as the US is a good thing.

Yep 50 Sovereign States.

Just as intended and was before 1865.

I think you mean before 1776, but anyway, I wish more conservatives would admit it.

 

[NYcarbineer]

I'm convinced that conservatives would be happier if the US were simply to break up into 50 countries,

with, at most, a defensive military alliance among most or all of them.

I'm convinced that conservatives have all but abandoned the idea that a nation as large as the US is a good thing.

I agree, the far right sees America in a hopeless situation with Armageddon just around the corner. I sense the attitude is one of "lets get on with it". Then we can rebuild the nation as it was intended, a loose confederation of states tied together for mutual defense.

Conservatives want smaller ponds because that's the only place they can be the big fish.

Conservatives are a permanent minority at the national level, but if they could concentrate their power in certain states, they could achieve the kind of tyranny of the majority that they crave.