GMAC Refuses to Lend TARP Money

[texdav]

But Obama and the democrats voted to give the money. In fact just a few republicans voited yes and just a few democrats voted no. Actaully Obama controlled the second half of TARP and gave them more money since.Reminds me of Iraq;they vote and then try to blame some else for the vote.Look at teh stimulus ;they voted yes; not even having read the bill.

[deckdoc]

I'm kinda interested in a company that can afford to buy 1000 vehicles at once! I'm sure they pass the required test of being worth lending that kind of money and the outlook and the wherewithal to pay it back in a reasonable time and to sign all the necessary documents for a loan of that size. If that is the case I know where they can get that loan~ just identify them

[vseale]

Okay, here's the rest of the story -

The name of the company is Capps Leasing. They are based in the DFW area. They do commercial leasing of vans in the Southwest.

I just watched a follow-up story. When GMAC decided they didn't need his business, the owner decided to put up a billboard to let serious lenders that he's ready to buy 1,000 GM vans. That's about 20 million dollars!

In the interview he read a thank you letter he got from a GM factory worker that wants to build his vans. He said he decided it would be easier to rent the buildboard rather than drag around all that paperwork to the various banks. He's been invited to speak to a Congressional Committee this week on the situation.

Okay, folks, surely someone out there knows a bank out there that recognizes the publicity value of making this loan to a well-run, long-established company. I'm picturing some fun publicity of how this forum got the company and a lendor together

[Donn2390]

Originally Posted by Jaggy001

Well, it was Bush who started throwing the money at the banks and the auto makers not Obama. That said, I was dismayed by the extent to which both Obama and McCain were clueless on the economy during the final weeks of the campaign.

Bush was sitting in the chair, but it was the Democratic congress that gave all the money away. Dems are big on giving money away, if we run out of money, just tax the Hell out of the dummies that voted us in..

[SSWM]

Originally Posted by Donn2390

Bush was sitting in the chair, but it was the Democratic congress that gave all the money away. Dems are big on giving money away, if we run out of money, just tax the Hell out of the dummies that voted us in..

Naw, they'll just print more money. And when that runs out, they'll print even more money. Eventually you'll need one of those vans full of money to fill up the tank

[vseale]

I started this thread to point out an outrage committed by a company that took public money and now sits on it, refusing to lend it out. I thought the obvious reaction would be to recognize this company's selfish, greedy actions by senior management in contributing to job losses.

Instead, it's just more sniping, "It's Bush's fault", "It's Obama's fault". IT'S GMAC's FAULT FOR NOT LENDING THE MONEY.

I'm disappointed in everyone's responses, in refusing to face reality, in refusing to think of solutions and harping on the blame game.

So to paraphrase Shakespeare:
Where be these enemies? Democrat! Republican!
See, what a scourge is laid upon your hate,
That heaven finds means to kill your joys with love.
And society for winking at your discords too
Have lost a stable economy: all are punish'd.

--sigh--
There be no solutions found here. Moderator, please close this thread.