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There was nothing at all wrong with allowing them to go through a bankruptcy. Airlines did it and came out the other side.
Nothing wrong for you but for the millions of direct auto workers suppliers and their families, not so much. Moreover, it saved $28 billion in unemployment benefits. The bottom line is that the nation is better off with saving GM than not.
One can stick with blind ideology or do the right thing. Fortunately, Obama did the right thing.
This is Romney's NY Times OP ED titled: "Let Detroit Go Bankrupt." Can't wiggle out of that.
wiggle out of what
ANY FAILED entity (company, major corp, or even a city) that is not able to survive needs to go though bankrupsy. sell the assets to whom ever will buy it and liquidate
just like GM...could have gone into the bankrupsey (that is ended up doing anyway) with out a 'bailout' that the taxpayers will nevr get their money back from
btw GMAC (part of GM ).(aka ALLY financial)(hq'd in detroit).is filing for bankrupsey RIGHT NOW....i know because my mortgage is GMAC and I just got a letter (luckily my mortgage will be paid off this year)
Nothing wrong for you but for the millions of direct auto workers suppliers and their families, not so much. Moreover, it saved $28 billion in unemployment benefits. The bottom line is that the nation is better off with saving GM than not.
Hello? Anyone home? THEY DID GO BANKRUPT..
Quote:
Originally Posted by MTAtech
One can stick with blind ideology or do the right thing. Fortunately, Obama did the right thing.
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ANY FAILED entity (company, major corp, or even a city) that is not able to survive needs to go though bankrupsy. sell the assets to whom ever will buy it and liquidate
just like GM...could have gone into the bankrupsey (that is ended up doing anyway) with out a 'bailout' that the taxpayers will nevr get their money back from
btw GMAC (part of GM ).(aka ALLY financial)(hq'd in detroit).is filing for bankrupsey RIGHT NOW....i know because my mortgage is GMAC and I just got a letter (luckily my mortgage will be paid off this year)
GMAC (Ally Financial) is seeking Chapter 11 bankruptcy. As you know, Chapter 11 bankruptcy is a reorganization bankruptcy and GMAC won't be closing its doors. It makes no difference if you paid off your mortgage or not.
I see no reason, beyond ideological dogma, that "NY FAILED entity (company, major corp, or even a city) that is not able to survive needs to go though bankrupsy (sic). sell the assets to whom ever will buy it and liquidate." If the U.S. government pursued that avenue then not only would millions of more people been unemployed but the government would have had to pay an additional $28 billion in unemployment benefits.
The objective is to make the best decision for the good of all. GM tried to sell assets in the private market and every deal fell through.
The alternative, the government saving GM was good for GM, good for employees and good for the nation. How any thinking person can say that upholding their ideological playbook would have had a better outcome is not evident.
Nothing wrong for you but for the millions of direct auto workers suppliers and their families, not so much. Moreover, it saved $28 billion in unemployment benefits. The bottom line is that the nation is better off with saving GM than not.
One can stick with blind ideology or do the right thing. Fortunately, Obama did the right thing.
LOL, you do realize that despite the way I worded my statement that GM did go through a bankruptcy?
The world did not end. Nor would it if the administration had stayed out of it like things have been done for a long time and the courts would have been allowed to sort it out.
A bankruptcy does not mean the end of the company in every instance.
ANY FAILED entity (company, major corp, or even a city) that is not able to survive needs to go though bankrupsy. sell the assets to whom ever will buy it and liquidate
WHy when it is still a viable business? You do realize that bankruptcies happen like this all the time? That the courts simply allow them to re-organize their debts?
GM wasn't a failed idea, they were simply being poorly run.
Quote:
just like GM...could have gone into the bankrupsey (that is ended up doing anyway) with out a 'bailout' that the taxpayers will nevr get their money back from
btw GMAC (part of GM ).(aka ALLY financial)(hq'd in detroit).is filing for bankrupsey RIGHT NOW....i know because my mortgage is GMAC and I just got a letter (luckily my mortgage will be paid off this year)
Why would this be lucky for you? I mean, yes, it's great that you will be getting it paid off but the bankruptcy will not have an affect on you.
LOL, you do realize that despite the way I worded my statement that GM did go through a bankruptcy?
The world did not end. Nor would it if the administration had stayed out of it like things have been done for a long time and the courts would have been allowed to sort it out.
A bankruptcy does not mean the end of the company in every instance.
It would have for GM as liabilities outweighed assets. GM was preparing to shutter its doors had the government not saved it.
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