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KBR (Kellog Brown & Root) alone was paid $17 Billion in a 2 year period, and they are worried about an industry heading toward profitability? Seems like money well spent, comparing the cost of food stamps, unemployment and saving the auto industry and the other businesses that depend on them.
People seem to forget how bad it was in the mid-west states back in 2008. If he stood by and did nothing and let them go under they would be still be screaming, just can't win. Still not over but this is a big success so far.
So we should have let those companies fail and then seen our unemployment rate skyrocket? Those people would be on unemployment, food stamps, and welfare.
Why do you hate the American worker?
Your children will have to pay for this idiot's mistakes.
If thats what the administration is stating, you can expect the real number is greater.
We can also count on both companies going under again in the future.
The saying "throwing good money after bad" comes to mind.
It was morally reprehensible to take money out of our economy (and pockets) and use it to buy two boat anchors.
Last edited by Frank DeForrest; 06-01-2011 at 02:39 PM..
I am glad Obama made the RIGHT CHOICE to bail out the auto industry, which helped save 100,000 or more jobs!
When you include automobile factory workers, engineers, parts suppliers, auto dealerships, car mechanics, etc. you are talking a LOT of people whose jobs would have been affected either directly or indirectly.
Practically everyone in America depends on the auto industry in some format.
14 Billion is chump change compared to the TRILLION that has been WASTED fighting a TOTALLY UNNECESSARY war in Iraq.
And at least this 14 Billion was spent IN AMERICA to directly help AMERICANS!
Which means that since these thousands and thousands of employees remained EMPLOYED (thank you President Obama), they continued to pay taxes, and contribute to the greater good of ALL AMERICANS.
THANK GOD we have an INTELLIGENT MAN making INTELLIGENT DECISIONS in the White House!!!
So we should have let those companies fail and then seen our unemployment rate skyrocket? Those people would be on unemployment, food stamps, and welfare.
Why do you hate the American worker?
They were NOT going to fail, they were going to file for bankruptcy.. Guess what, they did anyways
Typical left wing fear mongering.. THEY WILL FAIL.. YOU WILL DIE.. PEOPLE WILL STARVE..
ANN ARBOR - In an analysis of General Motors announced plant investments for this spring, the Center for Automotive Research calculates more than 28,000 jobs will be retained or created, and will contribute almost $2.9 billion to the U.S. Gross Domestic Product.
CAR has carried out the great majority of studies investigating the impact of the U.S. motor vehicle industry on the U.S. economy since 1992. In November 2010, CAR revised its estimate of the total number of U.S. jobs saved by the federal intervention rescuing both General Motors and Chrysler from certain liquidation. CAR Research Memorandum: The Impact on the U.S. Economy of the Successful Automotive Bankruptcies, Center for Automotive Research, Ann Arbor, November 17, 2010 The total jobs saved at the time was estimated at 1.14 million along with $66 billion in annual U.S. personal income. “There is no greater evidence of the positive effect of the historic federal intervention than large new investments in major U.S. automotive facilities on the part of the rescued firms such as General Motors,” said Sean McAlinden, executive vice president of research and chief economist at CAR.
GM’s investment in plants and facilities throughout the United States over the next few months will be on the order of $2 billion dollars and will create or retain the jobs of more than 4,000 GM workers. CAR estimates that this investment over the next year will in total support more than 28,000 jobs in the U.S. economy, including 4,083 people directly employed by GM; 8,638 indirect jobs, such as goods and service suppliers and their suppliers, and 15,492 consumer expenditure-induced jobs, which result from the direct and indirect employees spending their earnings.
The 28,213 jobs earn a total of $1.65 billion in salary, contribute almost $2.9 billion to GDP, pay $169 million in income tax, and contribute $362 million in transfer payments, such as Social Security, Medicaid, Unemployment, and others.
So we should have let those companies fail and then seen our unemployment rate skyrocket? Those people would be on unemployment, food stamps, and welfare.
Why do you hate the American worker?
rubbish pure and simple. if you had bothered to check the bankruptcy filing for gm and chrysler, you would have found that they filed for reorganization, NOT liquidation. what should have happened was that the government stayed OUT of the bankruptcy proceedings, and left the courts to deal with it. instead obama jumped in and screwed the bond holders out of huge amounts of money, stole the stock holdings, and gave a large portion of both companies to the unions.
but even if both companies had filed for liquidation, their assets would have been picked up by others, and the factories would still have been in operation. for instance saab was sold, fiat wanted chrysler, and they got it, hummer was going to be sold to a chinese company, but that deal was nixed by the chinese government. saturn would have been bought by penske, in fact penske almost did buy saturn but his deal with another company to build the cars fell through, probably because the company was priced too high due to government interference.
you can also bet that chevrolet and cadillac would have been bought up along with buick. perhaps the only part of gm that would not have survived would be gmc, though i think that someone would have bought that part of the company as well.
in the end gm would have been no more as a company, but its parts would still be up and running as part of different companies.
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