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I won't buy new but had to be hypocrite and buy a used S-10 with 83,000 miles for 1700 bucks at a auction. And other words if I can practically steal one I will
I won't buy new but had to be hypocrite and buy a used S-10 with 83,000 miles for 1700 bucks at a auction. And other words if I can practically steal one I will
If I ever do buy an American car again, it will be a FORD. I have not driven an American car since 1987.
The U.S. Government "investment" in General Motors was not a typical investment an institutional or individual investor would make. The government likely never expected to recoup the entirety of the investment, directly in the form of repayment through a sale. Rather, the investment was, as I'm recalling, made with the thought it would stableize a large section of the manufacturing industry in portions of the United States. "Saving" the General Motors (and Chrysler) jobs and the hundreds or thousands of supplier companies and the tens of thosands of jobs at those locations and the economic impact keeping that industry going until reorganization and downsizing could be accomplished was the primary investment strategy. By this measurement the investment was a good one. One which many people will say was profitable. The OP here, in opening remarks, attacks the business community, people who work for a living and the lifeblood of hundreds of communities in our country. Certainly an anti-American, anti-American values stance.
I do not call that being paid back when the gvt is selling shares at a lost and almost anyone from a mile away would know that would be the outcome. Would you buy GM shares after they shafted the investors the first time?
Very good question! To expand on this a bit why would you buy ANY stock after the shafting GM/Chrysler bond/preferred stockholders got?
One part of me is cheering that the Govt. is taking it in the shorts on GM, as former bondholders let me welcome y'all to our world. We knew you'd be coming by when this "deal" originally went down, hope you enjoy your stay as much as we have.
Mostly though I'm outraged and disgusted with those of my fellow voters who elected and then re-elected this group not to mention still stand by the decision to steal from one set of people and give it to their friends.
While we'll never really know what would have happened if the bailout didn't occur there's one thing that's certain which is there was no reason to do the BK in the manner it was done other than self promotion and self dealing.
Just so we're clear, we got off a lot easier than many as they only took $60k from us giving us about $7K of common and warrants (good in 2016) combined but kept all the preferred for themselves and the unions.
The U.S. Government "investment" in General Motors was not a typical investment an institutional or individual investor would make. The government likely never expected to recoup the entirety of the investment, directly in the form of repayment through a sale. Rather, the investment was, as I'm recalling, made with the thought it would stableize a large section of the manufacturing industry in portions of the United States. "Saving" the General Motors (and Chrysler) jobs and the hundreds or thousands of supplier companies and the tens of thosands of jobs at those locations and the economic impact keeping that industry going until reorganization and downsizing could be accomplished was the primary investment strategy. By this measurement the investment was a good one. One which many people will say was profitable. The OP here, in opening remarks, attacks the business community, people who work for a living and the lifeblood of hundreds of communities in our country. Certainly an anti-American, anti-American values stance.
Nice crystal ball with fantastic vision, know where I can get one? Nobody had any real idea what would or wouldn't happen as it's never happened before. All the other doomsday predictions coming out of DC didn't happen, of course the glowing "recovery" hasn't happened either.
Are we surprised? Nope.
The U.S. Government "investment" in General Motors was not a typical investment an institutional or individual investor would make. The government likely never expected to recoup the entirety of the investment, directly in the form of repayment through a sale. Rather, the investment was, as I'm recalling, made with the thought it would stableize a large section of the manufacturing industry in portions of the United States. "Saving" the General Motors (and Chrysler) jobs and the hundreds or thousands of supplier companies and the tens of thosands of jobs at those locations and the economic impact keeping that industry going until reorganization and downsizing could be accomplished was the primary investment strategy. By this measurement the investment was a good one. One which many people will say was profitable. The OP here, in opening remarks, attacks the business community, people who work for a living and the lifeblood of hundreds of communities in our country. Certainly an anti-American, anti-American values stance.
It didn't save any jobs. It just kept them at GM rather than letting market demand determine where those jobs should be.
So yes, the bailout of GM is Un-American. It is theft. It takes tax dollars from hard working Americans and gives it to Obama's buddies at GM.
More to the point, how does anyone know that another company wouldn't have come in and bought GM? It would seem to me there was quite a bit of equity that would've gone at fire sale prices. They did it with Chrysler and Fiat didn't they?
More to the point, how does anyone know that another company wouldn't have come in and bought GM? It would seem to me there was quite a bit of equity that would've gone at fire sale prices. They did it with Chrysler and Fiat didn't they?
Exactly! And that is my point. There was a market demand for autos and skilled auto workers. GM might have survived via bankruptcy or it might have been absorbed by another company or other companies would have hired those workers to fulfill the increased demand for their products.
Government should NEVER pick winners and losers.
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Nope.
