GM To PAYOFF US/CAN Loans before June 2010!!!! (death, independent, economic)
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I suppose you aren't aware that Toyota employs thousands of workers here in the US.
GM "plans" to payback a fraction of what they have been given.
The best laid plans of mice and men........
Kinda a like Chrysler paying back the debt, IN FULL, to the United States government headed by Ronnie Raygun, who promptly took the 300 million dollar profit the govt. made and handed it over to the Pentagon and their assorted defense contractors.
So i guess those bailouts were a good idea after all as GM didnt fold,people are still employed making cars and GM is paying back the money,,sounds like a win win all around..
Thats true, but you dont understand the power of wingnuttery. Remember, these same people outraged over GM being bailed out with a loan also compared Obama to Hitler for trying to reform medical care.
Kinda a like Chrysler paying back the debt, IN FULL, to the United States government headed by Ronnie Raygun, who promptly took the 300 million dollar profit the govt. made and handed it over to the Pentagon and their assorted defense contractors.
Stars Wars anyone?
300 million couldn't buy a helicopter let alone Star Wars.
The plan is to stick Pension Benefit Guaranty Corp with it, i.e. taxpayers..
That's blatantly false. The Pension Benefit Guaranty will only cover the pensions of GM works IF the auto industry collapses. It's the same program that insures and protects 44 million Americans who have pensions in the private sector---union or non-union---and no one gets full pensions in this worse case scenario. It's around 60% for most works of failed businesses. It's to every taxpayer's benefit if GM stays in business and covers their own pensions, even if they just break after paying off their tarp loans and the government sells their GM stock to recoup the rest. If you get a pension in the private sector, you'd more than likely be covered by the PBGC as well if your company went belly up.
300 million in 1983 could make alot of defense contractors happy, and did. Don't think Ronnie stopped there.
Not to worry the Presidents who followed did all they could to dismantle Reagan's millitary build up.
Star Wars was a scare tactic that just happened to work. The technology did not exist then and is still not viable today 30 years later.
Not to worry the preceeding Presidents did all they could to dismantle Reagan's millitary build up.
Star Wars was a scare tactic that just happened to work. The technology did not exist then and is still not viable today 30 years later.
Yes, it worked, it defeated communism and Reagan saved the free world.
The Power Of Propaganda on weak minds is well known. Thanks for playing.
That's blatantly false. The Pension Benefit Guaranty will only cover the pensions of GM works IF the auto industry collapses. It's the same program that insures and protects 44 million Americans who have pensions in the private sector---union or non-union---and no one gets full pensions in this worse case scenario. It's around 60% for most works of failed businesses. It's to every taxpayer's benefit if GM stays in business and covers their own pensions, even if they just break after paying off their tarp loans and the government sells their GM stock to recoup the rest. If you get a pension in the private sector, you'd more than likely be covered by the PBGC as well if your company went belly up.
No its not false. PBGC Director Praises Pension Transfer from Delphi to GM “This will have an immediate and positive impact on PBGC’s funded status well in excess of $1 billion. This transfer is exactly what we have been urging all along and we are very pleased with this result. PBGC Moves to Protect Pensions at New United Motor Manufacturing The New United Motor Manufacturing Inc. / UAW Hourly Defined Benefit Pension Plan is 55 percent funded, with assets of $161 million to cover benefit liabilities of $292 million, according to PBGC estimates. The agency expects to cover $126 million of the $131 million shortfall. PBGC To Assume Delphi Pension Plans The PBGC expects to be responsible for about $4 billion of the plan's shortfall of nearly $4.4 billion. The PBGC expects to be responsible for about $2.2 billion of its estimated $2.6 billion in underfunding. In addition, the agency will be responsible for $50 million in underfunding of four smaller Delphi plans with 2,000 participants. The PBGC will pay pension benefits up to the limits set by law.
if you are going to post that others are wrong, please have something to back it up. I dont talk about things I dont know about..
So i guess those bailouts were a good idea after all as GM didnt fold,people are still employed making cars and GM is paying back the money,,sounds like a win win all around..
GM was never in danger of folding, they were in danger of having to file bankruptcy.. Which of course they needed to do anyways!!
Who should you believe? OP is very optimistic saying GM paid off loans early, but then articles ay it was just a portion of the debt owed. The rest is to be generated by a stock creating at some later date.
Others say GM (and TARP program) will make the country money, but this AP article says it will still cost taxpayers money:
But taxpayers are still expected to lose about $36 billion on the bailouts of automakers, and $34 billion on that of insurer AIG, according to the Congressional Budget Office. Propping up mortgage finance companies Fannie Mae and Freddie Mac has cost taxpayers another $126 billion so far
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