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Old 04-24-2010, 12:38 PM
 
Location: Rhode Island (Splash!)
1,150 posts, read 2,465,599 times
Reputation: 444

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I couldn't fit my last word in the title so here it is: Yahoo !

As some of you know, I'm not real bright. Can someone explain all of these mainstream media articles recently about so many financial outfits supposedly paying all of their bailout and TARP money back to the gubmint?

Now GM says things are going gangbusters and they've paid all the money back!

Um, something smells real fishy here, Watson.

Yes, hmmm, Dear Sherlock, I do believe I've identified the species of recently deceased fish responsible for this rather foul odor, me suspects it is of the Bernankus Geitheistcash species? What do you think, me fine fellow?

Perhaps if we puff on our pipes, Dear Watson, the obnoxiousness of this most foul maritime odor shall be reduced! What sayeth you, old chap?

Oh yeah, sure, all my neighbors have gone out and bought brand new GM vehicles lately! Haven't yours?

Tell me this, folks, if all these guys were able to pay back all those tens of billions of dollars so quickly, why the hell did we need to give them the money in the first place?

Kinda brings to mind that old Grateful Dead tune, The Greatest Story Ever Told or something I think was the title of the song.

Why don't they give all the health care companies tens of billions of dollars too? Maybe then I could finally get this left knee injury fixed. Um, I'm sure they'd pay all the money back to the gubmint after a year or so, too, right? Wink wink, nudge nudge. Hey Ben, my check's in the mail, um, USATODAY said so, yeah, that's the ticket, um, oh yeah, really !

Last edited by POhdNcrzy; 04-24-2010 at 12:52 PM..
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Old 04-24-2010, 09:22 PM
 
Location: Warwick, RI
3,604 posts, read 4,515,058 times
Reputation: 5830
Are you drunk?
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Old 04-25-2010, 11:42 AM
 
Location: WA
5,538 posts, read 22,576,422 times
Reputation: 6288
GM continues to lose money even though it is still behind on pension obligations. Any money paid back was just our money moved from one account to another. This is a continuation of the ridiculous accounting we get from these government cronies.
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Old 04-25-2010, 04:32 PM
 
Location: Business ethics is an oxymoron.
2,166 posts, read 2,602,250 times
Reputation: 4845
Not only was I against the bailouts, I wanted to see GM go under, to join the likes of Pan Am, TWA, and Circuit City in our nations corporate history book. GM was (and apparently still is) an arrogant cur of a company stuck with an archaic mindset that deserves/d to die like no other.

Alas. We all know what's really going on here.

1. If GM goes under, it takes the Labor (read: Democrat) voting bloc with it.

2. GM, being an American institution. Most of the rest of the world already hates the US. A failure of GM would be an omlette of an egg on the face of our national pride. The hubris, prestige, and status reasons alone were probably 50% of the reason it was saved.

So sad. But don't worry. They will never get a dime of business from me.
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Old 04-25-2010, 04:49 PM
 
Location: Lafayette, Louisiana
14,089 posts, read 25,081,494 times
Reputation: 8016
They paid back bailout funds with other bailout funds.
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Old 04-25-2010, 05:05 PM
 
Location: Warwick, RI
3,604 posts, read 4,515,058 times
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Quote:
They paid back bailout funds with other bailout funds.
And by sticking it to all their creditors in bankruptcy court, including their original shareholders and bondholders. I'll never, ever buy a car from GM. Ford has done it the right way, so that's who will get my business for the rest of my life.
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Old 04-25-2010, 05:36 PM
 
Location: Lafayette, Louisiana
14,089 posts, read 25,081,494 times
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Quote:
Originally Posted by treasurekidd View Post
And by sticking it to all their creditors in bankruptcy court, including their original shareholders and bondholders. I'll never, ever buy a car from GM. Ford has done it the right way, so that's who will get my business for the rest of my life.
You should read a book called Crash Course. It talks about everything that led up to the failure of GM and Chrysler. Both the execs and the UAW share equal blame in that fiasco.
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Old 04-26-2010, 02:17 AM
 
Location: Eagle River, AK
107 posts, read 203,732 times
Reputation: 41
Quote:
Originally Posted by sailordave View Post
They paid back bailout funds with other bailout funds.
Not really.
They've legitimately paid back the money.. catch is, that's not all there is to it..
There's still a huge investment in GM by the US Government. GM won't fully own their company again until they go public and buy it back.
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Old 04-26-2010, 02:23 AM
 
Location: Conejo Valley, CA
12,470 posts, read 18,191,546 times
Reputation: 4343
Quote:
Originally Posted by POhdNcrzy View Post
Tell me this, folks, if all these guys were able to pay back all those tens of billions of dollars so quickly, why the hell did we need to give them the money in the first place?
Because the financial markets tightened up and were frozen, the financial markets have improved a lot over the last 1~2 years and as a result these firms can start paying back the government.

So long all the saps keep stuffing all their retirement money in equities, etc there is going to be a lot of money to manipulate by the big financial firms.
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Old 04-26-2010, 05:38 AM
 
12,869 posts, read 13,681,353 times
Reputation: 4453
there are so many things wrong with the whole GM picture it is hard to know where to start. first of all, they lost over 4 billion dollars in the last quarter so i don't know who actually believes that they actually earned the money to pay us back. secondly, GM has huge pension obligations in front of it that it has no way (at its current sales levels) to possibly be able to pay them.

also, GM sales are rising in china, which benefits CHINA, not us. also, keep in mind that even the china sales are being pushed by a generous chinese government "cash for clunkers" program of their own, and how long is that going to be sustainable?


So far this year, China has been GM's biggest sales market, outperforming U.S. sales for three straight months. Sales there in March rocketed up 68%, to more than 230,000. In the humdrum U.S. market, GM rang up sales of 188,546 in last month, some 18% fewer than China.

“We already have an incredible focus on China and we’re going to put as much energy as we can on China,” said Kevin Wale, president and managing director for GM China Group. (vancouver)

Last edited by floridasandy; 04-26-2010 at 05:49 AM..
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