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And history shows us crashes are not good things. Especsially for the people at the bottom.
And yet you have argued that re-inflating the bubble was a good thing. Bubbles always pop.
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Yes we the taxpayers did. We gave GM 33 Billion in Debtor-in-possession financing. Otherwise GM would almost certainly would have been completely liqiudated at the end of bankruptcy process. Chapter 11 does not guarantee survive of a company. And if it was liqiudated you would have loss not only of jobs in the company, but in any companies that service the company.
This gets old. GM was not going to get liquidated. It was never going to happen.
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can you explain you comment on stealing? How did they steal? Under tarp they were watched by the government.
And how would we move on concidering a lot of people would have been broke and jobless after your uncontrolled crash?
So what? People go broke every day. It's HOW IT IS SUPPOSED to work. You make bad investments, you lose your money. That is how it is suppose to work. Again, that is how it is supposed to work.
There no guarantee at anytime. But after a financial meltdown. There wouldn't be any confidence in the prospect of an market(s) for a long time....not short term pain.
And who gets hurt the most in the end when investors don't put Money in the market. The inventor class? They'd probably had their money in gold and cash. No...it would be people that work in or people are dependent on companies that gain capital "money" from the open market from Fortune 500 to junk status companies/start ups. In essence no money no jobs.
This is how it is supposed to work. Again, that is how it is supposed to work. Again?
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2008 was not just about the irresponsible. It was about the collapse of the financial system. Almost every was going to be affected by it. And the lower one was on the chain. The more one was going to be damaged.
The lower ones had nothing to lose. They go broke at the end of every month.
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Nope. They're still investing. Sooooo.
Wall Street says investment levels are at recession levels. The only reason it's where it is at is because the Fed is still, after 8 years propping it up.
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As I stated in an earlier post. Now that we have Dodd-Frank (I prefer glass-steagall) we need to enforce it and keep ourselves as best we can from a repeat of 2008.
But we didn't have it at the time. And much to many people chagrin most of the bad actors haven't been prosecuted because at the time what they did wasn't illegal. Obama admitted that much in I believe 2013.
Obama is full of crap. Timothy McVeigh even said that laws were broke BUT it would be bad for the economy to actually prosecute anyone. Nearly every bank ran afoul of Sarbanes/Oxley.
Lloyd Blankfein perjured himself and nothing was done.
What bother about some people's post is that hate for corporate American has blinded them to the fact that 2008's government intervention was less about keeping people in there homes, less about saving the investor class....but mostly about saving as many jobs and businesses as they could. I sometimes find it laughable about how overly simplistic and rose colored view the "let it crash" club has. "We'll bounce right back!" "And there be prosperity galore once we clean out the system!"
Ah no. No there won't. For the reasons I'm already mentioned.
You haven't mentioned anything valid.
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What worst. Is there's absolutely no plan for dealing with the immediate fallout from a crash. "Let the chips fall where they may"?...yeah tell that to guy that just lost his janitors job because the company he was working at went bankrupt and is looking to cut back staff. Or the lady who losses her restaurant because most of the worker in subsidiary companies for GM got laid off because GM got liquidated. And on an on. Look if you want people to head toward strait socialism quick as they can. Then take a libertarian's position on how to handle a financial crisis. You guys are just cutting your own throats.
Again, it's funny to watch someone like yourself defend corruption and corporate welfare especially when it has done so much harm to the lower classes.
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This gets old. GM was not going to get liquidated. It was never going to happen.
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Who EXACTLY had the cash - and was willing - to bail GM out?
Give us a name. Who WAS this "white night"? GM had no money to pay its' bills or its payroll, so WHO was going to come up with that money.
You do know don't you that Alan Mulally - head of FORD testified before congress that GM needed the bail out. Any idea WHY he did that?
There is a difference between the number of popular votes and the number of pledged delegates. As I made clear, I am talking about the pledged delegates. The aggregate number of popular votes don't mean anything in the selection of DNC nominee, though it's always fun to point out that Hillary got 2.5 million more votes than Trump. Wow, 2.5 million more votes!
I know you know this.
So case closed.
Mick
Instead of being happy about "pledged delegates", you should hide your head in shame. At least Rs appear to be making an attempt to correct the corrupt voting process. Even Paul Ryan conceded that We, the People selected Trump. Too bad Hillary supporters are still clinging to "super delegates".
And to think liberals once made fun of GOP voters for being dysfunctional.
Who EXACTLY had the cash - and was willing - to bail GM out?
Give us a name. Who WAS this "white night"? GM had no money to pay its' bills or its payroll, so WHO was going to come up with that money.
You do know don't you that Alan Mulally - head of FORD testified before congress that GM needed the bail out. Any idea WHY he did that?
Ken
How did those oil prices do after we ended QE?
A proper bankruptcy would have made GM far more streamlined and profitable. The reason no one stepped up was because the government was never going to allow that. It would have meant the end of the union. I say this as someone NOT anti union, I'm agnostic on the unions but whoever bought it would not have brought the unions along.
Look at how the government screwed over the bondholders. No one was going to get involved in that. A bankrupt GM, reorganized as the law allowed would be making money hand over fist right now.
A proper bankruptcy would have made GM far more streamlined and profitable. The reason no one stepped up was because the government was never going to allow that. It would have meant the end of the union. I say this as someone NOT anti union, I'm agnostic on the unions but whoever bought it would not have brought the unions along.
Look at how the government screwed over the bondholders. No one was going to get involved in that. A bankrupt GM, reorganized as the law allowed would be making money hand over fist right now.
What do OIL PRICES have to do with the GM bailout?
What a load of utter nonsense. GM TRIED to get someone else to bail them out. NO ONE would do it - and this was before the government got involved. The credit markets were LOCKED UP - and NO ONE was willing to fork out the necessary dollars for proper bankruptcy - NO ONE - not one single company stepped up to the plate - that's WHY the government got involved. WHen the credit markets lock up NO ONE LOANS - that's what makes it a CREDIT LOCKUP - DUH!!!!!!
"Reorganization" REQUIRES a "white knight" and NO ONE was willing to fork up that cash in the midst of the biggest financial meltdown in nearly a century,
I love how you folks just make stuff up to suit your narrative.
When GM's competition goes to congress to lobby for the GM bailout you know it's NOT A NORMAL BANKRUPTCY SITUATION.
Again, WHY did the head of FORD ask congress to bail out GM - do you even have a clue?
Apparently not.
I'm no fan of George Bush, but the GM/Chrysler bailout was absolutely necessary - not just for GM and Chrysler, but for FORD as well.
Instead of being happy about "pledged delegates", you should hide your head in shame. At least Rs appear to be making an attempt to correct the corrupt voting process. Even Paul Ryan conceded that We, the People selected Trump. Too bad Hillary supporters are still clinging to "super delegates".
And to think liberals once made fun of GOP voters for being dysfunctional.
Hillary won; she does not need the super delegates. But what the super delegates COULD do is prevent a hack like Trump from taking over our party.
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Originally Posted by LordBalfor
What do OIL PRICES have to do with the GM bailout?
What a load of utter nonsense. GM TRIED to get someone else to bail them out. NO ONE would do it - and this was before the government got involved. The credit markets were LOCKED UP - and NO ONE was willing to fork out the necessary dollars for proper bankruptcy - NO ONE - not one single company stepped up to the plate - that's WHY the government got involved. WHen the credit markets lock up NO ONE LOANS - that's what makes it a CREDIT LOCKUP - DUH!!!!!!
"Reorganization" REQUIRES a "white knight" and NO ONE was willing to fork up that cash in the midst of the biggest financial meltdown in nearly a century,
I love how you folks just make stuff up to suit your narrative.
When GM's competition goes to congress to lobby for the GM bailout you know it's NOT A NORMAL BANKRUPTCY SITUATION.
Again, WHY did the head of FORD ask congress to bail out GM - do you even have a clue?
Apparently not.
I'm no fan of George Bush, but the GM/Chrysler bailout was absolutely necessary - not just for GM and Chrysler, but for FORD as well.
Ken
Yeah. I get that it would have felt good to let it all burn - but I don't know that any of us would have recovered. And I'm not rich.
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