GM Bailout failure. Worst stocks, worst cars. Should have failed. (dollar, visa)

[EinsteinsGhost]

Originally Posted by Roadking2003

If they have the skills, yes. You can't replace skilled workers overnight. In fact, there is a HUGE demand for skilled workers in the US today...even with very high unemployment.

When companies look for replacements, they don't think "overnight". Heck, my company didn't abandon "hiring freeze" in the USA (since 2002) even as we struggled to find individuals with minimum qualifications much less retain them. High turnover was overlooked, and the company continues (for ten years now) to keep doing the same.

[LS Jaun]

Originally Posted by Roadking2003

There would have been very few if any job losses. Other companies would have hired these skilled workers.

That would all depends on what foreign cars people here would buy instead of a GM and or Chrysler.

[Roadking2003]

Originally Posted by EinsteinsGhost

When companies look for replacements, they don't think "overnight".

Many do. I've been in the IT services business, and we frequently need to hire experienced IT consultants immediately when we land a new contract.

[Roadking2003]

Originally Posted by LS Jaun

That would all depends on what foreign cars people here would buy instead of a GM and or Chrysler.

It wouldn't have to be foreign.

For example, Penske tried to buy Saturn.

And a most likely scenario would be that GM would have been restructured and very few would have lost their jobs.

[Thegonagle]

So GM should have been liquidated by Bain Capital, American employees put out on the street, American suppliers bankrupted, because you don't like their cars?

That's not a reasonable plan.

George W. Bush did the right thing agreeing to the bailout loans back in December 2008. He did the p*ssy thing withholding the money until the next year, forcing the Obama administration to disburse the loans, and giving right wing wacko revisionists some sort of license to pin it all on Obama. (And it worked on the OP!)

FACT: The Bush administration orchestrated the bailout loans, then kicked the can down the road for the Obama administration to pick up after his inauguration.

[plannine]

Originally Posted by Roadking2003

I'm not angry. I just oppose Crony Capitalism regardless of who is involved.

Government should not bail out it's buddies.

They do, and have a history of doing so........at all levels of government either via loans or incentives.

but of the areas that they gave 'loans' to, only one actually produces a product, for both the US and globally. And that is the auto industry.

Banks and other Financial Institutions (big, like BoA, and small, like the Union Baptist Church Federal Credit Union)
Fannie and Freddie
Auto Companies
AIG
Toxic Asset Purchases

And the process isn't new (and I didn't see any of the, 'they cant do that with our money' whining before)

$5 B (and $10 B in credit) to Airline Industry after 9/11

Even before the first Chrysler bailout, 'big' loans were going out from the fed gov to save companies (and a city)

1970 Penn Central Railroad $26 B
1971 Lockheed $1 B
1973 Franklin National Bank $1.2 B
1975 New York City $2.3 B


(for the record, i currently do not have any GM, Ford or Chrysler vehicles in my driveway, after retiring my 02 Saturn Vue, after 212,000 miles, last year).

[Roadking2003]

Originally Posted by plannine

They do, and have a history of doing so........at all levels of government either via loans or incentives.

but of the areas that they gave 'loans' to, only one actually produces a product, for both the US and globally. And that is the auto industry.

.

Actually, banks have absolutely essential products. This country would grind to a halt without banks.

But that doesn't matter. We don't need government deciding who should fail and who should be bailed out.

It's Crony Capitalism, and it doesn't matter how long it's been going on. It's evil!

[Roadking2003]

Originally Posted by Thegonagle

George W. Bush did the right thing agreeing to the bailout loans back in December 2008. He did the p*ssy thing withholding the money until the next year, forcing the Obama administration to disburse the loans, and giving right wing wacko revisionists some sort of license to pin it all on Obama. (And it worked on the OP!)

FACT: The Bush administration orchestrated the bailout loans, then kicked the can down the road for the Obama administration to pick up after his inauguration.

Actually, Bush gave Obama the power to make those decisions because he knew that would be better than Bush making them on his way out. It was a very noble thing to do.

But that's beside the point. The point is it's Crony Capitalism and it doesn't matter if Bush did it or Obama did it.... IT'S WRONG!!!

[tickyul]

Originally Posted by rbohm

i disagree with liquidation, but they should have gone through reorganization WITHOUT interference from the administration. obama should have sit on the sidelines and let the court do its thing.

Why is car manufaturing oh-so special. Come on, lets bail-out or prop-up all of the other failed/failing companies......there is a ton of them.

I think the Unions have a ton of members.....thus...a ton of pull....that is the key in this little scam-bailout-thingy.

[Roadking2003]

Originally Posted by tickyul

Why is car manufaturing oh-so special. Come on, lets bail-out or prop-up all of the other failed/failing companies......there is a ton of them.

I think the Unions have a ton of members.....thus...a ton of pull....that is the key in this little scam-bailout-thingy.

Yes, Obama bailed out his union buddies.

We don't need government deciding which companies will fail and which companies they will bail out. That is not a valid government function.