Government to buy all of the GM assets

[wanneroo]

The brits already tried this with British Leyland and that was an epic disaster that still has repercussions all these years later.

All this is, is pure old fashioned communism and it will fail as it always has. Not before a massive cost to us taxpayers.

[irishvanguard]

Great, just great. These assets can be used to build the tiny tin can Obamobiles that the market is so hot for.

[cuebald]

Originally Posted by pghquest

Wrong, I'm CLEARLY in favor of bankruptcy, BEFORE taxpayers tens of billions were wasted..

Its almost funny to see how many times liberals can be wrong, if it wasnt so darn expensive, and just to help you liberals do math, forgiving of $15.4Billion in debt = ZERO profit to the taxpayers, a 100% loss..

Dang.

I TOLD W this would happen if he gave GM money. Especially after that whiny performance the Big Three put on before Congress back in November.

Now look what happened.

[ViewFromThePeak]

Originally Posted by cuebald

Dang.

I TOLD W this would happen if he gave GM money. Especially after that whiny performance the Big Three put on before Congress back in November.

Now look what happened.

Yep, the Bush/Obama team screwed up.

[HappyTexan]

And now the government has to manage a union too.

[Fighter 1]

Originally Posted by pghquest

GM bankruptcy plan eyes quick sale to government | Deals | Private Capital | Reuters

NEW YORK (Reuters) - If General Motors Corp files for bankruptcy, as widely expected, its healthy assets will be quickly sold to a new company owned by the U.S. government, a source familiar with the situation said on Tuesday.

The source, who was not cleared to speak with the media and would not be identified, said the U.S. government would pay for the assets by assuming the automaker's $6 billion of secured debt and forgiving the bulk of the $15.4 billion of emergency loans that the U.S. Treasury has provided to GM.

What this means folks is that the unsecured creditors will get screwed, the government will be GIVING away the $15.4Billion in loans that they gave to GM, and then issuing new stock that will be given to the Unions..

Screw the investors, lets pay back the unions using government tax money for their support of the politicians!!!

What happened to this being a great investment with an awesome return that will yield taxpayers a profit? Isnt that the argument you liberals used to support this?

Even more important ! Where was the government when the American family farmers need the same kind of bail out help with their farm loans. Opps ! thats right they did help them ,they just doug a hole and burried them in it. End of story.

[roysoldboy]

Originally Posted by HappyTexan

And now the government has to manage a union too.

Surely the unions can help Geithner Motors stay aboveboard. I have been calling GM by that name ever since Geithner fired the CEO and it seems that it has come to pass. The government has never run anything it didn't screw up completely, as far as business is concerned.