The "Government Takeover" of GM is Making Billions for Taxpayers....

1. 59

   William R. Wilsonposted 13 years ago

   http://www.nytimes.com/2010/11/18/busin … amp;emc=a2
   
   It's not all paid back yet, but things are looking good. 
   
   Hardly a socialist nationalization of the auto industry though....

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      C.J. Wrightposted 13 years agoin reply to this

      Normal risk taking by wealthy investors. It would be interesting to know who's doing the buying and where they got the cash.....
      An even better question would be...who was buying it in 09 when it was down to .90/share.
      All of this would have happened had the government done nothing. The idea that the gov somehow created this scenario is rediculous. Now, some on the hill are even hinting that this venture will be a money maker for the Federal Gov. If so, will that translate into tax breaks or more Federal programs....

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      Evan G Rogersposted 13 years agoin reply to this

      and... yet....
      
      ... I didn't get a lower tax rate....
      
      ... funny how government works....
      
      Anyway, GM claimed about a year ago that they paid back the loans... but they paid the loans with government money.
      
      So I wouldn't doubt it more fishy stuff is going on here as well.

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         William R. Wilsonposted 13 years agoin reply to this

         How much money do you make, Evan? Because most Americans got a tax break over the past couple years.
         
         Either you are well off or you haven't been paying attention to your taxes.

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2. 60

   Paul Wingertposted 13 years ago

   Wow! I'm impressed that someone actually took time to find a story from a reputable source that shows that the bailout is working. There's is hope for the American auto industry after hearing all the BS from the right.

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3. 81

   lovemychrisposted 13 years ago

   It's wonderful! This is what gvt is for! To help people, not throw them to the dirt. Banks are paying back too. And the Stimulus did a lot of Helping as well.
   
   But I geuss we'll find out during the witch-hunt hearings soon to come, just what an awful man Obama is.
   
   He's a bad bad "Graffitti stain" on the history of America.(Limbaugh) He took from us for his own "walking around money".(Issa)
   
   So now we see what this whole thing really is about. Not reducing the deficit (tax give-aways to the rich...HELLO!!!!), not finding jobs (first on the agenda....defund NPR--payback for Ailes)
   Not getting out of war, not working on the economy, NOT caring for the security of the United States (no on SALT? REALLY?), but GET OBAMA GET OBAMA GET OBAMA...can you hear it? That train is comin down the track.
   
   
   Hurrah for Obama and GM and the 1.2 million Americans who didn't have to lose their jobs!
   Hurrah for the stimulus, which gave a lot of Americans work.
   Hurrah for America coming back on its feet after 30 years of Corporate Destruction in the name of GREED.
   
   Go Obama.
   Go Dems.

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4. 77

   kirstenblogposted 13 years ago

   Tis indeed good news here. Now how can we turn this against Obama and maintain the socialist dictator image we have all fallen in love with?

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5. 81

   lovemychrisposted 13 years ago

   Roger Ailes just told you! Obama is a socialist who doesn't think like "the rest" of Americans,
   AND NPR are Nazi's.
   
   Well, President Obama thinks like ME. But I keep forgetting, I'm not a "real" American.
   
   
   Well, with Palin, Beckles, Limbaugh, Severin, Ingraham, Savage...forget who else, we will surely be reminded DAILY how awful Obama is, and how wonderful these "new" pols are who will let you STARVE before giving you one red cent of "their" (so they say) Money.
   And we will soon go back to the McCarthy era of gvt. Well, actually, the Clinton era.
   
   Billions upon billions spent to bring down a President. While citizens suffer.
   
   Oh what joy.

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6. 71

   Jed Fisherposted 13 years ago

   Oh, so the Gub'ment breaks even on the deal. That makes me feel all better.

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      Doug Hughesposted 13 years agoin reply to this

      You missed the point - and the US will more than 'break-even' - and that's not the point. Here's the point -
      
      "The Center for Automotive Research said today the government’s bailouts of the U.S. auto industry spared more than 1.14 million jobs last year alone, and prevented “additional personal income losses” of nearly $97 billion combined for this year and last.
      
      Another 314,400 jobs were saved this year thanks to the $80 billion in taxpayer lifelines extended to GM, Chrysler, and the GMAC and Chrysler Financial financing businesses, CAR said. The research organization based its conclusions on the potential impact of auto-industry collapse for jobs at U.S. auto makers and suppliers, and cascading effects on the economy at large. See more on CAR’s methodology here."
      
      http://blogs.wsj.com/deals/2010/11/17/g … tudy-says/

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7. 81

   lovemychrisposted 13 years ago

   NO! The PEOPLE of America benefit!!!
   
   
   Might not be you personally, but they ARE your fellow Americans. After all--we let gub'ment help a small minority of people from 2000-2008......all of them very well off to begin with.
   
   
   SHARE.

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      couturepopcafeposted 13 years agoin reply to this

      The U.S. Government has been 'helping' people for a lot longer than 8 years, in the form of welfare and other social handouts.  I'm not arguing the benefit or detriment of these programs, just stating that years 2000-2008 were not the years of helping 'small minorities'.  And actually, as has been stated in another forum, every tax paying citizen benefited from the 'help' in the form of paying less taxes.  You either don't pay attention to your paycheck or you do not pay taxes otherwise you would know this.  The government taking less taxes out of our earnings was not limited to those who were very well off to begin with.  Those who are very well off to begin with are not as concerned as the rest of us are.  They have great accountants who know how to keep as much of their client's money as they legally can.  I will repeat what I said in another forum.  I see more money in my paycheck as does every other taxpayer.  And aside from the Hiltons, et al, why should a person who has built a business over the course of a lifetime, now taking in more than $250,000. a year, be penalized?  They probably worked long hard hours to build that business, often sacrificing time with family to do so.  For some reason, LMC, your posts have a tone of something like jealousy or self entitlement.  You claim to be for the people, the underdog,  but I think that you are really for anything that will bring down those who have more than you, however much they may deserve what they have earned.
      
      I seem to remember that this whole idea of 'bringing down a president' began when Al Gore lost the election.  All of a sudden every Bush opposer tried to bring him down with slander, insult and unfounded criticism.  He withstood all the insult with grace and dignity and not once did he retort with the low level used against him.  When the Republicans finally turned it around and started using Dem. bashing, the Dems (generally speaking) cried as though this was something new to them.  It has become a way of life for them now and they cannot take getting it back.  Love to throw stones while they live in glass houses.
      
      Most people that know me in these forums know that I stay away from personal insult and don't take sides but stick to the facts.

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      1. 0

         Texasbetaposted 13 years agoin reply to this

         He lied to get us into a war that killed thousands of Americans and hundreds of thousands of innocent Iraqi civilians. He LIED! When he was caught in that lie, they leaked Valerie Plame's name, committing treason. He violated the Geneva conventions, thus making him personally a war criminal technically. He illegally spied on his own citizens! Do you want to talk about debt? The first tax cuts were unfunded, statistically did not grow but in fact shrank the economy, that contributed more to the deficit than Iraq itself. He let the very companies committing the violations to regulate themselves contributing to the 4 worst mining disasters in history, and the worst oil spill in our recorded world. We can go on forever. Are you kidding me?

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         Texasbetaposted 13 years agoin reply to this

         When Obama invents a war, allows the worst attack in our nation's history since 1814, and kills thousands and thousands of Americans without ever even acknowledging his mistake, but rather joked about it....you have a leg to stand on. Remember the press dinner when Bush was talking about the WMDs? "Are you under there? No WMDs under there. Are you behind the projector? No...no WMDs there." Seriously?

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8. 81

   lovemychrisposted 13 years ago

   "I see more money in my paycheck as does every other taxpayer. "
   This happened to me with Obama, not Bush.
   With Bush, I saw nothing but increasing cost of living. I went from lower-midle class to poor under Bush....and yes, I DO work--your snide comment regardless.
   
   That is how I know what is going on.
   I've had the same job for 10 years.....
   Basically the same income...little increase, but not much.
   BUT--since 2003, I have not been able to live on this income. The cost of living has incrementally gone up up up, and my pay has not kept pace.I am constantly behind the eight-ball, paying little bits here and there.
   Last year, I got a $400.00 tax cut from Obama. Not a whole lot, but made me feel recognized for once in my life.
   And I DO pay attetnion to my paychech. That is how I know that FICA is more than Fed and State taxes COMBINED. So, when incomes of $106,000 and up pay NO FICA--as a percentage of their incomes...they pay less taxes than poor and middle class people. I don't think that's right. AT ALL.
   It's not about jealousy, but fairness.
   
   And: "When the Republicans finally turned it around and started using Dem. bashing"
   Did you listen to Limbaugh when Clinton was president?
   I did....and believe you me, that was president bashing like you NEVER saw. It was so offensive, as to be unbelievable.
   There is no comparison between Dem bashing and Repub bashing. NONE.
   Limbaugh bashed Clinton personally, and his wife and daughter. Just like we see Palin bashing Michelle Obama now, in her book.
   Dems bashed Bush's POLICIES.
   There's a HUGE difference.
   Kind of like you coming on here and calling me a self-appointed expert, or a jealous person who thinks I'm entitled to everything.
   You know nothing about me or my life. But it's the way of Republicans.....demean people who don't agree with you.

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9. 61

   EPmanposted 13 years ago

   If GM had gone through the important federal function of bankruptcy they could have been back on their feet, perhaps even sooner, and not at the expense of the tax payer.
   
   It's amazing how many people are willing to overlook the money pumped into the economy and the consequent inflation that follows to achieve this "victory". People are too quick to pop the champagne bottles, but you cannot blame them as any glimmer of hope is welcomed in this economy. 
   
   And this isn't just an Obama problem. I wouldn't really be surprised if Bush had adopted a similar policy when he were President. Regardless, our problems cannot be traced back to one man. Government's role in society as a whole needs to be reexamined.

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      uncorrectedvisionposted 13 years agoin reply to this

      An unmentioned cost of GM's controlled bankruptcy is bankruptcy law in general.  There has been a long established legal method for bankruptcy that protects those with an equity stake in the bankrupt company.  The people who really lost out were the teachers, policemen and firemen of Indiana whose retirement fund held corporate bonds for GM and had their rightful stakes destroyed with the GM "bankruptcy."

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         Texasbetaposted 13 years agoin reply to this

         I can't believe I am writing this, but AMEN sir.

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            Doug Hughesposted 13 years agoin reply to this

            As opposed to?? Letting the company go completely insolvent, which would have cost an estimated 1.1 million jobs - and the teachers, policemen and firemen of Indiana would have gotten - the same amount as now - zilch.

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10. 81

    lovemychrisposted 13 years ago

    "Government's role in society as a whole needs to be reexamined."
    
    I can agree with that.
    
    Because I think Corporate role in gvt is the real problem.

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11. 57

    C.J. Wrightposted 13 years ago

    With GM shares trading at $34.50 Thursday afternoon on the New York Stock Exchange, taxpayers were facing an $18.50 per-share deficit on their remaining stake, or about $9.25 billion.

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