For the purposed of the bailout, that is exactly what the fed was. Which is why it was wrong.
For the purposed of the bailout, that is exactly what the fed was. Which is why it was wrong.
received this from a friend of mine...
when asked about the ROI from GM this was his response. That was a good investment. Imagine the cost of letting GM fail. If you insist on calculating a ROI on saving the auto industry, then you must calculate the ROI on the Iraqi war. That decision cost a lot more than 10b. In fact we spent more than that daily and grew the national debt by trillions with a T. And for what? What was the return on that investment? Give me a number. In the end, taxpayers lost $10.5 billion on the GM rescue - about 0.3 percent of the federal budget and about one thirtieth of what the country loses to tax evasion each year. But the GM portion of the deal actually saved the government money even though the stock sales didn’t recoup the full initial investment. Given what GM’s failure would have cost in terms of higher public assistance enrollment and lost tax revenue, “the U.S. government avoided the loss of $39.4 billion in increased transfer payments and lost taxes in just two years: 2009-2010,” CAR note. That’s over three-and-a-half times the on-paper cost of the deal after Monday’s stock sales.
when asked about the ROI from GM this was his response. That was a good investment. Imagine the cost of letting GM fail. If you insist on calculating a ROI on saving the auto industry, then you must calculate the ROI on the Iraqi war. That decision cost a lot more than 10b. In fact we spent more than that daily and grew the national debt by trillions with a T. And for what? What was the return on that investment? Give me a number. In the end, taxpayers lost $10.5 billion on the GM rescue - about 0.3 percent of the federal budget and about one thirtieth of what the country loses to tax evasion each year. But the GM portion of the deal actually saved the government money even though the stock sales didn’t recoup the full initial investment. Given what GM’s failure would have cost in terms of higher public assistance enrollment and lost tax revenue, “the U.S. government avoided the loss of $39.4 billion in increased transfer payments and lost taxes in just two years: 2009-2010,” CAR note. That’s over three-and-a-half times the on-paper cost of the deal after Monday’s stock sales.
Learned from the Babba book of reasoning.
and I also, will NOT purchase a GM or Chrysler. Bailout to preserve UNION jobs only, subsequent payments given out under Babba and many Dealers lost their dealerships and people out of job based solely on the Dealer had donated to Republican candidates. Goobermint had NO BUSINESS being in the bailout, bankrupt, mismanaged companies, banks included, should have failed.
Now Babbacare is trying to collapse healthcare and doing a good job of succeeding with it.
GM has made some good products in the past. Agree we never should have bailed them. FYI, I won't buy a Dodge or Chrysler.
I think we can all agree that govt does some pretty stupid stuff with money. This however saved an a@@load of jobs and even though union it still prevented a lot of pain in the future. Unemployment alone for those who would have lost their jobs would have eclipsed 10b a long time ago. Like all investments there is risk involved and unlike our investments they were investing in their own future burden if they did not act. We invest on future benefit. The govt saw this as a lose lose but took the less painful route and the numbers prove this to be fact. The employees of the suppliers faired well in my mind because had their boss lost their biggest account to bankruptcy they would be the first let go.
GM makes a good product and employees Americans. I doubt anyone here would walk away from a brand new truck that was priced too good to be true because in then end you know its a good truck.
GM makes a good product and employees Americans. I doubt anyone here would walk away from a brand new truck that was priced too good to be true because in then end you know its a good truck.
Wait--you were talking about GM, then you started talking about good trucks. Which one is it, man?
Wait--you were talking about GM, then you started talking about good trucks. Which one is it, man?
Any truck made today is going to get what most of us need done. No truck is head and shoulders above the competition.
This is hilarious, sounds like a Dodge waxed your ass in a drag race at some point since they both received bailouts.
I file the whole bailout under the "Necessary Evil" category. Wished it hadn't happened, but the result seems to have been worth the money and effort. Lots of people still working, and both companies are thriving and selling vehicles.
Perhaps you missed the
for the humor-impaired...No, but there's one truck that is way behind the competition and that's the GM.
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