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“Happiness comes through giving”
Since: Feb 08
Location hidden
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Cat74 wrote: There are billions of dollars that were wasted in saving the Unions, and pumping them full of money to be kicked back. This is the most corrupt Administration in the history of the country. We will never recoup the losses. The only loss you've experienced is a marble or two. I know a union shop that can replace them.
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Pete
Caledonia, MI
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Robert wrote: I can’t believe some people buy Obama’s line about saving the auto industry you would not think people could be that stupid. GM was doing terrible, and they were going to file a chapter 11 bankruptcy, and restructure their finances and use the bankruptcy petition to keep people from taking them to court to seize their assets while they spent a few years straightening out the mess. After which they would be able to pay their secured bondholders. This petrified the union, they know good and well that the company would be able to re-negotiate their contracts and even though those very contracts were what made the company un competitive. GM had become a healthcare and pension support company which just happened to sell cars.
So what did the unions do? Barrack Barrack, hey Obama, remember when we dumped all that money into your campaign to help you win in 08. It is time for pay back.
So Barrack Obama subverts 200+ years of bankruptcy law by whipping out the nations check book and saves GM. Only he didn’t, he saved the union not GM. GM would have still been there making cars only their union employees would no longer have been the highest paid workers in the auto industry and they would be providing healthcare and pension benefits which they could afford.
And another little thing, don’t forget that the government owns stock. If the government sold its stock at today’s prices it would have cost tax payers 35 billion dollars. Just watch, it won’t be long before they are bragging about paying the government back. Just watch, when GM gets the money they will buy the stock back but at what price ?
Also because the legacy cost remain high the same problem is likely to pop up again since Obama did not solve that, he was only interested in saving the union not the company.
When Obama says I saved the Auto Industry; Obama is a lying sack of yack squeeze. He saved the Union. Wifey says: They are saying that for two reasons only... because Chairman mao bama has been pumping unions full of "Bail Out" money at the TaxPayers expense all along... and calling it job growth... and he also gave those communist party unions amnesty for paying taxes and healthcare like the rest of us have to do. Too Funny.
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Pete
Caledonia, MI
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Pete wrote: Wifey says:
They are saying that for two reasons only...
because Chairman mao bama has been pumping unions full of "Bail Out" money at the TaxPayers expense all along...
and calling it job growth...
and he also gave those communist party unions amnesty for paying taxes and healthcare like the rest of us have to do.
Too Funny. This is precisely why our taxes will be going up after Jan 1... no matter who is elected.
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Rob San Diego
San Diego, CA
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Obama is a filthy animal that allow the union obligations to survive bankruptcy and kicked the secured bond holders to the curb. This left GM with the only real problem they had prior t Obamas move, the union obligations. Effectively wiping out 200 years of bankruptcy law. If Obama followed the law GM would have reorginized into a strong company. Now they are in a death spiral with those union jobs being offshored by Obama. The union folks just don't know it yet. not sorry i don't spell check or proof read your not worth it
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Rob San Diego
San Diego, CA
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Mao-Bama thats a good one...
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Since: Jul 07
Newport News, VA
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"The government still owns 500 million shares of GM, 26 percent of the total. It needs to sell them for $53 a share to recover its $49.5 billion bailout. But the stock price is around $20 a share, and the Treasury now estimates that the government will lose more than $25 billion if and when it sells. That's in addition to the revenue lost when the Obama administration permitted GM to continue to deduct previous losses from current profits, even though such deductions are ordinarily wiped out in bankruptcy proceedings. It's hard to avoid the conclusion that GM is bleeding money because of decisions made by a management eager to please its political masters -- and by the terms of the bankruptcy arranged by Obama car czars Ron Bloom and Steven Rattner. Rattner himself admitted late last year, in a speech to the Detroit Economic Club: "We should have asked the UAW (the United Auto Workers union) to do a bit more. We did not ask any UAW member to take a cut in their pay." Non-union employees of GM spinoff Delphi lost their pensions. UAW members didn't. The UAW got their political payoff. And GM, according to Forbes writer Louis Woodhill, is headed to bankruptcy again. Is this really what Obama wants to do for all manufacturing across America? Let's hope not." Michael Barone
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Razors Edge
Palos Hills, IL
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Eighthman wrote: Obama ruined the GM consumer car business. They are doomed to a slow, painful death by communistic control. Why is Obama’s well documented and comparatively recent involvement with Chicago Marxists not on the front page of every major newspaper in the United States?” The simple answer is that the “useful idiots” in the MSM believe it is their job to cover up and provide cover for Obama. If the folks knew that Obama was a dyed in the wool Marxist who seeks to destroy capitalism and America, he would never get more than 10% of the vote. So he has to lie about who he is and what his real intentions are. He has plenty of useful idiots out there to provide cover. The MSM or State Run Media believe they’ll be part of the elite when Obama’s fundamental transformation is complete. Little do they know how expendable they are.
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