US loses Billions on GM stock sale: The taxpayers are taking a hit on this. This after the stockholders took the hit when Obama changed bankruptcy rules to favor the Unions over...

Screamin Scott Loc: Marshfield Wi, Baltimore Md, now Dallas Ga

The taxpayers are taking a hit on this. This after the stockholders took the hit when Obama changed bankruptcy rules to favor the Unions over shareholders...I'll never own another GM vehicle. My last one was about 30 years ago...

http://news.yahoo.com/government-sells-remaining-stake-gm-213858517--finance.html

Ka2azman Loc: Tucson, Az

Screamin Scott wrote:

The taxpayers are taking a hit on this. This after the stockholders took the hit when Obama changed bankruptcy rules to favor the Unions over shareholders...I'll never own another GM vehicle. My last one was about 30 years ago...

http://news.yahoo.com/government-sells-remaining-stake-gm-213858517--finance.html

Seems like you made a decision a long time before this was even a glint in the eye of the author. And your still are seething over something, but projecting it upon this bankruptcy rules change.

Screamin Scott Loc: Marshfield Wi, Baltimore Md, now Dallas Ga

You are right....I found a much better made Japanese vehicle after a series of American made models & have never looked back. That said, I was never one who believed in TARP...GM may have gone out of business (although I seriously doubt it) & even if they had, someone would have bought the remnants of GM ...It's called American ingenuity...

Ka2azman wrote:

Seems like you made a decision a long time before this was even a glint in the eye of the author. And your still are seething over something, but projecting it upon this bankruptcy rules change.

graficsfx Loc: Humboldt County, CA

[quote=Screamin Scott]The taxpayers are taking a hit on this. This after the stockholders took the hit when Obama changed bankruptcy rules to favor the Unions over shareholders...I'll never own another GM vehicle. My last one was about 30 years ago...

Perhaps you would prefer that the US only have 1 (Ford) auto manufacturer?

Screamin Scott Loc: Marshfield Wi, Baltimore Md, now Dallas Ga

Had a Mustang at one time, and my son has had several American nameplates over the last decade...All were nowhere near the quality of foreign nameplates... They are getting better, but still have a way to go (BTW, I worked in the auto business for the last 25+ years, so it's not just me speculating)...Oh, can you send me some of those crabs that I see in your avatar?... I lived in Maryland for 34 years & miss them more than anything else..[quote=graficsfx]

Screamin Scott wrote:

The taxpayers are taking a hit on this. This after the stockholders took the hit when Obama changed bankruptcy rules to favor the Unions over shareholders...I'll never own another GM vehicle. My last one was about 30 years ago...

Perhaps you would prefer that the US only have 1 (Ford) auto manufacturer?

BW326 Loc: Boynton Beach, Florida

I read through the article and it actually puts the decision to bailout GM in a mostly positive light except for some critiques towards the end that object on 'ideological grounds'...

several points in the article point to the fact that it was a good decision for all Americans and the economy...

* Not doing the bailout would have cost the government more than it lost in missed tax revenue and payments for unemployment benefits and pensions, the officials said.

* Without the bailout, the country would have lost more than a million jobs, and the economy could have slipped from recession into a depression, Treasury Secretary Jacob Lew said.

* Treasury said it spent $421.8 billion on bailouts and so far has recovered $432.7 billion, including the loss on GM.

Gee, whomever do we thank for leading us through that financial recession?

Screamin Scott Loc: Marshfield Wi, Baltimore Md, now Dallas Ga

Since the bailout was done, any speculation as to what would have happened is just that, speculation...So, you approve of the willful disregard of bankruptcy laws by the top law official in the country ?

BW326 wrote:

I read through the article and it actually puts th... (show quote)

DaveO Loc: Northeast CT

BW326 wrote:

I read through the article and it actually puts th... (show quote)

I agree with you and many others, but keep in mind, if you are an Obama basher, anything can be construed to make it his fault. That's our privilege. (I guess.)

Screamin Scott Loc: Marshfield Wi, Baltimore Md, now Dallas Ga

How can a 10.5 Billion dollar loss be a good thing ?

BW326 Loc: Boynton Beach, Florida

Screamin Scott wrote:

How can a 10.5 Billion dollar loss be a good thing ?

$432 b - $421b = $11b dollar gain
* and not to put too fine a point on it but anytime you can prevent a full blown depression, and save $11b while you're doing it is not a bad deal.

also, see points #1 and #2 ... those were also good things.

Screamin Scott Loc: Marshfield Wi, Baltimore Md, now Dallas Ga

Are you able to see into the future?...Saying it would or could become a depression is speculative, it may or may not have happened. To say it did "prevent" a depression is no more than an opinion is it not?...That could have been a 21 Billion dollar gain instead of an 11 Billion dollar one. You say to see points 1 & 2, again those statements are speculative. They have no "crystal ball" that shows what would have happened....... How about the points I made...You think that our bankruptcy laws are there to be ignored? The 11 Billion dollar gain wasn't due to GM, so it doesn't apply to the thread in as much as the money can from elsewhere, not GM... Oh, and a 10.5 Billion dollar loss is a "good thing" ?

BW326 wrote:

$432 b - $421b = $11b dollar gain
* and not to put too fine a point on it but anytime you can prevent a full blown depression, and save $11b while you're doing it is not a bad deal.

also, see points #1 and #2 ... those were also good things.

magicray Loc: Tampa Bay, Florida

Many foreign brand vehicles are made here and vise versa. My neighbor just bought a Kia Optima that he tells me was made in West Point, Georgia.

Add Loc: S.W.Florida

Cars built by the Japs do nothing for the US economy.Same for junk made in China.

srron Loc: Courtice,On.

I worked for GM for 35 years and driven nothing but GM cars,trading up every two to three years and only had minor trouble with one of them.The only foreign cars i owned were junk,although they were used when i bought them,so that is a factor.
I also believe the GM bankruptcy was a crock,due to its brevity and other factors,designed to allow GM to quickly downsize and renegotiate contracts in their favor.

rlaugh Loc: Michigan & Florida

These foreign car companies open up plants in the U.S. and often without having to pay the taxes that U.S. car companies have to pay,and hire a few American workers! But the big money those companies make goes back to their countries,it does not stay here! Also the minute the American car companies would fold,those foreign car companies would go back to their own country,hire workers a poverty wages,ship all their cars here,at inflated prices. Studies have also shown that every American auto job affects 7 other jobs,so shut down the American auto companies and see how many other workers it affects! And even though it happened a long time ago,and has nothing to do with people living in these countries now,I'm sure my relatives who fought in certain wars,would rather see me buy an American car then a German or Japanese car or Korean!