GM posts its highest profit ever: $7.6 billion

[dellinger63]

Ouch!

Just over 6 mos. later we're at $20.21 a share. Another $8 billion to the taxpayer. And we were debating the 'bonus' checks to 47K GM workers?

We got f'd not once or twice but a bunch of times.

And to think Obama supporters are still celebrating this success?

[Thepaindispenser]

It costs the taxpayers $25 billion so that Obama could bail out the UAW who bribed him with campaign contributions. Meanwhile non-union members and bond holders got screwed. This is not a success, it is a crime and a debacle.

[Thepaindispenser]

http://www.forbes.com/sites/charlesk...of-government/

GM will be in bankruptcy again. What a success!

[geeker2]

I say we double down - I mean we can print more money if we need to or take from the rich folks

[dellinger63]

Originally Posted by Thepaindispenser

http://www.forbes.com/sites/charlesk...of-government/

GM will be in bankruptcy again. What a success!

Wow almost overwhelming with all of the successes listed in one place;

An increase of 18 million people, to 46 million Americans now receiving food stamps;

Going from 28 million to 46 million equates to a 64% increase.

A 122% increase in food stamp spending to an estimated $89 billion this year from $40 billion in 2008;

Despite only a 64% increase in recipients? Must be on the six meal a day diet. Are we not fat enough?

An increase of 3.6 million people receiving Social Security disability payments;

Of course they need not apply or be counted in unemployment stats.

A 10 million person increase in the number of individuals receiving welfare, to 107 million, or more than one-third of the U.S. population;

More than 33% of Americans are unable to survive on their own? Pitiful

A 34%, $683 billion reduction in the adjusted gross income of the top 1% to $1.3 trillion in 2009 (latest data) from its 2007 peak.

Who cares, they’re still rich.

[pointman]

Here is the direct link to the GM article.

http://www.forbes.com/sites/louiswoo...kruptcy-again/

How can this be? Ri(di)ot has listed the GM bailout amongst the Obama Adminstration successes.

What is sickening with this socialist move, unlike those in the free market Obama is playing with taxpayer money. Because of that instead of admitting the colossal failure of this bailout, he is going to gamble with taxpayer money until the stock is worth nothing.

Under our free market system, GM must be allowed to fail since it is unable to place a competitive product in the market, in large part due to the absurd labor costs for which unions are responsible. Much like the airline industry, if GM exits the market, innovative startups will enter the market and replace the jobs lost by the GM failure with competitive products assuming the unions can be cut out. That is what a free market does.

Rumor has it that Obama has directed GM to hold off on bankruptcy until after the election.

[Danzig]

the news about GM is very disheartening at least. i know when they decided to perform the bailout, that the cost of doing so was felt to be far less than the eventual cost of NOT doing a bailout. whether that will ultimately prove to be the case, i don't know. yet another example of banking issues-in this case, very, very low interest rates are killing these pension plans. they are unable to perform at what was guaranteed, so here we are.

[pointman]

Originally Posted by Danzig

the news about GM is very disheartening at least. i know when they decided to perform the bailout, that the cost of doing so was felt to be far less than the eventual cost of NOT doing a bailout. whether that will ultimately prove to be the case, i don't know. yet another example of banking issues-in this case, very, very low interest rates are killing these pension plans. they are unable to perform at what was guaranteed, so here we are.

No company, whether it be automotive, banking, or whatever, should be deemed too big to fail. If they are that big than they should be broken up by antitrust laws to encourage competition, but other than that, the government should stay out of it and let the free market and bankruptcy courts deal with the failure.

[hoovesupsideyourhead]

they just put a woman in charge..good luck with that..

[bigrun]

Originally Posted by hoovesupsideyourhead

they just put a woman in charge..good luck with that..

oh oh, look out!

[Danzig]

Originally Posted by hoovesupsideyourhead

they just put a woman in charge..good luck with that..

should have done it years ago.

[dellinger63]

And now GM will attempt to hide behind their BK filing avoiding the mega lawsuits that are coming because of the piece of shiat, dangerous cars they produce. Sad only the foreign press seems to be covering the story. Then again it is Government Motors.

Thanks again Obama....


http://www.theguardian.com/business/...e-cars-awsuits

[casp0555]

I wonder who the Underwriter is for the "Old GM"

Maybe the same as who the "New GM" is asking BK protection from? Well...that does make good business sense again

[Danzig]

i was appalled to find out that under the terms of the restructuring a few years back, they can't be sued for stuff that happened before '08. so, that 57 cent part that caused all the problems? yeah, tough luck if that happened to you.

i'm shopping for a new car right now. it won't be a chevy.