GM posts its highest profit ever: $7.6 billion

[dellinger63]

As Paul Harvey would say 'and now the rest of the story.'

$10 billion loss on a $55 billion investment, Government Motors reneging on promises because the Treasury said it was OK? And now the last of the Detroit jobs going to China?

All while we bail the city out.

Anyway the Obama's can host Susie Orman for a few weeks?

http://washingtonexaminer.com/examin...rticle/2537323

[dellinger63]

We're officially out with a $10.5 billion dollar loss. (120,689 times more than 1% of McDonalds' CEO's pay) and what's $500,000,000 when we're talking billions.

According to a 2012 Forbes article GM employed just under 75K in the U.S. and that comes to $133,333 per job.

For those insisting GM would have gone completely under if allowed to file bankruptcy, I challenge you to find a grocery store not selling Hostess ho-ho's or twinkies despite Hostess' bankruptcy.

Meanwhile McDonalds' CEO is criticized.

http://www.americanthinker.com/blog/...5_billion.html

[jms62]

Originally Posted by dellinger63

We're officially out with a $10.5 billion dollar loss. (120,689 times more than 1% of McDonalds' CEO's pay) and what's $500,000,000 when we're talking billions.

According to a 2012 Forbes article GM employed just under 75K in the U.S. and that comes to $133,333 per job.

For those insisting GM would have gone completely under if allowed to file bankruptcy, I challenge you to find a grocery store not selling Hostess ho-ho's or twinkies despite Hostess' bankruptcy.

Meanwhile McDonalds' CEO is criticized.

http://www.americanthinker.com/blog/...5_billion.html

Yes. They lost 10 billion or 10 million a day over the 3 years they held this stock … BUT … they saved 1 million immediate jobs and countless related jobs (parts suppliers, driver and other services) and kept a huge crater from developing in the economy at a time when we could least absorb it. Those million jobs also bought goods and services of other companies no doubt saving additional jobs. It is unbalanced to say they/we lost 10 billion. The revenue from those jobs and sales that were saved went to the Fed via taxes.

[dellinger63]

Originally Posted by jms62

Yes. They lost 10 billion or 10 million a day over the 3 years they held this stock … BUT … they saved 1 million immediate jobs and countless related jobs (parts suppliers, driver and other services) and kept a huge crater from developing in the economy at a time when we could least absorb it. Those million jobs also bought goods and services of other companies no doubt saving additional jobs. It is unbalanced to say they/we lost 10 billion. The revenue from those jobs and sales that were saved went to the Fed via taxes.

It's also unbalanced to say 1 million jobs would have been lost. America still needs cars/trucks. Whether they be GM or some other make, they all need part suppliers delivery drivers, and other services.

Demand remains the same whether there is a GM or not.

[joeydb]

Originally Posted by dellinger63

It's also unbalanced to say 1 million jobs would have been lost. America still needs cars/trucks. Whether they be GM or some other make, they all need part suppliers delivery drivers, and other services.

Demand remains the same whether there is a GM or not.

Absolutely correct.

[jms62]

Originally Posted by joeydb

Absolutely correct.

As he overlooks the million immediate jobs that would have been lost and the countless other jobs supporting those million jobs OUTSIDE of the automotive industry. You are from the school of my job is safe for now and I am to scared to think about what could happen to the entire economy that would EVENTUALLY impact me. Whistle past the graveyard much Joey?

[joeydb]

Originally Posted by jms62

As he overlooks the million immediate jobs that would have been lost and the countless other jobs supporting those million jobs OUTSIDE of the automotive industry. You are from the school of my job is safe for now and I am to scared to think about what could happen to the entire economy that would EVENTUALLY impact me. Whistle past the graveyard much Joey?

Just meant that he was right about demand being independent of whomever supplies the goods or services.

If Apple went out of business tomorrow, there would still be a demand for smartphones providing the kinds of services that iPhones did.

[Danzig]

Originally Posted by jms62

Yes. They lost 10 billion or 10 million a day over the 3 years they held this stock … BUT … they saved 1 million immediate jobs and countless related jobs (parts suppliers, driver and other services) and kept a huge crater from developing in the economy at a time when we could least absorb it. Those million jobs also bought goods and services of other companies no doubt saving additional jobs. It is unbalanced to say they/we lost 10 billion. The revenue from those jobs and sales that were saved went to the Fed via taxes.

i wonder tho if someone else would have bought them. that's typically what happens when a company can't right the ship. there's demand for those vehicles, that demand wouldn't have dried up.

it's just too bad that what was essentially a loan was handled like it was, which cost taxpayers plenty.

[bigrun]

GM to invest $1.3 billion in new equipment, expansions in Michigan.

http://www.freep.com/article/2013121...tment-business