In2 Economy Fail-GM,Obama and Us…

on

ok folks help me out with my major deja vu/ seizure activity.

Chinese companies were not to acquire US assets.

Now one owns Hummer

The bailout was supposed to help GM.

They’re bankrupt

Bankruptcy was bad. Romney was an asshole for mentioning it.

They’re bankrupt.

Workers needed to stay on the job to help the overall economy. “Too big to fail” ! Factories closing,lines shattered and stock delisted from the stock exchange.

All this and the taxpayer and American driving public are still supposed to expect a return on our investment. If you’re buying that I’ve got a car I want to sell you it’s got….

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3 Comments

  1. Marc says:

    Alfie,
    Not sure where you got some of this. As for China not acquiring U.S. assets, it was pretty much inevitable – they had a trade surplus and huge reserves, pretty much guaranteeing they’d be fairly recession resistant. As companies got busted up, China was always in a good place to acquire assets. Frankly, if they want Hummer, they can have it – in the past three months, average hummer sales have been roughly 800-1,000 a month. Thats not just bad, that’s unheard of. It won’t get any better when gas prices spike this summer.

    Bail-out was supposed to and did help GM. However, if you’ll remember, Congress denied them a bail-out twice, it was an executive position. So it wasn’t exactly popular. Furthermore, GM couldn’t have done a structured bankruptcy 4 or 5 months ago.

    As for the Romney is an asshole bit, I didn’t pay it much mind but it seems to me it was mostly Levin and Granholm making those accusations – and you couldn’t exactly expect them to be rational.

    Workers will be staying on the job, granted not all of them, and retirees will be keeping their benefits, mostly. Most importantly, suppliers will still have someone to supply. As for the stock delisting, hardly as bad as you think, and kind of an inevitable result of bankruptcy and an elimination of most of the stock holders.

  2. Keith Olberman says:

    Marc, I didn’t realize things had gone so well until I read your comments.

    As one of the talking heads said on the boob this morning, the GM bail-out and current status of GM ownership is nothing more than tax payer funded jobs program. All of this is entirely for the benefit of the unions and Obama.

  3. Alfie says:

    Marc I don’t have time to go link crazy and I have to confess some of where I got this isn’t web based.
    Chinese auto companies and sovereign funds have been prevented from coming to the USA in a number of ways. There is a great irony there that they’ve been able to come piece by piece ,or should I say part by part ?
    We’ll have to agree to disagree on grounds of differing perspective. I see no way the bailout helped other than in an artificial life support kind of way. The end result being we the people out $$$
    I’m pretty sure I saw others chastise Mitt and for sure others championed “too big to fail”.
    Would you agree that future GM employees will get less and if the company stays alive (which it won’t) they’re all in for a whack down the road ??
    As for the bankruptcy some months ago. I know that has always been your position and you addressed it well. I just don’t buy it. Granting the same level of importance of GM economic tentacles into the greater economy I fail to see how a bankruptcy couldn’t have been commanded at less cost to the taxpayers as the long road we all just took.
    Lastly and one of the many reasons I don’t see GM staying around. Capital. Maybe an fresh IPO will be successful and exciting. I don’t think the world is in the market for it though.

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