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Well Obama sold our stock at a loss, what a Surprise!10.5 billion loss!

http://www.cnbc.com/id/101258789?__source=yahoo%7Cfinance%7Cheadline%7Cheadline%7Cstory&par=yahoo&doc=101258789%7CGovt%20sells%20last%20of%20GM%20sta
 

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GM should have gone bankrupt and started over from scratch. ANOTHER Obama disaster.
 

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"The Center for Automotive Research, an Ann Arbor, Mich., think tank, issued an updated report on Monday saying that if the government hadn't intervened and GM went out of business, nearly 1.9 million jobs would have been lost in 2009 and 2010.

Federal and state governments also would have lost $39.4 billion in tax revenue and payments made for unemployment benefits and food stamps, the study said."

39.4 Billion vs 10.5 Billion. Neither of those figures should ever have happened but it did.


I would be willing to bet any amount that if you were employed by GM you would have felt the same way.

Well maybe not, that would have made you one of the lazy, no good bums who doesn't want to work and just wants to live of the gubermunt, eh?
 

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The problem is we will revisit this GM debacle again in the future. Nothing was done about the long term debt that GM has in pension benefits,etc. GM would have reorganized and been all the better if just allowed to go bankrupt.

Give it a few years.......watch and learn........
 

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Sorry Husky, but if you bought GM stock and lost money you got exactly what you deserved.

I've posted many, many times warning you guys about the evils of GM. I drove GM continuously for 30+ years before they took the bailout and commited what -- before the federal government's collusion to change the law for them -- was an actual CRIME. They stabbed their own bondholders in the back and reneged on them. Realize that this isn't like stockholders losing money after consciously deciding to take a risk -- this is little old ladies and other Americans who made personal loans to GM with the understanding that these loans were secured by first claim on GM's assets if anything ever went wrong. I also posted how I've been in Shanghai and personally saw the gigantic Buick plant and countless Buick vehicles surrounding me in traffic -- more Buicks and more capital investment than you will ever see GM make in this country. Funded in part with your tax dollars.

Recall that when the government swooped in to legalize this CRIME, fleece GM bondholders and trade union favors for votes, they immediately drove out the CEO and replaced him with Ed Whitacre. Whitacre came from the telecommunications industry and did absolutely nothing while at GM except keep his mouth shut and let the government dictate everything. After 18 months of keeping his mouth shut like a good little boy he left town with 9 Million dollars. Well, actually he didn't "leave town" because he had never even bothered coming to town. In fact he never moved his residence to within 1000 miles of GM headquarters. Does this not smell like more CRIME?

The other thing I've explained is that while GM stole our money and raped their own bondholders, they fixed almost nothing about their sh!tty business model and steadfast policy of paying bonuses for abject failure. So they will inevitably go bankrupt again.

So again, 30+ years of GM loyalty here, and I had three of them in my driveway when that unprecidented crime against America took place. I dumped all three within months. Nobody under my roof will ever drive a GM as long as I'm breathing. I refuse to reward CRIME.

-Gary
 

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So...the jury is in. Was the GM Bailout an act of charity?


Yes! Ding, Ding, Ding...it was!


Now you wouldn't find a labor union person who would admit that a few years ago, would you? "They'll turn that company around, and Uncle Sam will end up making a PROFIT," said the fat-jowled Union boss. But I guess now that the nappy-headed baby has been born, and he DOES NOT have Grandpa's eyes, it is, in fact, okay to admit that little Suzie was Pregnant...and yes, it was the usual suspects. Just like we said.


So there it is, taxpayers: a bouncy, bundled-up 11 Billion dollar loss. It's more of what we've come to expect from Obama, Democrats, and Labor Unions: say whatever you have to, to talk your way past the immediate difficulty...then shrug your shoulders and run like hell when the truth comes out.


(PSST! I have another hot tip for you: if you like your health plan, you can KEEP it.)


Nope, no more GM or Chrysler vehicles for me.
 

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For you purists:
Since every foreign caremaker gets their government assistance in one form or another and you refuse to buy US automakers who were outwardly assisted (aided) that leaves only Ford as your option. Read the following and if you really mean what you say then start walking to where you want to go.


Ford didn’t file bankruptcy or get bailed out by Uncle Sam, but didn’t it receive $5.9 billion in low-cost government loans in 2009 to overhaul its factories and bring out more fuel-efficient technology? What would have happened to Ford if Congress hadn’t authorized taxpayer money to fund that $25 billion Energy Department program during a moment of crisis for the industry?

It’s hard to say, of course, but the fact is, with the aid of that taxpayer loan and a well-timed bank loan of $23 billion, Ford managed to tiptoe past the graveyard and avoid bankruptcy.
 

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Having lost a large sum of money in the bankruptcies and four years of potential business because of the loss of 3,000 + dealerships, can you imagine how many GM (Government Motors) vehicles I'll own in the future? Answer = 0 People wonder why I hate Odumbass and his regime, can you guess why? Socialism does not work to the benefit of the people only to the benefit of the government. Vote each socialist (democrat) out of office in 2014 and again in 2016. Help to save our once great country.
 

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A little clarification please...

You wrote, "I would be willing to bet any amount that if you were employed by GM you would have felt the same way."

For those of us that aren't employed by GM or UAW members, we would have felt the same way about what?

sissy
 

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Bless You for pointing that out about Ford.


I guess it's Japanese only for me from now on.


Thanks for clarifying,

buzz
 

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First of all I wasn't for the bailout either.

What I meant was if you worked for GM or Chrysler would you have still been against the bailout.
 

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The United States Federal Government literally changed the law so GM could shaft their bondholders. That was never done for Ford, or any other auto company on earth. It was a CRIME perpetrated against United States citizens, facilitated by their own government. Get it yet?

-Gary
 

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Actually the government paid to save union jobs instead of allowing the free market to replace them with competition based free market jobs. Please let us be honest with the reporting of "GOOD NEWS". There is nothing that urks me more than somebody or some organization that considers themselves capitalists or free marketeers and conducting themselves like socialists. In other words unions getting government give outs while commanding ridiculous wages and safe jobs with no risk. Either you have principles or you don't.


Darr
 

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Now that the final LOSS figure has been manipulated as much as possible to minimize it, ignore the THEFT of bondholder's assets, etc.
We are told that it cost the US taxpayer 10 billion dollars...(and you better believe this has been massaged). I'm SURE that we will be seeing an announcement from the Union bosses at UAW headquarters that they are initiating a SPECIAL ASSESSMENT on all UAW members to PAY BACK the 10 billion dollars we LOST to preserve their cushy jobs, and PROTECT the UNION from being decertified in the bankruptcy that SHOULD HAVE HAPPENED.
I'm CERTAIN that announcement will be coming out any day now...!!
 

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It's a misnomer that if GM had failed all those jobs would have been lost. There were/are investor willing and able to buy the names and reorganize. Maybe not as heavily unionized but they would have succeeded.
 

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Somehow being a lifetime Ford driver, I got talked into buying GM stock by a "financial wizard" at the high it was $610,000, and is few short months it was $0

I got sucked into the "it's too big to fail" thing, and I was elbows to A$$holes at the time so I didn't have the time to see what was happening

Am I bitter? Nope a lot more than bitter
 

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Looking at new trucks now. Been driving GM for 30 years. Looking at Fords and Toyota. I think a Tundra will work just fine. If its anything like my FJ it will out last 3 GM trucks.......
 
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