1. Come and join our community by registering for free here and start discussing politics! HOP - the political discussion forum

if GM is doing great why isn't it repaying debt ?

Discussion in 'Business & Economics' started by dogtowner, May 2, 2012.

  1. dogtowner

    dogtowner Moderator Staff Member

    Joined:
    Dec 24, 2009
    Messages:
    13,022
    Likes Received:
    786
    Trophy Points:
    113
    Location:
    Sec 9 Row J Seat 1 @ VCU home games
    but Tom Hanks said it HAD paid it back !

    first, Tom read a script
    second, expect at best only a partial truth out of the administration
    short answer is, it just ain't so.


  2. pocketfullofshells

    pocketfullofshells Well-Known Member

    Joined:
    Jan 17, 2008
    Messages:
    11,248
    Likes Received:
    131
    Trophy Points:
    63
    Location:
    land of 10,000 lakes and 2 senators again
    Why don't you ask Romney it was his plan....well at least now thats what the Etch a sketch's people are trying to claim.

    "One of Mitt Romney's top advisers said Saturday that President Obama's decision to bailout Chrysler and General Motors was actually Romney's idea.
    "[Romney's] position on the bailout was exactly what President Obama followed. I know it infuriates them to hear that," Eric Fehrnstrom, senior adviser to the Romney campaign, said.
    "The only economic success that President Obama has had is because he followed Mitt Romney's advice."

    But don't worry I know his real position was to never let them make profits...as they should be gone and evryone that worked for them, Ford, Chrysler, and the out parts companies that supplied them should be looking for new work...while you guys bitch about Unemployment
  3. Richard Savage

    Richard Savage Member

    Joined:
    Mar 3, 2007
    Messages:
    156
    Likes Received:
    4
    Trophy Points:
    18
    Mitt Romney recently made a speech criticizing President Obama for the government bailout of General Motors. It wasn’t a government bailout, it was a bankruptcy reorganization. The General Motors (GM) Chapter 11 case was filed at the height of the economic recession; and there were no banks or other commercial lenders that could provide the DIP (Debtor in Possession) financing necessary to continue business operations during the reorganization proceedings; and without the government assistance (and that of Canada as well) GM would have been DOA (dead on arrival) on the first day, forcing the liquidation of the company, and loss of thousands of jobs as happened in the Circuit City bankruptcy that cost over 35,000 jobs. The liquidation of GM would in turn precipitate the failure of hundreds of related industry manufacturers and suppliers, resulting in a flood of business bankruptcy cases across the country, and loss of millions of jobs. And, as it turned out, the reorganization was a success; witness the profitability of the company today.

    It is within living memory that it was said: "What is good for General Motors is good for America. President Obama was right in saving GM; he did it for the good of the country; he did it to save American jobs. It says a lot about his leadership priorities. Mitt Romney says that he "likes being able to fire people. . . ." What does that say about him? Surely, it does not speak well.
  4. dogtowner

    dogtowner Moderator Staff Member

    Joined:
    Dec 24, 2009
    Messages:
    13,022
    Likes Received:
    786
    Trophy Points:
    113
    Location:
    Sec 9 Row J Seat 1 @ VCU home games
    then why wasn't the bankruptcy court alowed to manage it ? the government could have been the bridge financier and let the process unfold but thats not what happened was it ? we all know the reason why. none of the problems that brought GM's woes were solved but that was not the goal.

Share This Page