Obama Rattled by Donor "Problems"? Prior to Debate? Altitude?

[Johnny Tremain]

I think the reason its not widley held is due to the fact its wrong...GM was done with...and the Banks failing and the housing market are the main reason...auto would have just made it worse.

Thank God--the economic christ--Obama--came in and usurped bondholder's money (wealth re-distribution via "theft") and handed over stimulus money and stock to the unions that he can count on for communist support...all by stealing it.

 

[cashmcall]

Obama .... doing something ethically wrong? Now, there's a shocker!

Besides ... Obama already has nearly full control of the MSM. The only way to gain more "control" is to suspend the 1st Amendment!

The president says now that his "biggest disappointment" is that he hasn't been able to elevate the tone of American politics. For countless voters, a far bigger disappointment may be that he never tried.

 

[Johnny Tremain]

The president says now that his "biggest disappointment" is that he hasn't been able to elevate the tone of American politics. For countless voters, a far bigger disappointment may be that he never tried.

Obama is an amateur--in every way--at everything.
A shill. Controlled by someone else.

 

[PLC1]

Why do you think obama had the right and athority to do it? You have said he has the right to tell GM what to do because he gave them the money. Actually he gave them our money, so why do you think he had the right to give GM our money. Why do you think he has the right to pick winners and losers? Do you think all presidents have this right?

There is a precedent, at least, in the Chrysler bailout of '79. That one was paid back, thanks to Lee Iacocca.

Chrysler bailout: Sounds a lot like the more recent bailouts.

 

[PLC1]

when you loan someone a shit ton on money...you get to put conditions on it to make sure you get the money back...welcome to the real world. And by the way...how is GM doing now pretty good...so enjoy the millions of jobs saved by Obama...

So, when is China going to start putting conditions on the money loaned to the US federal government?

 

[Gipper]

GM was a global company, and they were in the black. GM's North American division had some labor issues they wanted to deal with. The bailout didn't save GM although I'm sure they didn't mind governments just handing them boatloads of money in order to float NA operations. The bailout also didn't do a thing to bring back the supply chain jobs which were offshored in the late '90s, which was the beginning of the downturn. Depending on the vehicle and the manufacturer there were anywhere between 55-85 jobs in the supply chain for every single job on the factory floor. All the bailout did was soften the blow that was dealt to the UAW by GM. That's all it accomplished. And all of those supply chain jobs are still gone.

They are a global company and have been steadily moving more of their operations overseas. Its a good thing the American tax payer bailed them out....for other nation's benefit. We are such a benevolent nation.

We need to look no further than General Motors’ own figures to learn that GM outsources almost two thirds of its jobs overseas. Less than one in five GM vehicles are manufactured in the United States.
To be exact: GM’s December 31, 2011 annual report shows General Motors of North America accounting for 98,000 of the 207,000 GM jobs worldwide. But 12,000 of these jobs are in Canada and 11,500 are in Mexico. Accordingly, GM has 74,500 jobs in the United States and 122,500 abroad, even after Obama’s touted surge in Detroit jobs. Almost two thirds of GM’s jobs are in other countries.
GM’s outsourcing is not a slip. GM clearly states that foreign investment and outsourcing of jobs are an integral parts of its growth strategy.
Grace D. Lieblein, President and CEO of GM Mexico, for example, proudly announced in a GM Mexico press release:
“75 years ago, General Motors came to our country with a dream to fulfill: turning Mexico into a prosperous nation for the benefit of millions of families. Today, after 75 years into the adventure, we have achieved goals that seemed unattainable, thanks to the efforts and dedication of Mexican talent. During the 75 years GM Mexico has been in operation, the subsidiary has produced 7 million vehicles, 20 million engines, and 4 million transmissions. GM Mexico employs 11,500 direct and about 90,000 indirect employees.”

GM is no less ambitious with respect to manufacturing in the BRIC countries of Brazil, Russia, India, and China. Again from GM’s annual report:
“We will continue to grow our business under the Baojin, Jiefang, and Wuling brands. We operate in Chinese markets through a number of joint ventures and maintaining good relations with our joint venture partners, which are affiliated with the Chinese government, is an important part of our Chinese growth strategy.”
http://www.forbes.com/sites/paulrod.../outsourcer-in-chief-obama-of-general-motors/

 

[Cruella]

^I've been trying to find those numbers. I did read an article that said they also have $27 billion in underfunded pension liabilities. I think the days of unions has long passed, as well as guaranteed pensions.

 

[Johnny Tremain]

GM--is a Chinese Corporation.

 

[dogtowner]

There is a precedent, at least, in the Chrysler bailout of '79. That one was paid back, thanks to Lee Iacocca.

Chrysler bailout: Sounds a lot like the more recent bailouts.

Not really.

Iococca got a loan guarantee and paid the lender(s) back in record time so it really didn't cost America anything. Moreover, America did not become the principle stockholder.

The government could have offered a loan guarantee this time to obtain the re-org capital the usual way and allowed the bankruptcy process to do it's job. But that was not the goal. The only point in the government taking a majority position in the matter was it allowed them full control in shaping the outcome. The union got a sweetheart deal to save it's pention fund which had been squandered on political donations and other assorted graft as well as a nice boost to union leadershi0p's hip pockets. This screwed GM investors, non-union workers and, sit down, active union workers whose jobs were shipped to Canada (20k as I recall).

So we paid an insane premium on the stock to buy it (MANY tens of billions we will never see again and the main reason they wont sell the stock back). We screwed darn near everyone by sidestepping the bankruptcy process (oh and by the way, did nothing to fix the problems that they still have and will ultimately simk them).

And to think they could have done what Iococca did (with a managed bankruptcy which Iococca did not do) with no money lost forever.

You look at the winners and losers and decide if this saved anything but union leadership's behind.

 

[dogtowner]

^I've been trying to find those numbers. I did read an article that said they also have $27 billion in underfunded pension liabilities. I think the days of unions has long passed, as well as guaranteed pensions.

would not surprise me, what the bosses did robbing the pension fund was unthinkable.

 

[Cruella]

would not surprise me, what the bosses did robbing the pension fund was unthinkable.

A lot of people had their retirements wiped out.

 

[dogtowner]

A lot of people had their retirements wiped out.

yes, yes they did. GM was widely held and had been a favorite of older and less affluent folks who had always seen GM as a blue chip to buy and hold. too bad for them, the UAW needed that money to keep leadership out of prison or even alive for that matter.

 

[pocketfullofshells]

yes, yes they did. GM was widely held and had been a favorite of older and less affluent folks who had always seen GM as a blue chip to buy and hold. too bad for them, the UAW needed that money to keep leadership out of prison or even alive for that matter.

poor babies...maybe they should have put money in a company that was doing well.

 

[Texas_tea]

poor babies...maybe they should have put money in a company that was doing well.

Sick ..... sick liberal response!

 

[Cruella]

poor babies...maybe they should have put money in a company that was doing well.

Do you work for a union?