Thread: Obama saved GM! Film at 11pm

I keep seeing the GM bailout as a big Obama success. Folks claim that GM has paid back the TARP bailout money. But I recently checked, and the US Treasury is still holding 500 million shares of GM.

Lets see, "success" is when you buy 500 million shares of GM at $53/share and today they are worth $20.54/share? How much of that kind of "success" can we handle?



You voted for Obama to prove you weren't racist. Now vote for Romney to prove you aren't an idiot

Apparently Obama has promised to bring the same policy that he used on GM to save all manufacturing. That policy? Throw billions at the problem and hope something sticks.

Government Motors has ramped up sub-prime lending to pump up sales. http://news.investors.com/article/62...fuel-sales.htm

Luring in low income / high risk borrowers to manufacture "success" for political gain is utterly despicable.

Here's how it was explained to me.

GM received 49.5B.

Of which 6.7B was a loan.

13B was a "cash" operating account.

The rest went to finance.

GM used the 13B cash account to pay back the 6.7B loan.

This now makes them eligible for a 10B DOE loan to help meet new CAFE standards.

Keep in mind GM's "legacy" costs are now tied directly to the GM stock price. When they fail to meet expectations, guess who's on the hook?

I at first laughed at the use of "Govt Motors" cracks. Not so funny anymore.