Why Did Romney Want The Auto Industry To Fail???

"...what if 13 year old children, getting 85 cents a day, working 60 hours a week, neck deep in toxic crapola are making the vehicles..."

Taxcutter says:
The consumer doesn't care. Low price and acceptable quality are what matters.

 

Not even the fact that Romney is a CFR bootlicker? just as long as Obama is out huh? I get it.

pick the Adder over the Diamondback.....still get plugged fulla venom.

 

Bankruptcy is not failing, but reconstitution.

Obama oversaw an illegal perhaps but definitiely are communistic take over of the Stockholders property and a defrauding of the people who had lent money to GM.


A Bankruptcy is a court overseen redistribution of assets and recognition of liabilities.
What Obama did was ignore paying the Bond Holders who legally are supposed to get paid from whatever assets are available, while the Stiock Holder hold on to the ownership of the company until all debts are paid and then they share whatever is left.

Obama used tax payers money to nake the Union Benefits and union tak over of a share of the company possible, while valuing the stock to zero, and forfeiting the Bind obligations.
The Whire collar workers lost their pension.
The Unioj bosses got he business we tax payers paid for.

GM rose up again, floated new stock, and now shares ownerhship withthe unions.



"General Motors Co. is freezing the pay of its 26,000 U.S. salaried employees and will eliminate its traditional pension contribution for those salaried workers who still receive them in moves to reduce financial risks and cut costs." Well, guess who owns General Motors now? You say "Obama." No, it's the unions, the United Auto Workers.

I should add that because of the bailout and the special deals, General Motors does not pay any income tax. They pay no corporate tax for ten years on whatever profits they earn.

 

The Free enterprise System sets Minimum Wages in order to prevent the oversupply of Unskilled Labor from being excluded from a system where trades in property and/or skills foorm an economy.
Essentially, the economy is a system of trading between people who things other want and visa versa.
But raw unskilled labor is in excessive Supply hence, the lower Demand reducesthe value of that Labor.
But in order that such Labor avoid de facto slavery, the minimum wage is enforced and raise in tandum with the raises in the GNP.

 

There is an incredible amount of ignorance on this subject.

You really don't seem to understand anything about bankruptcy. The people they owed money to, the bondholders, did get screwed. Under normal chapter 11, the stockholders, who are the owners, pretty much lose everything. But the bondholders are supposed to be paid based on some sort of pro-ration system. When the administration pulled GM out of chapter 11 for their own special deal, the totally upended bankruptcy law. The screwed the bondholders too. Apparently to capitalize the UAW with ownership in the new GM.

GM would have been "saved" if it had just gone through Chapter 11. But this deal allowed the administration to steal from bondholders to protect the financial fortunes, not of GM, but of the UAW, which finances the Democrats.

So that's what you've saved: Crony Capitalism. The government rescued an organization that funnels money to the ruling party. Yeah, be proud of that.

I don't think there are any "loans" still outstanding to GM. The taxpayer liability is wrapped up in 30% ownership in GM stock which unless it's sold at more than double the current price, we lose money.

 

Reminds me of when I was a kid making $2.00 an hour knee deep in chemicals and fumes in a metal plating factory. I was thankful for it and without that job I would have been on the street. 40+ years later I run my own business and am healthy. The Chinese are lined up waiting to fill positions in those factories because, for them, it's a step up.

 

Exactly. This is why any real American would never buy a GM or Chrysler car again. The death of GM has only been delayed. Every taxpayer should be given a free GM vehicle if you pay $20,000 more than you get out of the government in the new corrupt USA.

 

I don't agree that we shouldn't buy their cars (assuming their quality is up to their competitors). I support American business and want American business to succeed. However that wasn't the goal of the Obama administration and GM, once again, is finding itself in trouble. When GM has to go into bankruptcy again, I hope whichever administration is in power had the good sense not to intervene and let US bankruptcy law take it's course so the company can be downsized to a business model that will allow it to succeed.

 

GM is but one company.

Show me how conservatives ran the economy into the ground. Hint: GWB was not a conservative. You had better look in the mirror.

 

Obama bailed out the UAW.

 

He says that his wealth will trickle down and everybody will be happier, but I ain't seein' it. How far does he expect it to trickle down when he's got it stashed in the Caymans?

 

Chances are you no NOTHING of.. Bankruptcy..and contract law.
GM is NOT solvent by any means..just PROPPED UP like a PUPPET with a pole up its butt.. with The TAXPAYERS watching OUR investment RETURN little or nothing while the SOCIALIST UNIONS stole from others ( AGAIN )

REMEMBER to look around your neighbor hood and see all those closed down GM..and Pontiac dealerships that were closed down not by their doing but by GM FORCING consumers to have LESS CHOICE and pay MORE for their cars going forward.
Think of all those workers that supported those dealerships..The Janitors.. Secretaries..salespeople..tool guys..food vendors..along with local taxes that are NO LONGER COLLECTED.

RURAL AMERICA is littered with those vacant dealerships..along with FORECLOSED HOMES..Think those workers like the AUTO bailout for DETROIT UNIONS ?

Remember his Daddy's car company went bankrupt..he maybe knows more about that than you could ever dream of..

GM is now #3 world wide with other NON BAILED OUT companies surviving the world wide down turn.
TOYOTA and VW...and FORD is doing just fine..getting ahead of the UNION retirement fiasco.

So Romney took NO money for his OLYMPIC Game bailout ( 1.4 million)
And NO money for his 4 years as GOVERNOR OF MASS.
and $ 1 for the Bain bailout savings..( 1st year salary )

So You might think about PROVEN HISTORICAL FACTS before posting Democratic Myths that have NO merit at all.

Stick with blaming Bush.

 

40 years ago is when our country really started cracking down on pollution. Nixon started the EPA, if I'm not mistaken. Since that time our nation has been head and shoulders better than the third world countries when it comes to toxins that factories produce. Also, our safety standards are among the best in the world.

The entire problems with the Republiklan Party's image is that they are seen as callous, greedy, ignorant fools who put motive ahead humanitarian concerns. THIS imagine is not going to win them elections. And ROmney is the posterboy for this image.

http://www.americanprogress.org/iss...ds-give-the-united-states-an-edge-over-china/

http://www.answers.com/topic/occupational-exposures-and-cancer

 

First let's get some facts straight. President Bush gave the auto industry $25Billion, then along comes President Obama and compounds the mistake by giving the auto industry $20Billion dollars. Then on 30 April 2009 Chrysler files for bankruptcy followed on 1 June 2009 by GM. So both President Bush and President Obama wastes $45Billlion of the taxpayers money and they still go bankrupt. Gov Romney wanted them to go through a "managed bankruptcy" which would have saved the taxpayers $45Billion dollars. Read the following article:
Crysler and GM File For Bankruptcy After $45billion Bailout

 

"Since that time our nation has been head and shoulders better than the third world countries when it comes to toxins that factories produce."

Taxcutter says:
It's easy to be "head and shoulders better than the Third World when it comes to toxins that factories produce" when all the factories (and their jobs) have moved to the Third World because of regulations that apply only in the US. Zero factories produce zero toxins and employ zero Americans.

As always, there is no such thing as a free lunch.

 

Are you saying there are ZERO factories in America right now, Genius???

 

Great plan! Lower wages, lower benefits. In other words, lower the standard of living for American workers so the car companies can become more profitable! Wonderful idea! Good for America, right?

And a bonus: if venture capitalists can make some big money off the deal, even better!

sarcasm off

 

Sarcasm ON
Both GM and Chrysler filed for bankruptcy after the bailouts of Bush and Obama. Gov Romney suggested that they should have done it prior to the taxpayers giving them $45 billion. So, in your kool-aid addled mind what was the better choice, give them $45billion dollars then file for bankruptcy or file for bankruptcy?

 

Common sense says let them fail, crash and burn so we can keep that money....and another car company would emerge. that's Capitalism.

What the drones want is Government handouts and holding hands. grown kids in nanny state in essence.

 

Again, the Auto Industry did not fail, GM did. The dems falsely claim 1.5 million jobs, which are all Auto Industry, when only the UAW jobs were saved at GM. Ford, Toyota, etc., did not cooperate.

This was a bailout of the UAW, plain and simple. If they had gone through re-organization, top management would have been replaced and the union contract would have been restructured.

As it is, they are set up for another bankruptcy and some think it may happen again after this election. Instead of helping the industry, the govt has created another welfare recipient.

 

Let's stop all this Spin, ladies.
The Auto bail-out rescued the Auto Industry. Plain and simple. It is already in the history books:

http://www.usatoday.com/news/opinio...3/auto-bailout-Michigan-candidates/53226972/1

 

In you post you referenced the USA Today Opinion pages. If you will notice it says that the article at the end says: "But considering the options Obama administration officials faced — letting GM and Chrysler die, shoveling more government cash at them, or putting them through a managed bankruptcy (my emphasis).
Then concerning Romney's plan:
"Romney's argument is more convoluted and only slightly more credible. Rather than have the government lend to auto companies, he said, he would have had the government back loans made by private financiers. It's unlikely that banks could have been induced to lend huge sums during the financial crisis. And if they did, it would have been from a deal so sweet that it would have raised its own set of problems."

You will notice that this is an OPINION article and the author is "speculating" that having "government backed loans made by private financiers" wouldn't work. Again this is pure speculation on the authors part that private financiers "with government backed loans" would have not worked.

What do you call Obama's backing of Solyndra and other green energy companies with "government backed loans". If "Obama Does It", it isn't wrong seems to be the consensus of the Obama backers.

 

Gm sales have been temporarily boosted by 79% increase in fleet sales to government.

How convenient.

I will do my best to never buy a vehicle made by the UAW.

 

Dude GM employees make over $30.00 an hour to do jobs that take no experience to do tightening bolts and whatnot. I'm not going to cry if they lose benefits and get back down to reality what the rest of us real Americans make in income.

 

It did not. the "spin" is yours and mine tax dollars got "spun" right outta our pockets with no hug and no kiss and no respect after the groping. buying a failing car company that YOU and I have to keep in business since it's now owned by the Government, who will pass the payments to keep it in business on to YOU and me.

How's that for a cheap date?