AFCman Posted October 16, 2012 Report Share Posted October 16, 2012 President Barack Obama said on Thursday that “we got back every dime we used to rescue the financial system." According to the Congressional Budget Office, however, the government will lose about $24 billion on the bailout. http://cnsnews.com/news/article/obama-we-got-back-every-dime-bailout-cbo-bailout-will-lose-24-billion Link to post Share on other sites More sharing options...
AFCman Posted October 16, 2012 Author Report Share Posted October 16, 2012 REPORT: GM has lost $6.5 billion overseas since bailout... http://www.thetruthaboutcars.com/2012/10/how-the-gm-bailout-turned-into-foreign-aid/ Link to post Share on other sites More sharing options...
Jamalisms Posted October 16, 2012 Report Share Posted October 16, 2012 the financial system Whether it's true or not I haven't bothered to check... but last I checked, GM makes crappy cars. It is not a financial institution. If it's a lie from Barack, you make the point look petty by bringing up irrelevant things. Link to post Share on other sites More sharing options...
AFCman Posted October 16, 2012 Author Report Share Posted October 16, 2012 Irrelevant? Wow. Link to post Share on other sites More sharing options...
Jamalisms Posted October 16, 2012 Report Share Posted October 16, 2012 Does it relate at all to a point about financial institutions? Link to post Share on other sites More sharing options...
Starkiller Posted October 16, 2012 Report Share Posted October 16, 2012 They are projected to make money on the financial bailout. And Obama specifically said the "financial system". So he is absolutely correct. They will lose money on the auto bailout, but the alternative of letting them go under would have been far more costly. pamo9 1 Link to post Share on other sites More sharing options...
Jamalisms Posted October 16, 2012 Report Share Posted October 16, 2012 "I didn't eat lunch today." "Yes you did, you had a huge breakfast." Link to post Share on other sites More sharing options...
ctm Posted October 16, 2012 Report Share Posted October 16, 2012 TARP was a republican proposal that passed during the Bush administration. Both Obama and Romney supported the concept. Romney did oppose the GM bailout, which was paid for by TARP money. That was an incedibly stupid idea, not just for the auto industry but also the economy as a whole. In addition, "let Detroit go bankrupt" will eventually cost Romney the state of Ohio and the election. Rightfully so. Link to post Share on other sites More sharing options...
AFCman Posted October 16, 2012 Author Report Share Posted October 16, 2012 TARP was a republican proposal that passed during the Bush administration. Both Obama and Romney supported the concept. Romney did oppose the GM bailout, which was paid for by TARP money. That was an incedibly stupid idea, not just for the auto industry but also the economy as a whole. Yes sir. However, remember also that congress at that time was controlled by democrats (which doesn't excuse the republicans for supporting it). There's talk of GM having to file bankruptcy anyway after all that's been done. Ford didn't take the bailout and are doing VERY well. Link to post Share on other sites More sharing options...
Starkiller Posted October 16, 2012 Report Share Posted October 16, 2012 (edited) Bush wanted to avoid a 2nd Great Depression on his watch and probably didn't want to see all his investments to go down the drain. The Democrats knew that TARP was the only way to prevent it even though they had to hold their nose in giving out billions to the banks. The majority of the GOP cared more about ideology than about what happened to the country. Edited October 16, 2012 by Starkiller Link to post Share on other sites More sharing options...
WG53 Posted October 16, 2012 Report Share Posted October 16, 2012 The majority of the GOP cared more about ideology than about what happened to the country. This is true now as well. Link to post Share on other sites More sharing options...
Little Earl Posted October 16, 2012 Report Share Posted October 16, 2012 The bailout was not handled properly. There are many arguments as to whether GM and Chrysler should have been bailed out as they did, or allowed to go through bankruptsy. But ignoring the bankruptsy option, one huge problem with the bailout as it went down, is they did not correct the underlining problems of these companies. As Jamalisms stated, GM makes crappy cars. Along with that, it cost too much to make American cars. Because these problems were not fixed, these companies are going to run into the same problems again in the future. At taxpayers expense, we kicked the can down the road. Link to post Share on other sites More sharing options...
Starkiller Posted October 16, 2012 Report Share Posted October 16, 2012 They did what they had to do to keep the companies alive. There were no options because there was no private money there to take on the job. Everyone took a hit to make it work and it was successful in the end. Link to post Share on other sites More sharing options...
Tim Posted October 16, 2012 Report Share Posted October 16, 2012 Obama is such a liar lol. Link to post Share on other sites More sharing options...
AFCman Posted October 16, 2012 Author Report Share Posted October 16, 2012 Plenty of companies have filed for bankruptcy and came out of it stronger. Bankruptcy is not good but that would have been better for the future of GM in my opinion. Link to post Share on other sites More sharing options...
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