Lounge Daddy Posted June 1, 2009 Share Posted June 1, 2009 This is our company now, eh? Problem is, of course, "we the people" don't really get a share in anything under socialism. It's only the Political Class taking a share (stealing) from the Private Class. [url="http://finance.yahoo.com/news/GM-bankruptcy-court-filings-apf-15396356.html?.v=34"]From an AP article:[/url] [indent] NEW YORK (AP) -- General Motors filed for Chapter 11 bankruptcy protection Monday as part of the Obama administration's plan to shrink the automaker to a sustainable size and give [b]a majority ownership stake to the federal government.[/b] GM's bankruptcy filing is the fourth-largest in U.S. history and the largest for an industrial company. The company said it has $172.81 billion in debt and $82.29 billion in assets. As it reorganizes, the fallen icon of American industrial will rely on $30 billion of additional financial assistance from the Treasury Department and $9.5 billion from Canada. That's on top of about $20 billion in taxpayer money GM already has received in the form of low-interest loans.[/indent] [url="http://www.bloomberg.com/apps/news?pid=20601109&sid=ans2mNbxPb2o&refer=home"]Up next: Citibank[/url] Link to comment Share on other sites More sharing options...
Groo the Wanderer Posted June 1, 2009 Share Posted June 1, 2009 Unconstitutional, socialist, eventually fascist. Me? Learning how to shoot straight enough to hit a blue helmet at 400 yards. Link to comment Share on other sites More sharing options...
Lounge Daddy Posted June 1, 2009 Author Share Posted June 1, 2009 (edited) I just saw this in [url="http://www.lp.org/blogs/donny-ferguson/obamas-nationalization-of-automakers-destroys-local-business"]a recent post at the Libertarian Party blog:[/url] [indent]My name is George C. Joseph. I am the sole owner of Sunshine Dodge-Isuzu, a family owned and operated business in Melbourne, Florida. My family bought and paid for this automobile franchise 35 years ago in 1974. I am the second generation to manage this business. We currently employ 50+ people and before the economic slowdown we employed over 70 local people. ... On Thursday, May 14, 2009 I was notified that my Dodge franchise, that we purchased, will be taken away from my family on June 9, 2009 [b]without compensation[/b] and given to another dealer [b]at no cost to them[/b]. [/indent] This man is in his local news, [url="http://www.floridatoday.com/apps/pbcs.dll/article?AID=2009905200319"]with an article HERE.[/url] What is happening to freedom in the US? Edited June 1, 2009 by Lounge Daddy Link to comment Share on other sites More sharing options...
kujo Posted June 1, 2009 Share Posted June 1, 2009 What we should do is make this a temporary measure. When GM comes out of this crisis, the government can resell it back to the private sector to get some of our money back. Link to comment Share on other sites More sharing options...
Thy Geekdom Come Posted June 1, 2009 Share Posted June 1, 2009 [quote name='kujo' post='1880259' date='Jun 1 2009, 10:43 AM']What we should do is make this a temporary measure. When GM comes out of this crisis, the government can resell it back to the private sector to get some of our money back.[/quote] Or we can all get dividend yields on the money we've invested (forced or not) and choose to sell our stock back to GM in the future in exchange for a free car (that's right). Link to comment Share on other sites More sharing options...
homeschoolmom Posted June 1, 2009 Share Posted June 1, 2009 [quote name='kujo' post='1880259' date='Jun 1 2009, 10:43 AM']What we should do is make this a temporary measure. When GM comes out of this crisis, the government can resell it back to the private sector to get some of our money back.[/quote] You mean that's not the plan??? Link to comment Share on other sites More sharing options...
kujo Posted June 1, 2009 Share Posted June 1, 2009 [quote name='homeschoolmom' post='1880261' date='Jun 1 2009, 11:46 AM']You mean that's not the plan???[/quote] Couldn't tell ya. Link to comment Share on other sites More sharing options...
kenrockthefirst Posted June 1, 2009 Share Posted June 1, 2009 [quote name='Lounge Daddy' post='1880251' date='Jun 1 2009, 10:15 AM']This is our company now, eh? Problem is, of course, "we the people" don't really get a share in anything under socialism. It's only the Political Class taking a share (stealing) from the Private Class. [url="http://finance.yahoo.com/news/GM-bankruptcy-court-filings-apf-15396356.html?.v=34"]From an AP article:[/url] [indent] NEW YORK (AP) -- General Motors filed for Chapter 11 bankruptcy protection Monday as part of the Obama administration's plan to shrink the automaker to a sustainable size and give [b]a majority ownership stake to the federal government.[/b] GM's bankruptcy filing is the fourth-largest in U.S. history and the largest for an industrial company. The company said it has $172.81 billion in debt and $82.29 billion in assets. As it reorganizes, the fallen icon of American industrial will rely on $30 billion of additional financial assistance from the Treasury Department and $9.5 billion from Canada. That's on top of about $20 billion in taxpayer money GM already has received in the form of low-interest loans.[/indent] [url="http://www.bloomberg.com/apps/news?pid=20601109&sid=ans2mNbxPb2o&refer=home"]Up next: Citibank[/url][/quote] What was your preferred outcome? Let the banks and auto makers go belly up? I'm not saying that's a Bad Thing, simply that that was the probable outcome short of government intervention. Link to comment Share on other sites More sharing options...
jeffpugh Posted June 1, 2009 Share Posted June 1, 2009 As much as this is a travesty against whatever political stance ya'll take, if GM went under, NO ONE would have jobs. That's as far as I understand it. Hopefully, someday, decades from now, the company will recover and get back to the way it was. Link to comment Share on other sites More sharing options...
Lounge Daddy Posted June 1, 2009 Author Share Posted June 1, 2009 [quote name='kenrockthefirst' post='1880332' date='Jun 1 2009, 12:02 PM']What was your preferred outcome? Let the banks and auto makers go belly up?[/quote] Yes. Link to comment Share on other sites More sharing options...
kenrockthefirst Posted June 1, 2009 Share Posted June 1, 2009 [quote name='Lounge Daddy' post='1880411' date='Jun 1 2009, 01:14 PM']Yes.[/quote] If you're going to play the Capitalist game, then you must be prepared for the "moral hazard" consequences of doing so. Sometimes you win, sometimes you lose. I'm on board with that. Letting the banks fail would certainly have cleared away all of the dead undergrowth that resulted from "casino capitalism" but most if not all of us would have experienced a great deal of pain as a result. Link to comment Share on other sites More sharing options...
dominicansoul Posted June 1, 2009 Share Posted June 1, 2009 now every GM made automobile will be sporting the obama logo.... Link to comment Share on other sites More sharing options...
jeffpugh Posted June 1, 2009 Share Posted June 1, 2009 [quote name='dominicansoul' post='1880463' date='Jun 1 2009, 04:16 PM']now every GM made automobile will be sporting the obama logo....[/quote] I never heard this... do we want that in Canada? We did back this one, btw. No joke. Can there be a maple leaf on there too? Link to comment Share on other sites More sharing options...
Theologian in Training Posted June 1, 2009 Share Posted June 1, 2009 Sold my GMC Canyon for a Toyota Tacoma Much happier Link to comment Share on other sites More sharing options...
missionseeker Posted June 1, 2009 Share Posted June 1, 2009 For stocks are doing super well, though... Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now