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  •  " turn a profit on GM stock" ? ? ? (1+ / 0-)
    Recommended by:
    Sparhawk

    Only if "the American taxpayer" takes a complete bath on all the other loans and bailouts given GM.

    They have already defaulted on their bond obligations and run their stock to zero.  They will next default on their bailout obligations . . . and become GSM (Government Subsidized Motors) forever . . .

    Fake Left, Drive Right . . . not my idea of a Democrat . . .

    by Deward Hastings on Mon Jun 08, 2009 at 04:54:52 PM PDT

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    •  We made money bailing out Chrysler... (3+ / 0-)
      Recommended by:
      Hannibal, Cofcos, Dirtandiron

      in the early eighties. If the company turns around, it's stock will again be valuable. Yes, we might make money on it. Unlike, say, our bailout of AIG.

      I can get a straight job, I've done it before. I never minded working hard, It's who I'm working for.-Ms. Gillian Welch

      by LeftCoastBreakdown on Mon Jun 08, 2009 at 05:00:09 PM PDT

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      •  Oh yeah, we "saved" Chrysler (0+ / 0-)

        Oh wait, Chrysler's bankrupt.  Despite billions in bailout.

        Where's the money we "made" ? ? ?

        Fake Left, Drive Right . . . not my idea of a Democrat . . .

        by Deward Hastings on Mon Jun 08, 2009 at 05:12:43 PM PDT

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        •  25 years ago, we bailed out Chrysler and got paid (3+ / 0-)
          Recommended by:
          Hannibal, JanL, Dirtandiron

          back, with a healthy interest. That money went back into the budget. The current bailout of Chrysler is a different matter. The point is you can do a bailout right, and make money. It's entirely possible that the government will be selling off GM stock for a profit in five years.

          I can get a straight job, I've done it before. I never minded working hard, It's who I'm working for.-Ms. Gillian Welch

          by LeftCoastBreakdown on Mon Jun 08, 2009 at 05:17:39 PM PDT

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          •  "entirely possible" (3+ / 0-)
            Recommended by:
            Sparhawk, stephen weinstein, theran

            that it won't, too.

            It's also "entirely possible" that both Ford and GM would be doing better today if Chrysler had folded (when it should have).  Every penny "we" made on the last Chrysler bailout has been lost on this one, and then some . . .

            Fake Left, Drive Right . . . not my idea of a Democrat . . .

            by Deward Hastings on Mon Jun 08, 2009 at 05:23:20 PM PDT

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            •  Dude, you need to take some basic accounting... (1+ / 0-)
              Recommended by:
              Dirtandiron

              Every dollar earned is eventually "lost" by your open-ended accounting, but our bailout of Chrysler 25 years ago meant that for 25 years that company functioned well, employed thousands, made money and contributed to the economy. And it cost the government nothing.

              I can't see the future and I don't know if someday Chrysler will be a going concern again. I do know that if the government had done nothing, we'd have paid more in unemployment costs then we have so far in this bailout. We at least have the chance this way of getting something for our money. On a dollars and cents accounting, it made sense.

              I can get a straight job, I've done it before. I never minded working hard, It's who I'm working for.-Ms. Gillian Welch

              by LeftCoastBreakdown on Mon Jun 08, 2009 at 05:29:05 PM PDT

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              •  nonsense. (2+ / 0-)
                Recommended by:
                Sparhawk, stephen weinstein

                For 25 years the company staggered on, functioning poorly, making mostly junk cars, and siphoned business away from Ford and GM.  Every car they produced, and every job "saved", was a car not produced and a job lost somewhere else.  That kind of meddling intervention almost always makes things worse in the long run (as it did in the situation at hand).

                Fake Left, Drive Right . . . not my idea of a Democrat . . .

                by Deward Hastings on Mon Jun 08, 2009 at 05:36:52 PM PDT

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                •  yah... (1+ / 0-)
                  Recommended by:
                  Dirtandiron

                  except for inventing that whole minivan thing, chrysler really didn't do anything for 20 years.

                  Get a grip on reality.

                  You work for Ford don't you?

                •  Staggered On? Subjective much? (2+ / 0-)
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                  Hannibal, Dirtandiron

                  I know plenty of people who loved their Chrysler products from that period, including me (a Wrangler and two Ram pickups) but this isn't about some subjective sense of "good or bad cars". This is about the fact that the bailout made moneyfor the government. They were paid back on their investment. All investments are eventually bad, and all companies eventually fold, but under your mindset, we should do nothing, because someday the planet is going to leave its ellipse and crash into the sun. Neither of us know the future, but I'm not claiming to. What I do know is that, right now, it would cost the government more dollars to close down Chrysler then to bail it out. It seems the wiser decision to do so, and work to get it back on its feet.

                  I can get a straight job, I've done it before. I never minded working hard, It's who I'm working for.-Ms. Gillian Welch

                  by LeftCoastBreakdown on Mon Jun 08, 2009 at 06:11:32 PM PDT

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    •  I don't have a crystal ball (3+ / 0-)
      Recommended by:
      JanL, jds1978, Dirtandiron

      so I couldn't say what GM will or will not default on, and I don't think you can either.
      Were you this incensed when Wall Street picked our pockets for the better part of a trillion dollars?

      I think it's just ridiculous to complain about a $50 billion loan to save millions of jobs when we got fleeced for ten times that last fall, only to have the banking bastards give each other million dollar bonuses.

      -7.88/-4.41 "The blood sucking aristocracy stood aghast; terror stricken, they thought the day of retribution had come." - John Ferral, union leader

      by Interceptor7 on Mon Jun 08, 2009 at 05:00:20 PM PDT

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