In what's shaping up to be a huge success story for socialist Obama administration, GM earned $2 billion in profits in the 3rd quarter of 2010, its third straight profitable quarter in 2010.
General Motors today posted a $2-billion third-quarter profit off revenue of $34.1 billion in its last financial report before its planned Nov. 18 return to the stock market.
Through its quarterly earnings, GM’s third in a row, the company is seeking to convince investors it has eliminated the problems that led to four-straight annual losses totaling $82 billion before its 2009 bankruptcy. GM restructured on $50 billion in federal aid, and the stock sale will allow taxpayers to start recouping the $40 billion that was converted into a 61% stake in GM.
“Eighteen months ago, nobody expected any taxpayer money to get paid back,” said Rebecca Lindland, an analyst with IHS Automotive.
So much for "Government Motors". So much for a socialist takeover of the American auto industry. So much for letting the auto companies fail, worker & suppliers be damned. The "bailout" of GM has worked. It kept the company and the hundreds of thousands of associated jobs from swirling down the toilet. As a Michigander, I am positively thrilled that it has worked out so well.
GM has trimmed the fat, gotten rid of product lines that weren't profitable and appears to be on the road to continued success. And the cost to the American taxpayers is a tiny fraction of what their burden would have been had GM failed completely.
Perhaps that's the reason we could read this headline today:
Michigan's economy rebounding
A new analysis shows that the Michigan economy has escaped the chance of a "double dip" recession and is continuing to rebound, with economic activity in the state hitting its highest level since June 2008…Much of the growth in economic activity is coming from the rebound of Michigan's manufacturing economy... Because the state still relies so heavily on auto manufacturing, the Michigan economy falls harder during a nationwide downturn, but usually shows a stronger, faster rebound.
I've said it before and I still believe it today: "As goes Michigan, so goes the country. And, today, that's very good news.
I'm just sayin'…