Would You Do It Again? GM CEO Heralds Federal Bailout As A Wise Decision

The guy got free money, of course he'll back the bailout!! The hell with the GM, they stool the country's money and still making garbage!

Too bad the average people have no voice, we get ripped off over and over and nothing is done about that.

I believe the bailout should have included a provision that the UAW would have to be removed and that all employees would no longer belong to any union.

If that makes you "uncomfortable", let me remind you how the bondholders were screwed over. Their status in the bankruptcy was completely ignored. That violated the law and nobody said boo!

Screw the UAW (and all public employee unions, while we are at it)

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After thinking about it for a while, it seems to me the UAW can be compared to Greece.

The both have borrowed money from legitimate investors (bond holders)to fund unsustainable salaries and benefits.

Both the UAW (GM as their proxy) and Greece have declined to make good on their obligations.

When asked to do so, they riot in the streets wondering why we won't give them more money.

Screw the UAW, Greece and all public employee unions.

They will keep sucking us dry for as long as we will let them.

Guys like "Bumfukhead" will never get it.

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In a perfect world, should GM and Chrysler been allowed to fail: YES!

In reality, could the U.S. have allowed hundreds of thousands of U.S. workers to suddenly become unemployed in one of the worst economic "depressions": NO, the bailout had to occur.

billfrombuckhead,
Are you an African-American? It seems everything is racist to you. Everyhting is 'white" this or "white" that. What does competing against "black athletes" or dating a "valedictorian" who is half black have to do with what kind of person I am? If I haven't, does that make me less of a person than you? I'm Vietnamese, who immigrated here in 1980. I've lived in the South most of my life. I've experienced racism from both whites and blacks. I've experienced more racist remarks from blacks than whites. I've heard more racist remarks from blacks towards whites than the other way around. Does that make all blacks racists or even most blacks racists? No. All it taught me was to stay away from people like that and to judge people by their character, not that they are rich or poor, not the color of their skin, or what political party they belong to. You and many on here call people names and try to demean them. All it shows me is your true character. Just state the facts and stop calling people names, or was President Obama's civilty speech meant only for everyone who disagree with him?

Bumfukhead obviously has some “issues” to work through. He seems angry that we don’t want HIS problems to become OUR problems.

We should all have compassion for people like that. That is why we have mental institutions, psychiatric pharmaceuticals and institutions of higher learning.

Bumfukhead also has a twisted view of what happened to legitimate investors who owned GM bonds. Many GM bonds were held in accounts for the benefit of GM employees and retirees. Many other legitimate investors also held them, such as pension funds, hospital endowment funds, etc. They all suffered a catastrophic loss of their investment.

The only ones to benefit from the collapse of GM were hedge funds which bought credit default swaps, shorted GM bonds and thus made money when the bonds defaulted.

The government reorganization ignored the legal rights of the legitimate bond holders to the benefit of the “credit default thieves” (as Bumfukhead puts it) by completely wiping out the bond investor.

What is so very wrong about what happened here is that the government favored the UAW by granting them equity ownership using taxpayer financing while the legitimate bond holders got nothing. It was a purely partisan ploy to support the Democrat Party.

The bottom line here is that the Hedge Fund “credit default thieves”, the UAW and the Democrat Party all benefited. The legitimate bond holders, and the taxpayers all got screwed.

Should the bailout have occurred? Yes, it saved the economy from collapse.
Should the UAW have been favored over legitimate bond holders? Absolutely, NOT.

For the record, I have never been an investor in GM bonds of any kind. And, I will never again buy anything made by the UAW.

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Come on, Bumfukhead, don’t you that know all my “NAZI & KKK” buddies are PEOPLE, TOO?

Bumfukhead and people like him prove the phrase: “Liberalism is truly a mental disorder.”

Do yourself a favor; seek help.

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I believe companies go bankrupt for real reasons, such as poor management, lack of vision, inability to compete, offering products and/or services for which is the insufficient demand, inability to adapt to changing conditions, etc. It's not just "bad luck."

I also believe it's a bad idea to throw tax-payer money at failing companies. This only happens after investors -- those being people running organizations who CAN and DO make a profit -- have evaluated the failing company and determined they don't want it.

Go ahead and argue about all the jobs the bail-outs saved. Perhaps the buggy-whip manufacturers, wheelwrights, and horse-drawn coach-builders should have all received bail-outs, too, to ensure they kept their jobs. I don't agree. I feel when the times are changing, resisting those changes just delays the inevitable, and at great cost.

Dude

Have you ever traveled outside of Buckhead ?

The basic argument of not supporting failure, especially with taxpayers money has still not been successfully countered by you.

Instead you keep droning on about perfect worlds.

Isn’t it amazing how well the UAW, GM and Chrysler are doing?

Maybe it has something to do with wiping out the stock and bond holders, in other words defaulting on their debt and equity obligations.

Or, defaulting on their pension and other obligations which were owed to their current and retired employees, and laying those off onto the taxpayer.

Or, borrowing billions from the American TAXPAYER , which will never be repaid in full.

Okay, Bumfukhead, we gotta go now. It was nice talking with you.

(Come on Mavis, let’s get of here and hope this nut job doesn’t follow us home).

It's amazing how people keep bringing this up and will not let it go away.My response will always be the same. The banks and mortgage companies started our economic calamity in 2008. The government loaned them money to survive and they still paid their excect's top salaries.AIG will probably never be able to pay the government back as they are "too big to fail"Yet when it comes to the auto companies we turn our back on them. Somehow ultra conservatives feel it's an OK thing to have over a million people out of work, to not be able to afford to pay their mortgage or credit cards etc.Somehow the country will simply absorb and just shrug it off like it was an itch.I don't get it.

Just two comments on your post:

1) While there is plenty of blame to go around to hedge funds, banks, and mortgage lenders and borrowers, etc., the housing crisis was in large part caused by Barney Fag, that jackass congressman from “Massachewshits”, and his Democrat buddies who forced the banks to lend to people who would never be able to pay back those loans.

2) As for turning their backs on the auto companies, Republican opposition to the way they were rescued lies largely with the way the UAW became the beneficiary of the bailout. Money went straight from the taxpayer into the UAW Democrat support machine.

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