Oops, auto bailouts didn't work - GM needs up to $30 Billion

B

blue fluff

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Dec 31, 2007

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Lolo, MT

• Oct 22, 2009

• #1

Fox reported today (10/22/09) that $49.5 Billion of taxpayer money is now worth about $25 Billion. "Rattner: Government likely to write off billions invested in GM."

In looking for a link to corroborate the statement on Fox, I found this from today 10/22/09 on WSJ. Not the same #s as on Fox, but I don't have time to find their source:

"Poof! Government Has Already Lost $20 Billion On GM Investment"

"Rattner said there’s “a good chance” the United States can recover the $30 billion invested in GM by the Obama administration earlier this year. But of the other roughly $20 billion previously lent to GM in the wanning days of the Bush Administration in 2008, he said, “I don’t think we are going to see [it] again.”

http://blogs.wsj.com/deals/2009/10/...0-billion-on-gm-investment-says-ex-auto-czar/

 

Last edited: Oct 23, 2009

B

Beels

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• Oct 22, 2009

• #2

Did you even bother to look at the date on that article? :face-icon-small-con

9 months ago...

 

B

blue fluff

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• Oct 22, 2009

• #3

Fixed it for ya.

 

W

Wolfrun

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Lander Wy

• Oct 23, 2009

• #4

Oh well we have to have something to keep blaming on George Bush.

 

W

Wolfrun

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Lander Wy

• Oct 30, 2009

• #5

700 billion ,50+ billion, 789 billion, 5 billion, 90 million,a trillion for health care, 2 million here and 2 million there flying around the world trashing our country, before long it is going to add up to some real money.

 

S

shortstop20

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Nov 26, 2007

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• Oct 30, 2009

• #6

That's OK, we can just print more.

 

Sturgis Sledder

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• Oct 30, 2009

• #7

shortstop20 said:

That's OK, we can just print more.

Click to expand...

Where will we find the money to pay the mint employees that are going to be working 24/7 to print all of the money Obama is giving away?

 

B

blue fluff

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• Nov 6, 2009

• #8

And why won't the Federal Reserve open it's books?

 

G

Gainster

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• Nov 6, 2009

• #9

blue fluff said:

and why won't the federal reserve open it's books?

Click to expand...

now there is a great question!

 

O

Ollie

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• Nov 6, 2009

• #10

I am willing to bet we won't see a dime.

Here's what will happen.

GM will go ahead and file bankrupcy.
The federal debt will be forgiven.
There is no prayer that GM will ever be financially viable enough to repay 50 Billion dollars with interest. Not gonna happen. Their only chance is bankrupcy and debt forgiveness.

 

B

blue fluff

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• Nov 6, 2009

• #11

Uh Oh.

DEARBORN, Mich. — Ford, the only Detroit automaker to dodge direct government aid and bankruptcy court, surprised investors with net income of nearly $1 billion in the third quarter and forecast a "solidly profitable" 2011.

http://www.foxnews.com/story/0,2933,571009,00.html

Course, I'm not sure how many of the Cash for Clunkers vehicles were Fords, but still...

And the moral of the story is...