Quote:
Originally Posted by Adak
You know how Obama and Co. have said they didn't lose anything saving GM?
Seems the facts now coming out, show that to be a 10 Billion dollar lie:
http://www.bbc.co.uk/news/business-25309673
I believe Obama did the right thing by saving GM, but he should STOP lying about it, over and over.
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We'll call that one Adak#3
But to your point about GM...there were two components to the GM bail out:
1) Loans to GM which
GM did paid back in full years ago,
2) and then
just last Friday the Government sold it's stock in GM" - at a loss of ~$10B
- No "Obama lie" with either one of these components
Stock and bond owners and others did lose $ with the GM bankruptcy
and sale of GM operating assets to a "new GM" financial body.
So did the government, but people like to say: "That's capitalism"
But since you say you "believe Obama did the right thing by saving GM", where's the beef ?
USA Today
24/7 Wall St.
December 9, 2013
Report: GM bailout saved 1.2 million jobs
Quote:
Here is an analysis by 24/7 Wall St. of the report on bailout benefits in jobs and taxes:
That bailout involved about $51 billion in taxpayer funds overall -- with $49.5 billion going
into GM directly for what was originally a 60.8% equity stake in the company.
The Treasury Department said late today that it recouped $39 billion from the sale of that stake, for a loss of $10 billion.
In a new report released Monday, the Center for Automotive Research
Quote:
(CAR) reckons that the federal government bailout of General Motors Co. (NYSE: GM)
saved 1.2 million U.S. jobs and preserved $34.9 billion in personal income
and social insurance (Social Security, Medicare) payments.
The bulk of those jobs and tax payments would have been lost in 2009 and 2010
and would have recovered (mostly) by now without federal intervention,
but the U.S. auto industry would look considerably different had both GM and Chrysler been allowed to go under. ...
... Ford Motor Co. (NYSE: F) did not accept any federal bailout funds,
but CEO Alan Mullaly said last year,
Quote:
"If GM and Chrysler would've gone into free-fall,
that could've taken the entire supply base into free-fall also,
and taken the U.S. from a recession into a depression.
That is why we testified on the behalf of our competitors even though
we clearly did not need precious taxpayer money."
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Chrysler received $1.9 billion in federal funds before being taken over by Italy's Fiat SpA.
What U.S. taxpayers avoided, according to CAR, was the loss of about $105.3 billion
in transfer payments plus the loss of personal and social insurance tax collections
to the tune of 768% of the net investment of $11.8 billion in GM
and $1.9 billion (none recovered) in Chrysler.
Including jobs related to the auto industry, the federal bailout preserved 2.6 million jobs'
in the U.S. economy in 2009 alone and $284.4 billion in personal income in 2009 and 2010.
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