GM posts its highest profit ever: $7.6 billion

[Thepaindispenser]

http://www.forbes.com/sites/charlesk...of-government/

GM will be in bankruptcy again. What a success!

[geeker2]

I say we double down - I mean we can print more money if we need to or take from the rich folks

[dellinger63]

Originally Posted by Thepaindispenser

http://www.forbes.com/sites/charlesk...of-government/

GM will be in bankruptcy again. What a success!

Wow almost overwhelming with all of the successes listed in one place;

An increase of 18 million people, to 46 million Americans now receiving food stamps;

Going from 28 million to 46 million equates to a 64% increase.

A 122% increase in food stamp spending to an estimated $89 billion this year from $40 billion in 2008;

Despite only a 64% increase in recipients? Must be on the six meal a day diet. Are we not fat enough?

An increase of 3.6 million people receiving Social Security disability payments;

Of course they need not apply or be counted in unemployment stats.

A 10 million person increase in the number of individuals receiving welfare, to 107 million, or more than one-third of the U.S. population;

More than 33% of Americans are unable to survive on their own? Pitiful

A 34%, $683 billion reduction in the adjusted gross income of the top 1% to $1.3 trillion in 2009 (latest data) from its 2007 peak.

Who cares, they’re still rich.

[pointman]

Here is the direct link to the GM article.

http://www.forbes.com/sites/louiswoo...kruptcy-again/

How can this be? Ri(di)ot has listed the GM bailout amongst the Obama Adminstration successes.

What is sickening with this socialist move, unlike those in the free market Obama is playing with taxpayer money. Because of that instead of admitting the colossal failure of this bailout, he is going to gamble with taxpayer money until the stock is worth nothing.

Under our free market system, GM must be allowed to fail since it is unable to place a competitive product in the market, in large part due to the absurd labor costs for which unions are responsible. Much like the airline industry, if GM exits the market, innovative startups will enter the market and replace the jobs lost by the GM failure with competitive products assuming the unions can be cut out. That is what a free market does.

Rumor has it that Obama has directed GM to hold off on bankruptcy until after the election.

[Danzig]

the news about GM is very disheartening at least. i know when they decided to perform the bailout, that the cost of doing so was felt to be far less than the eventual cost of NOT doing a bailout. whether that will ultimately prove to be the case, i don't know. yet another example of banking issues-in this case, very, very low interest rates are killing these pension plans. they are unable to perform at what was guaranteed, so here we are.

[pointman]

Originally Posted by Danzig

the news about GM is very disheartening at least. i know when they decided to perform the bailout, that the cost of doing so was felt to be far less than the eventual cost of NOT doing a bailout. whether that will ultimately prove to be the case, i don't know. yet another example of banking issues-in this case, very, very low interest rates are killing these pension plans. they are unable to perform at what was guaranteed, so here we are.

No company, whether it be automotive, banking, or whatever, should be deemed too big to fail. If they are that big than they should be broken up by antitrust laws to encourage competition, but other than that, the government should stay out of it and let the free market and bankruptcy courts deal with the failure.

[Clip-Clop]

Originally Posted by pointman

No company, whether it be automotive, banking, or whatever, should be deemed too big to fail. If they are that big than they should be broken up by antitrust laws to encourage competition, but other than that, the government should stay out of it and let the free market and bankruptcy courts deal with the failure.

Corporations are people. PEOPLE, are you heartless?

Unless, of course, you do not think that corporations are in fact people...

[dellinger63]

As Paul Harvey would say 'and now the rest of the story.'

$10 billion loss on a $55 billion investment, Government Motors reneging on promises because the Treasury said it was OK? And now the last of the Detroit jobs going to China?

All while we bail the city out.

Anyway the Obama's can host Susie Orman for a few weeks?

http://washingtonexaminer.com/examin...rticle/2537323

[dellinger63]

We're officially out with a $10.5 billion dollar loss. (120,689 times more than 1% of McDonalds' CEO's pay) and what's $500,000,000 when we're talking billions.

According to a 2012 Forbes article GM employed just under 75K in the U.S. and that comes to $133,333 per job.

For those insisting GM would have gone completely under if allowed to file bankruptcy, I challenge you to find a grocery store not selling Hostess ho-ho's or twinkies despite Hostess' bankruptcy.

Meanwhile McDonalds' CEO is criticized.

http://www.americanthinker.com/blog/...5_billion.html

[jms62]

Originally Posted by dellinger63

We're officially out with a $10.5 billion dollar loss. (120,689 times more than 1% of McDonalds' CEO's pay) and what's $500,000,000 when we're talking billions.

According to a 2012 Forbes article GM employed just under 75K in the U.S. and that comes to $133,333 per job.

For those insisting GM would have gone completely under if allowed to file bankruptcy, I challenge you to find a grocery store not selling Hostess ho-ho's or twinkies despite Hostess' bankruptcy.

Meanwhile McDonalds' CEO is criticized.

http://www.americanthinker.com/blog/...5_billion.html

Yes. They lost 10 billion or 10 million a day over the 3 years they held this stock … BUT … they saved 1 million immediate jobs and countless related jobs (parts suppliers, driver and other services) and kept a huge crater from developing in the economy at a time when we could least absorb it. Those million jobs also bought goods and services of other companies no doubt saving additional jobs. It is unbalanced to say they/we lost 10 billion. The revenue from those jobs and sales that were saved went to the Fed via taxes.

[dellinger63]

Originally Posted by jms62

Yes. They lost 10 billion or 10 million a day over the 3 years they held this stock … BUT … they saved 1 million immediate jobs and countless related jobs (parts suppliers, driver and other services) and kept a huge crater from developing in the economy at a time when we could least absorb it. Those million jobs also bought goods and services of other companies no doubt saving additional jobs. It is unbalanced to say they/we lost 10 billion. The revenue from those jobs and sales that were saved went to the Fed via taxes.

It's also unbalanced to say 1 million jobs would have been lost. America still needs cars/trucks. Whether they be GM or some other make, they all need part suppliers delivery drivers, and other services.

Demand remains the same whether there is a GM or not.

[joeydb]

Originally Posted by dellinger63

It's also unbalanced to say 1 million jobs would have been lost. America still needs cars/trucks. Whether they be GM or some other make, they all need part suppliers delivery drivers, and other services.

Demand remains the same whether there is a GM or not.

Absolutely correct.

[jms62]

Originally Posted by joeydb

Absolutely correct.

As he overlooks the million immediate jobs that would have been lost and the countless other jobs supporting those million jobs OUTSIDE of the automotive industry. You are from the school of my job is safe for now and I am to scared to think about what could happen to the entire economy that would EVENTUALLY impact me. Whistle past the graveyard much Joey?

[joeydb]

Originally Posted by jms62

As he overlooks the million immediate jobs that would have been lost and the countless other jobs supporting those million jobs OUTSIDE of the automotive industry. You are from the school of my job is safe for now and I am to scared to think about what could happen to the entire economy that would EVENTUALLY impact me. Whistle past the graveyard much Joey?

Just meant that he was right about demand being independent of whomever supplies the goods or services.

If Apple went out of business tomorrow, there would still be a demand for smartphones providing the kinds of services that iPhones did.

[jms62]

Originally Posted by joeydb

Just meant that he was right about demand being independent of whomever supplies the goods or services.

If Apple went out of business tomorrow, there would still be a demand for smartphones providing the kinds of services that iPhones did.

Gotcha.

[Danzig]

Originally Posted by jms62

Yes. They lost 10 billion or 10 million a day over the 3 years they held this stock … BUT … they saved 1 million immediate jobs and countless related jobs (parts suppliers, driver and other services) and kept a huge crater from developing in the economy at a time when we could least absorb it. Those million jobs also bought goods and services of other companies no doubt saving additional jobs. It is unbalanced to say they/we lost 10 billion. The revenue from those jobs and sales that were saved went to the Fed via taxes.

i wonder tho if someone else would have bought them. that's typically what happens when a company can't right the ship. there's demand for those vehicles, that demand wouldn't have dried up.

it's just too bad that what was essentially a loan was handled like it was, which cost taxpayers plenty.

[bigrun]

GM to invest $1.3 billion in new equipment, expansions in Michigan.

http://www.freep.com/article/2013121...tment-business

[hoovesupsideyourhead]

they just put a woman in charge..good luck with that..

[bigrun]

Originally Posted by hoovesupsideyourhead

they just put a woman in charge..good luck with that..

oh oh, look out!

[Danzig]

Originally Posted by hoovesupsideyourhead

they just put a woman in charge..good luck with that..

should have done it years ago.