A bullshit number, it was a lot more than that.
Total costs for GM & corrupt auto could look like this:
177 billion, debentures, bonds, loans etc, all became 3% junk for $150
billion+ write off.
GMAC, no job, no credit, bad history, no assets, here is a loan GMAC
hooked taxpayers for at least $40 billion.
Bush gave Gm $13 billion just to get them into 0bama's term for even
more. Some $23 billion just to keep them going. This excludes related
industries, Chrysler, polluted plant cleanups and auto warranty
liabilities totaling some 65 billion or so.
Haven't even got into loan forgiveness and give aways like clunkers for
cash which all told should be about 18 billion.
All told, the real cost of GM and auto corruption was $300 billion to
taxpayers, shareholder, banks and pension fund lenders. Even more if
you include lost income tax from lost values of pension funds taking the
write offs. Hey, losses don't generate income tax.
But like fleabaggers they are, they like to polish rurds and lie a lot.
Net sum 0bama put on the hook to taxpayers was about $70 billion dollars
or more. No one knows really, as some of the numbers are "national
secrets" they say.
Fact is taxpayers got screwed.
And why I will never buy GM, Chrysler, CAW or UAW again. Next one comes
off a boat so it doesn't have CAW/UAW parts in it like Toyota domestic
does. GM, Chrysler and unions may have corrupted the politicians, but
they can't make me buy their over priced junk.
GM isn't too big to fail.
They were too big and corrupt to save.
But they are still a loser. Down 40% from IPO. Down 3% for the day.
Expecting bad news?
The reason government can't fix the economic problems as government is
I think taxpayer money given to GM, no matter how poorly managed, was a
necessity in 2008 because the US economy was heading into recession. GM
employes a lot of people and a LOT more (non GM, non UAW) are employed
in the supply chain industries that fed GM. I think the 2008 recession
would have been deeper and longer had GM been allowed to fail. That
said, I think taxpayer money given to fund the Volt development was a
fiasco that has yet to blossom!
"I think taxpayer money given to GM, no matter how poorly managed, was a
necessity in 2008 because the US economy was heading into recession. "
Printing more money for a problem caused by too much money makes matters worse.
The effects of this too much money syndrome has been building up since the connection of paper money to gold was eliminated to in order to finance the Vietnam war.
It has been used to finance many wars since then when the USA has been attacking one ountry after the other.
The number of dollars has been escalating ever since and much of the printing has resulted in a debt crises and much of the debt is owned by the chinese who more or less control the USA now indirectly by owning the debt and threatening to stop buying more and directly by taking over properties as well as companies as collateral for the debt.
Much of the fat cats in washington and wall street have been regularly sending money off shore to ctreate jobs in foreign countries.
It mhas been predicted ever since 1971 that this policy will come to a bad end and that is basically what is happening.
The end did not come as abruptly as many expected and having been predicting this for so long many people have more or less stopped thinking this would ever happen.
By printing ever more number of money this ponsi scheme has kept this going.
Now the weapon producers are trying to fake information in order to attack Iran in the same manner as they attaked irak.
Question is what towers will be attacked next to scare people and take the mind off the real problems.
Motorsforum.com is a website by car enthusiasts for car enthusiasts. It is not affiliated with any of the car or spare part manufacturers or car dealers discussed here.
All logos and trade names are the property of their respective owners.