No Case for Bailout worked at GM or Chrysler
First for all our liberal / progressive friends who obsess about the Top 1% of earners, by the way the threshold for the top one percent depending on the source is somewhere between $323 K and 368 K, even if you took all their income it would not run the government for more than a few weeks. The sad fact is the liberal / progressives just can't stand to see folks making more than they do, that is until you start taking their money.
WT69 / Hard Rocker / Esten, there is no proof whatsoever the "bailout worked" when it comes to GM and Chrysler.
Chrysler "An AMERICAN AUTOMAKER":
Fiat's current ownership of Chrysler stands at 58.5% and is poised to complete the merger of the two companies unless the UAW retiree's trust which owns the remaining 41.5% of the stock screws the pooch with an IPO offering which is being fought out in court as we speak. Should the UAW proceed Fiat will pull back support and the automaker will be down the tubes again.
Question, how can a company in the process of merging with an Italian automaker who owes 58.5% of the stock be an AMERICAN automaker? When the merger closes what you call Chrysler today will be all Fiat tomorrow.
Did we somehow annex Italy so it's still an AMERICAN company?
GM "They paid back their bailout loan":
To date the taxpayers have lost $10 Billion on "saving" GM. In addition GM and Chrysler have the highest labor cost of the American Big 3 and all three have higher labor costs than their foreign competitors. Maybe that's because of the UAW since the foreign companies are not unionized?
[URL]http://www.ibtimes.com/taxpayer-loss-general-motors-gm-bailout-near-10-billion-rising-1468890[/URL]
Again neither Chrysler nor GM considered filing for liquidation of the companies under Chapter 7, so your argument about throwing all those poor UAW folks out of work and closing two automakers is false on its face and typical liberal / progressive hype to scare people.
So that only leaves us with the only reason Obama instituted "Obama – ruptcy" for GM and Chrysler was to save the UAW labor contracts and to rape the bondholders, who are first in line for payment, transferring a majority of their interest to the UAW.
You guys have no proof whatsoever that GM and Chrysler would not have been in much better competitive shape with lower labor costs had they been allowed to proceed through a normal Chapter 11 bankruptcy, which would have among other things allowed them to void their labor contracts with the UAW.
All you do have now is GM costing the taxpayer's $10 Billion and rising and Chrysler which has been sold to Fiat.
Great going guys a perfect example of crony capitalism.
My post was not pointed to any one personally
But to the ones that Rock Harders post pointed out.
[b]"Essentially Jackson (and his fascist brethren on this thread) want to make all the money and all the decisions and have a massive underclass of serfs running around attending to them and earning only enough money to barely feed themselves on. Unfortunately for Jackson and his fascist fan boys the USA still functions on a one person one vote principle and as recent presidential elections clearly show, people of his thinking are clearly outnumbered."[/b]
[QUOTE=Tiny12;436901]Robert Reich sounds like a nut case in the article you posted. He's criticizing efficient allocation of capital and improvements in productivity. Follow his advice and in the long term the economy will go down the toilet." [b]Your Opinion[/b]
As to being an American, the founders would roll over in their graves if they saw the current state of the federal government. [b][u] True, there would be another revolution to get a new Congress into office.[/b][/u]
The USA under Obama is out of sync with most of the rest of the world, [b][u] In your Opinion, not the rest of the world.[/b][/u] which has moved towards free markets and away from [b]statism. What spelling is this?[/b]
If you want to find a place ideally suited to your views you better hurry up and move, as Cuba is the last place left, although there will always be less desirable alternatives like Venezuela and Bolivia. [b][u]North Korea sounds like what you want. No rights at all.[/b][/u]
You're extrapolating a lot BTW. I never ventured an opinion as to whether the bailouts worked or didn't work. And I've never said anything about food stamps.[/QUOTE]