GM's loan repaid?
Comments
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An analogy is, I'm your friend and can't pay my heating bill for a few months. So you help me out by loaning me some money with the agreement I'll pay you back in 6 months. But I get my job back or whatever and pay you back the dough in 3 months. Then you turn around and call my slimy for doing exactly what we agreed to do only better.
Chris
are you really that dense? did you even read the article?
The government handed GM $49.5 BILLION dollars last year. $13.4 BILLION of that was put in one basket labeled "working capital" (interest free money!). $6.7 BILLION was put in another basket and labeled a "loan" (low 7% intereset rate). The rest was put in a third basket and called "stock" (interest free money!).
Fast forward a few months later. Now the smart guys at GM take $6.7 billion from the "working capital" basket and use it to payoff the "loan" basket. At the same time, they apply for another $10 BILLION dollar government loan at 5% interest rate and start airing commercials telling the public "We paid off the government bailout loan, IN FULL, years ahead of schedule!!!".
You analogy couldn't be farther from the truth. -
Have you EVER owned one? What do you own now?Oh, don't worry. You like what happens in China, that is the road we are going down. The government propaganda machine is just getting going. Sounds like you are ready to line up and believe what you are told. :rolleyes:
Buying American / patriotism has nothing to do with these commercials. Its straight up lies. I will never, ever consider buying a Government Motors vehicle after they pulled this stunt. If they had put their head down, worked hard, and come out the other side of this a stronger, better company I could have at least applauded the company despite the fact I didn't agree with the bailout in the first place. This behavior is just plain despicable. -
"Assembled" in Indiana. Correction. The assemble them in the Philippines and in Mexico too.Airplay355 wrote: »My Subaru was made in Indiana
I guess I'm a communist...
Why would that make you a communist? -
virtualdean wrote: »"Assembled" in Indiana. Correction. The assemble them in the Philippines and in Mexico too.
Why would that make you a communist?
I read somewhere that the Toyota Solara is the most American car sold in America.
I don't read the newsssspaperssss because dey aaaallllllllll...... have ugly print.
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virtualdean wrote: »"Assembled" in Indiana. Correction. The assemble them in the Philippines and in Mexico too.
Why would that make you a communist?
You are wrong about where Subaru builds cars. They are made only here in Indiana and Japan.The Gear... Carver "Statement" Mono-blocks, Mcintosh C2300 Arcam AVR20, Oppo UDP-203 4K Blu-ray player, Sony XBR70x850B 4k, Polk Audio Legend L800 with height modules, L400 Center Channel Polk audio AB800 "in-wall" surrounds. Marantz MM7025 stereo amp. Simaudio Moon 680d DSD
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virtualdean wrote: »Have you EVER owned one? What do you own now?
My very first car was a 1986 Oldsmobile Cutlass Calais. My current car is a '02 Subaru Impreza WRX. Any other questions? -
Oops got me..I misspoke point. What I meant was Foreign car manufacturers usually assemble cars in 3rd world countries.nooshinjohn wrote: »You are wrong about where Subaru builds cars. They are made only here in Indiana and Japan. -
My very first car was a 1986 Oldsmobile Cutlass Calais. My current car is a '02 Subaru Impreza WRX. Any other questions?
Nope, not a one. I've owned a 71 Triumph Spitfire, 69 VW Fastback w fuel injection, 78 Chevy Impala, 80 Ford LTD, backtracked to a 78 Volare, (times were hard) then an 87 Mitsubishi, then the best a new 89 GMC Silverado
91 Ford Taurus, 99 Olds Alero, 86 BMW 520i, Nissan Sentra , and now a 2006 Ford Focus.
Of them all, the 69 VW, the BMW 520i, the 78 Volare were mechanics dreams.
The GMC was bulletproof, the 87 Mitusbishi was good except for the suspension, the Olds ran flawless for 10 years, Nissan was okay but not much of a car,
The 2006 Focus is flawless but it only has 40K on it. I've driven and owned a lot, I don't put much credence in anecdotes from Uncle Fred.
Of them all I still dream about the Spitfire...18 years old, long hair and girls sitting on a cushion with her **** in my face...I liked it.
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concealer404 wrote: »Uh... what?
1) The dough hasn't been paid back
2) What they paid back came out of money that was loaned to them by the government. They used loaned government money to pay back a government loan, and now we get to listen to that Ed Whitaker f***stick every few minutes on TV tell us what great people they are. All that's missing is a bigass "MISSION ACCOMPLISHED" banner in the background. What ISN'T slimy about that?
The money loaned to GM by the gov was a working capital "safety cushion" which they no longer need. So they paid the money back, simple as that. I just don't see anything slimy about it.
Chris -
OK - read some more - I stand corrected. I do think it is good new that GM no longer needs the dough, though.
Chris -
While some of you guys seem to be extra eccentric as of late, I will say I am sick and tired of this ad too.
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Yea, this is one of those "p1ssing down my back and telling me it's raining" ads.
I quit buying American after I had 2 American brands repeatedly crap the bed on me. Sure my sample size is small, but I've had no major/surprise problems since I've went to German cars. Mercedes, then VW, and now Audi (which is basically also VW...)
When I get a "new" car, I'll probably stick with Audi, and look at a relatively new S4.
And I may be of the minority, but I believe in letting even the biggest companies fall if they dig their own grave. Survival of the fittest. Someone would have surely increased their production to fill the void that GM would have left if they had shut doors. I don't like how smaller businesses are left to rot, while the largest public companies are bailed out repeatedly, there by discouraging innovation and R&D to set themselves apart from their competitors (why bother if you're going to get bailed out if things go bad anyway.)
I am rather disheartened with the system as whole now, regardless of which party is in office...2007 Club Polk Football Pool Champ
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Blah blah blah blah blah blah! They make these things called remotes, push the ch up or ch dn button and his face will magically disappear.Don't worry about the ad, those who know, know he is making an asshat of himself. I'll still buy GM. They are the only reliable vehicles I have ever owned. If GM did go under no one would have to step up to take it's place, there are enough manufacturers with a surplus of car to go around, crap, locally some of the dealerships have New car with less than 50 miles from '03:eek:
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I am rather disheartened with the system as whole now, regardless of which party is in office...
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Yea, this is one of those "p1ssing down my back and telling me it's raining" ads.
I quit buying American after I had 2 American brands repeatedly crap the bed on me. Sure my sample size is small, but I've had no major/surprise problems since I've went to German cars. Mercedes, then VW, and now Audi (which is basically also VW...)
When I get a "new" car, I'll probably stick with Audi, and look at a relatively new S4.
And I may be of the minority, but I believe in letting even the biggest companies fall if they dig their own grave. Survival of the fittest. Someone would have surely increased their production to fill the void that GM would have left if they had shut doors. I don't like how smaller businesses are left to rot, while the largest public companies are bailed out repeatedly, there by discouraging innovation and R&D to set themselves apart from their competitors (why bother if you're going to get bailed out if things go bad anyway.)
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There's a lot of reasons GM failed, and, for the record, I'm a former GM salary worker but no fan of GM.
The government is partly to blame for GM's failure. Go back to the famous "sit down" strike in the 30's at a GM plant in Flint MI. The workers took over a GM plant and essentially held the company hostage until its demands were met.
Over the years, union favorable legislation has basically allowed the unions to strategically strike GM factories to hurt them the worst. GM almost always caved in to get the factories going again.
More recently, Rick Wagoner took over the company and failed to address the dismal balance sheet condition (DEBT) of the company. Hailed as a great leader, Rick was supposed to take GM to the promised land. But as a guy coming out of finance, of all things, couldn't address the financial problems at GM.
Product - I was not happy with the mis-management of the company when I left the company. But I can say we were building some of the best products we had built since I joined the company 25 years prior. Great quality exciting products and highly acclaimed.
One last thought. As I posted many times, we knew that Toyota was not stepping up to many of their quality/safety concerns years ago. Doesn't bother me a bit to see them get what they deserve. And the free pass Consumer Reports has given them (buy rating without even testing) is just sick.
Chris
