What was the point of bailing out GM when they were going to bankrupt anyway?
The bailout seems like a complete waste of taxpayer dollars. They should have been allowed to go Chpt 11 at the beginning just like every other company in this situation would.
Exactly – a waste of money. They are now going to do what they could have done WITHOUT the Government giving them anything in the first place!
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Exactly – a waste of money. They are now going to do what they could have done WITHOUT the Government giving them anything in the first place!
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July 4th, 2009 at 11:53 pm
Ah ha. It sounded good didn’t it? All those bailed out banks are raising people’s credit card rates too. That sounded peachy too didn’t it?
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WHAT A FREAKING WASTE OF MY MONEY!!!!!!!!!
July 5th, 2009 at 12:43 am
That’s what John McCain was screaming up and down the aisle of congress before the bailout was approved…and what he said on the Letterman show before it was approved…McCain said that "Triumph motorcycle had been propped up by England in the 70’s and had been forced into bankruptcy anyway…and how it was just a big waste of tax payer dollars prolonging the inevitable….and David Letterman talked down to him like he was a stupid fool for thinking bankruptcy was their only option….because as any enlightened liberal knows…GM is too big to fail…and those workers losing thier jobs will have devastating effects on the market….and all GM needed to do was build some energy efficient cars and electric cars…DUH just ask Letterman because MCCAIN is an idiot right?
Well they are filing Chapter 11 and I haven’t seen the sky falling yet.
Not that I am keeping score…but virtually every single conservative that I knew was saying to let them go into recievership or chapter 11 and that propping them up with tax payer dollars was only going to prolong the inevitable….while Obama was using his doomsday language that GM is too big to fail so he had to spend yours and my money on the bail out.
Now GM is under control of the federal government…and all she wants is power…so now Obama can tell the CEO to step down…Pelosi can tell them "NO MORE GAS POWERED CARS." the real business minds in the Federal government can fix these problems….Maybe they can start running GM like the DMV … that outta get production going.
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July 5th, 2009 at 12:52 am
Yes, they should have taken bankruptcy protection however, they were forced to go with the bailout because they were conned by the Obama administration with fantastic promises. The bailout was simply a pay off to the unions for their votes during the election in return GM would get a massive government contract for new vehicles. GM was taken completely by surprise when the Obama administration decided they would dictate who, how, and what would operate GM.
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July 5th, 2009 at 1:06 am
The bailout money was used to prop up the unions finances. It was never to save the company.
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July 5th, 2009 at 1:48 am
The controlled bankruptcy that Obama is trying to force on GM would preserve the ridiculous UAW contracts. That is his objective here.
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July 5th, 2009 at 2:26 am
its called stupid is as stupid does! as in GM, AIG, CHRYSLER,ETC ETC ETC ETC
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July 5th, 2009 at 2:56 am
It was a essentially 60 day (bridge) LOAN with the same restrictions as what they would have gotten from a willing bank or group of investors until a viable plan was presented. That would also have included a change of management BTW. If not then bankruptcy but they were given a chance which is what Obama gave them.
Funny if he had not done that the same people complaining now would have complained about inaction.
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July 5th, 2009 at 3:19 am
Well, at least they got to pay off all those government officials and their lobbyists they had been buying for the last few decades. They needed the money for that.
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July 5th, 2009 at 3:50 am