Wow, How did Goverment Motors pay it back - PeachParts Mercedes-Benz Forum

junqueyardjim · #1 04-30-2010, 09:22 PM

http://www.forbes.com/2010/04/23/general-motors-economy

Here is one paragraph from the article in Forbes magazine. Read the whole thing to see how stupid this is. And when I was a kid it was said, "As General Motors goes, so goes the Nation" and that is probably still true today, tho I hope not.

"In short, GM is using government money to pay back government money to get more government money. And at a 2% lower interest rate at that. This is a nifty scheme to refinance GM's government debt--not pay it back!"

Strife · #2 04-30-2010, 10:01 PM

They had an opportunity to get MY money to help, and they blew it. I was really willing to give them a chance by looking at a GMC Terrain for my wife, but there was a "waiting list" and the only car I could find was a very unimpressive strippo going for list. Supposedly, there was a two-month waiting list. Well, good luck with that.

strelnik · #3 04-30-2010, 10:42 PM

Quote:

Originally Posted by junqueyardjim

http://www.forbes.com/2010/04/23/general-motors-economy

Here is one paragraph from the article in Forbes magazine. Read the whole thing to see how stupid this is. And when I was a kid it was said, "As General Motors goes, so goes the Nation" and that is probably still true today, tho I hope not.

"In short, GM is using government money to pay back government money to get more government money. And at a 2% lower interest rate at that. This is a nifty scheme to refinance GM's government debt--not pay it back!"

Why do you think the new CEO is a former insurance guy? Finance and accounting weenies couldn't make enough money for them, you need insurance execs to show you how to really steal.

Look at AIG. Bonuses and all. Then tell me I'm wrong.

raymr · #4 05-01-2010, 12:30 AM

They could have just been honest and said they were consolidating their loan. This publicity makes no sense. The people who believe it don't really care. And the people who really care can see right through the lie. What are they thinking, and are they capable of moving forward?

kknudson · #5 05-01-2010, 08:47 AM

Funny how lying FOR the government causes no problems.

Let's see some congressional committee pounding the C outta Whitacre for this like they pissed about the private jet expenses.

probably blew more on this than the jets.

aklim · #6 05-01-2010, 10:49 AM

The last GM I bought and will ever buy is my GMC Yukon till I needed a diesel SUV and dumped it. I will probably never get another GM nor will I ever advise anyone to. In fact, I will advise anyone who asks AGAINST it. Why? I don't believe in supporting a company that cannot survive on it's own. IF it was so bad, why would I think it can grow better. This from a guy who used to look at GMs first and try to make a GM work within his plans. I only went with Ford because of the diesel Excursion which I needed.

aklim · #7 05-01-2010, 10:51 AM

Quote:

Originally Posted by raymr

They could have just been honest and said they were consolidating their loan. This publicity makes no sense. The people who believe it don't really care. And the people who really care can see right through the lie. What are they thinking, and are they capable of moving forward?

Honest? Thanx. I needed a laugh in the morning. Honesty doesn't get us anywhere or didn't anyone notice? The publicity makes sense since it doesn't tell all and gives the impression that GM is really rallying back and doing superhuman things. So, maybe it isn't that bad after all. Brother GM has seen the error of his ways. He has repented and will rejoin the flock. Hallelujah. Go ye forth and buy a GM for it is now good stuff. Surely goodness will follow with your purchase.

aklim · #8 05-01-2010, 10:54 AM

Quote:

Originally Posted by kknudson

Funny how lying FOR the government causes no problems.

Let's see some congressional committee pounding the C outta Whitacre for this like they pissed about the private jet expenses.

probably blew more on this than the jets.

Of course that is how it is. This validates the Bush-Obama bailout action. Paves the way for further bailouts since we can be sure we get our money back with interest. Life is good.

Smoke in Mirrors. Specifically, the Congressional brand so it is ok. Different brand, well..... depends on whether they can use it to their advantage or not.

The jets would be small change but at the time, it was a good sound bite.

MS Fowler · #9 05-01-2010, 08:13 PM

Paid back the money? Absurd. They failed to mention that they are now owned by the government and the labor union. So GM paying back the loans is sort of like taking money from one pocket and putting it another.

How come they gave the union 50 cents on the dollar while the SECURED creditors got 10 cents on the dollar? In any other business bankruptcy, the law requires them to take care of the secured creditors first.