Obama Motors Gives The Finger To GM Bondholders

Status
Not open for further replies.
T

Trademark

Copywriter / Author
Jun 30, 2007
613
21
0
GM is throwing a Hail Mary pass to the U.S. Treasury hoping to avoid bankruptcy. It's a frightening deal that would make us all shareholders in a badly-run company. Of course, that may be a better position than being a bondholder. Those guys are up the creek.

Source: GM's latest plan would cede control to Treasury Dept. | detnews.com | The Detroit News

The deal hasn't been cemented yet.

As long as they're ripping our cash away in taxes and our purchasing power away through a devalued dollar and more debt, I'm happy to see they're putting it into a productive investment. Go GM!

Hat tip to Karen DeCoster on Lew Rockwell's blog...

LewRockwell.com Blog: Dictatorship Motors or Goldman Sachs Motors?
 


I've been wanting a new Tahoe 4wd for a while now and the *ONLY* reason I haven't gone in and plunked ~$50k down for one is because these asswipes can't get their shit together. :angryfire:

/barely relevant rant post.
 
geekcognito said:
I've been wanting a new Tahoe 4wd for a while now and the *ONLY* reason I haven't gone in and plunked ~$50k down for one is because these asswipes can't get their shit together. :angryfire:

/barely relevant rant post.
Click to expand...

Buy a slightly used one like I did. You will get it for half the price and have money left over for any repairs down the road. :)
 
man i drove around a ford lot and a gm lot last weekend. Ford's cars >>>>>>>>>>>>>>>>>> GMs cars.
 
dbbrock1 said:
Thats 266,000 jobs that can never be replaced again.
If GM goes under, you can pretty much consider the US fucked.
Click to expand...

Those jobs can never be replaced? I don't believe that for a second. Labor and capital tends to gravitate toward their most productive use if they're not forced in another direction.

Forcing our money into a badly-run company that makes products most consumers have spurned is fundamentally unsound. Doing so forces capital down a path that is less productive than it would otherwise go. It would save jobs in that industry. But, it does so at the cost of creating jobs elsewhere. It does so at the cost of creating wealth through production. In other words, were those jobs to vanish, the capital would pursue more efficient channels.

If GM were to go under, it would be painful for the U.S. Very painful. People would lose their jobs, houses, families, and lives. But, that is only what is visible in the short-term. Over the long-term, we would be better off for it. Real wages and purchasing power would increase. Taxpayers would be able to use those funds to buy things they want (stereos, clothes, movie tickets, refrigerators). Capital, left unmolested, will find its way.

Thank goodness we never forced taxpayer money toward saving the horse and buggy industry. Too bad those folks lost their jobs, but I'll bet most of them found their way. Some in the automotive industry.
 
Trademark said:
Those jobs can never be replaced? I don't believe that for a second. Labor and capital tends to gravitate toward their most productive use if they're not forced in another direction.

Forcing our money into a badly-run company that makes products most consumers have spurned is fundamentally unsound. Doing so forces capital down a path that is less productive than it would otherwise go. It would save jobs in that industry. But, it does so at the cost of creating jobs elsewhere. It does so at the cost of creating wealth through production. In other words, were those jobs to vanish, the capital would pursue more efficient channels.

If GM were to go under, it would be painful for the U.S. Very painful. People would lose their jobs, houses, families, and lives. But, that is only what is visible in the short-term. Over the long-term, we would be better off for it. Real wages and purchasing power would increase. Taxpayers would be able to use those funds to buy things they want (stereos, clothes, movie tickets, refrigerators). Capital, left unmolested, will find its way.

Thank goodness we never forced taxpayer money toward saving the horse and buggy industry. Too bad those folks lost their jobs, but I'll bet most of them found their way. Some in the automotive industry.
Click to expand...
^^ The force is strong in this one. ^^

I'm grinning ear to ear. :music06:
 
dbbrock1 said:
Thats 266,000 jobs that can never be replaced again.
If GM goes under, you can pretty much consider the US fucked.
Click to expand...

Hahahahahahahahahahahahahahahaha... that's a nice trick. Now if you could just pull your dick out of your own ass and sit down, we can have a serious conversation.
 
TeeBird said:
Buy a slightly used one like I did. You will get it for half the price and have money left over for any repairs down the road. :)
Click to expand...

I'm going to watch how this cluster-fuck pans out a little longer and if it's not resolved to my satisfaction within a month, I'm doing exactly that.
 
Bama and the Dems need those union votes in 2010 and 12. This admin will see to it that we spend our selves into oblivion keeping those factories open or at least paying the union employees to sit at home.
 
look. Homer knows how to solve GM's problems!

homer.jpg
 
Status
Not open for further replies.
Top Bottom