Comments on: Bailout Watch 534: Feds to Give Post-C11 GM $30 Billion

By: Robert.Walter

Robert.Walter — Sat, 23 May 2009 14:13:46 +0000

Funny, the virtual debt car is passing, the fastest previous debt car, on the left, only slightly faster than JB claims to do on the right; the only difference in approach is philosophy vs. psychopathy … and maybe, in its application, there is no difference.

By: cleek

cleek — Sat, 23 May 2009 12:54:04 +0000

So using the numbers provided, the borrowed monies ~~pissed down a rat hole~~ spent and further required are sufficient to purchase all of ~~GM’s~~ PM’s forecasted annual production at the average retail transaction price.

By: Landcrusher

Landcrusher — Sat, 23 May 2009 04:32:00 +0000

Bertel,

I was thinking the same thing.

By: Bertel Schmitt

Bertel Schmitt — Sat, 23 May 2009 04:12:38 +0000

Baruth for President!

By: agenthex

agenthex — Fri, 22 May 2009 21:29:26 +0000

Queue the same complaints that have dispelled repeatedly before.

Ironically for the anti-gov types, if they had only supported sane finance sector regulation and avoided the meltdown, a bailout of the d3 probably wouldn’t have happened.

Reap what you sew. Too bad you had to screw it up for everyone else too.

–
It would have been better simply to give vouchers to returning soldiers for free Chryslers and GM’s or to their families if they didn’t return.

Free Sebring for joining? Sign me up! Where does the line start? Nothing but the best for our veterans.

By: Luther

Luther — Fri, 22 May 2009 19:11:00 +0000

When you pay taxes you are funding terrorism…It is OK to destroy your own life but you don’t have the right to pay politicians to destroy other people’s lives…Stop giving these primitive socialist parasites your money!

By: DarkSpork

DarkSpork — Fri, 22 May 2009 18:52:53 +0000

NoSubstitute :

All this belly-aching is absurd. We’re getting half of the stock in the new company. Once new GM hits a $90B market cap, we can sell and recover the entire investment. All that would take is for GM’s stock price to hit around $150, which interestingly is about the same price that the bondholders would need to get to reach par based on the outstanding offer they’re inexplicably about to reject. I mean we’re only talking a lousy $150. You can’t even get an iPhone for that.

GM stock is currently selling at $1.50. How long would it take for the value of the stock to become worth 100 times as much as it is now? Lets use an incredibly unrealistic number for arguments sake and say that every month the value of the stock doubles until it hits 150 dollars, that’s roughly 6 1/2 months. Now insert (more plausible) time line here (perhaps replace months with years). But I’m sure you were just joking.

By: KeithF

KeithF — Fri, 22 May 2009 18:51:49 +0000

lol @ NoSubstitute :-)

By: NoSubstitute

NoSubstitute — Fri, 22 May 2009 17:33:16 +0000

By: Bunter1

Bunter1 — Fri, 22 May 2009 16:25:44 +0000

Someone check my math please.
I get 45B/61K GM UAW workers=738K per.

BO-just send each one a check for 500k, you’ll get their votes, and go with jkross’ idea and clear inventory to the returning soldiers.

Let it go.

Bunter

By: Dave

Dave — Fri, 22 May 2009 16:07:58 +0000

Where the heck has all the money gone? Have they had absolutely no revenue since Christmas?

$15B gone, and another $30B needed ….

By: jkross22

jkross22 — Fri, 22 May 2009 15:59:49 +0000

Part of me knows that elected officials aren’t stupid and have basic math skills, but then you hear about this and it’s all put in question again.

It would have been better simply to give vouchers to returning soldiers for free Chryslers and GM’s or to their families if they didn’t return. At least they earned them.

If Obama did that, at least then I wouldn’t say this:

Hey team Obama, great job burning my tax dollars and my kids’ savings. Go to hell.

By: TexN

TexN — Fri, 22 May 2009 12:54:30 +0000

I love my country, but I hate the idiots that run it……….

By: Steve-O

Steve-O — Fri, 22 May 2009 12:30:14 +0000

This is appalling. And prepare for that $45 Billion number to go UP before all is said and done…

By: OldandSlow

OldandSlow — Fri, 22 May 2009 12:07:31 +0000

There is more to the madness than meets the eye. The Treasury through AIG may have a substantial payout due to Credit Default Swaps on the 27 billion bond holders’ stake.

Not all of the bond holders bought CDS protection, but some did and the only way they get paid is for GM to go into default. The best part of which is that many of the current bond holders paid pennies on the dollar for GM’s secured debt.

By: indi500fan

indi500fan — Fri, 22 May 2009 12:06:10 +0000

How well will this play politically in the out years? How many average Joes and Janes will figure out their tax dollars are funding $3200 / month retirements and platinum VEBA bennies for UAW members?

By: allegro con moto-car

allegro con moto-car — Fri, 22 May 2009 12:00:11 +0000

Twenty six grand per vehicle? It is just a number. This reminds me of my twelve year employment at the USPS. After a while, you get used to all of the shenanigans, and nothing surprises you anymore. If anything, one develops an expectation for far greater ~~entertainment~~ stupidity. And as long as the gobment is involved, there will be more. Stay tuned.

allegro

By: hreardon

hreardon — Fri, 22 May 2009 11:56:36 +0000

Mother of God, what will it take for this country to wake up and say NO MORE to this madness?

By: Billy Bobb 2

Billy Bobb 2 — Fri, 22 May 2009 11:37:02 +0000

It’s morning in the USSA!

Rise, shine and unite comrades!