Comments on: Bailout Watch 560: Feds Set to Bail Out, Nationalize GMAC

By: essen

essen — Thu, 29 Oct 2009 02:04:58 +0000

tpandw, I hear what you’re saying but money is fungible. Let a responsible lender step in.

By: tpandw

tpandw — Wed, 28 Oct 2009 22:10:19 +0000

essen: According to the WSJ article on this mess, the government’s decision to bail out (for the third time!) GMAC ‘reflects the troubled company’s importance to the revival of the auto industry.’ So in a way it is about manufacturing jobs. That’s why this whole bailout thing (and this isn’t a political comment–the bailouts began with Bush) was such a slippery slope. Once the feds started bailing out failing auto companies and those companies which support them it became nearly impossible to quit. The only hope is that eventually the market will recover enough for them at least to break even, but I’m afraid that until then the bailouts will continue.

By: stuki

stuki — Wed, 28 Oct 2009 21:08:39 +0000

And the twin pillars of Wall Street welfare queens and unionized labor holding up our current sad excuse for a country, continue to make sure we pay them the tribute they feel they are due. Bloody shame we’re clear out of planets those of us somewhat higher up the moral and intellectual ladders could bolt to, leaving this riffraff to starve to death on their own bailing each other out.

By: Mark

Mark — Wed, 28 Oct 2009 19:23:07 +0000

Ally Bank has started advertising heavily in Canada offering extremely high deposit rates because they are obviously desperate for funds.

I know they are related to GMAC, but the average person in Canada wouldn’t because Ally’s website only indicates in the fine print they are a product of the ResMor Trust Company and it’s only once you dig deep through the ResMor website that you find out that ResMor Trust Company is actually a subsidiary of GMAC

That makes this line from their website even funnier – “At Ally, we don’t believe in hiding behind fine print, sneaky disclaimers or annoying asterisks. We’ll give it to you straight”

Yeah right – straight into bankruptcy!

By: essen

essen — Wed, 28 Oct 2009 19:22:12 +0000

Remind me, why aren’t we letting this go CH11? It’s not because of manufacturing jobs.

By: jkross22

jkross22 — Wed, 28 Oct 2009 17:31:18 +0000

Looks like GMAC is in the paper shredder business. They’re doing a bang up job shredding every dollar the tax payer is GIVING them.

Well, I guess Timmy G. needs to do a few more things before getting a job with Goldman Sachs. We all know the Tim type. He’s the guy that throws everyone else’s towels in the pool.

By: segfault

segfault — Wed, 28 Oct 2009 17:28:40 +0000

I wonder if GMAC’s failing to attract additional investors, after the stress test, might have had something to do with Cerberus’ “it’s a private company, we don’t have to disclose anything to you, Mr. Prospective Investor” attitude.

By: BigFire

BigFire — Wed, 28 Oct 2009 16:18:45 +0000

So that’s who Ally Bank were… I remember seeing a couple of commercial and quit a few spam e-mail from them.

By: willman

willman — Wed, 28 Oct 2009 16:18:31 +0000

Wow!
I saw the commercials and thought, “What a good idea!”.
But had No idea Ally was actually GMAC.

What a freaking shame!

By: jschaef481

jschaef481 — Wed, 28 Oct 2009 15:38:52 +0000

How much more evidence is required to demonstrate that the concentration of wealth and power is bad for a free society? The unholy alliance of Big Business and Big Gummint that exists in DC these days will be ruinous to our republic.

By: mtypex

mtypex — Wed, 28 Oct 2009 15:35:00 +0000

Cerberus owns GMAC, right? More bailouts for the connected private equity people.

By: NickR

NickR — Wed, 28 Oct 2009 14:58:56 +0000

The pit is bottomless.

By: jthorner

jthorner — Wed, 28 Oct 2009 14:50:35 +0000

I suppose they could just merge it into AIG. You know, keep all the trash in one dumpster.

By: autonut

autonut — Wed, 28 Oct 2009 14:41:01 +0000

Sickening. you can’t even lift 11 mils in $100 bills it is so heavy.

By: GS650G

GS650G — Wed, 28 Oct 2009 14:15:54 +0000

Did they run that parting gift by Feinburg before Molina sailed away on his yacht? I thought no more big paydays for TARPed companies.

Since we all have seen how great the Feds are at running financial institutions like Fannie and Freddie we The Workers have total confidence of the glorious days ahead. Besides, what’s a few more billion run off the presses anyway?