Comments on: Bailout Watch 567: PTFOA Gone By September

By: agenthex

agenthex — Wed, 15 Jul 2009 18:20:06 +0000

Rather than the bankruptcy code-shredding process that recently wrapped up. …. ‘We will never lend another penny to this industry’ on the basis of this decision in bankruptcy court or elsewhere,” says Miller.

This is a very good example that repeating things enough will make it true in the minds of people. That these types of statement never ever get challenged (consider their source) is compelling evidence of effective media saturation.

By: TonUpBoi

TonUpBoi — Wed, 15 Jul 2009 16:13:51 +0000

I don’t believe it.

When have you EVER seen a government/governmental agency willingly disband?

I believe we’re still paying ‘temporary’ taxes that were supposed to support the war effort? WWI, that is.

By: Orian

Orian — Wed, 15 Jul 2009 12:13:20 +0000

Lets hope they actually kill off this group when they say they will.

And I’m wondering when I’ll see the money spent on Iraq float back into my pockets at the same time the money spent on the domestic automakers will…of course Iraq cost significantly more but I digress.

By: ihatetrees

ihatetrees — Wed, 15 Jul 2009 02:31:36 +0000

“Three or four months later, they’ve totally forgotten. There is no institutional memory in this world.” At least the last part of that is dead on.

I don’t know about that. It’s not 2005 – the daze where anyone or firm with a toe-tag credit rating could get financing are gone. This recession’s memories and causes will linger.

Most likely, some form of government guarantees will be necessary to convince banks that GM is creditworthy.

Yup – which is why I’ll sooner gargle battery acid than buy a new GM product.

I feel for Ford. They took advantage of easy credit with great timing – but now have to compete with the taxpayer financed competition.

By: AJ

AJ — Tue, 14 Jul 2009 23:22:57 +0000

The question is not how will we get our money back, but how will our great-great-grand children get their money back?

By: paris-dakar

paris-dakar — Tue, 14 Jul 2009 22:31:19 +0000

When they talk about ‘liquidating’ ‘old’ GM and ‘old’ Chrysler, did they ever break out what material assets (i.e. Manufacturing Locations) were part of the ‘old’ entities?

I’ve yet to see a list stating what actual Plants are scheduled for closure as a result of this so-called BK.

By: holydonut

holydonut — Tue, 14 Jul 2009 21:30:57 +0000

Some individuals often pocket massive amounts of money when they complete large deals (the bankers and the M&A folks). I find it unlikely that memory of past deeds remains high in their conscious when they’re staring at the possibility of a massive bonus so they can buy that third summer cottage.

By: gslippy

gslippy — Tue, 14 Jul 2009 20:45:37 +0000

Is the forgetfulness of institutional lending supposed to make us feel better?

Is it even relevant if the U.S. Government will rescue those ‘too big to fail’?

By: Samuel L. Bronkowitz

Samuel L. Bronkowitz — Tue, 14 Jul 2009 20:34:57 +0000

I’ll believe it when I see it…

By: superbadd75

superbadd75 — Tue, 14 Jul 2009 20:30:06 +0000

Great. So how long ’til we get our money back? My bet is never. Ever. Who’s going to be riding herd over GM, instructing them on which cars shall be built? I thought the PTFOA was to be responsible for that.

By: tparkit

tparkit — Tue, 14 Jul 2009 20:26:28 +0000

It’s called keeping the ball moving.