GM gets another 7.5 billion today
- Thread starter Blu Du
- Start date
All the more reason they will get none of mine!!!!!
frigin socialist country we are living in!!!!
frigin socialist country we are living in!!!!
This is exactly the BS rhetoric that will destroy the entire north american economy. IF you read the story, it's an injection of 7.5 billion to GMAC. GM doesn't own GMAC. Cerebus does. They also "own" Chrysler. Read the stuff posted and get yourself informed before you get all "I'm never buying a GM again" rant. GMAC isn't building cars. They are a bank.
Right on Ollie.
I've always been a Chevy driver, but after this bull$hit, I'm going to Ford and NEVER looking back to Chevy.
Sorry but I have never seen where a grant, subsidy, handout, bailout what ever you want to call them, hsa ever helped anyone for very long!!!!!
I like free market economies!!!
from what i can see the north american economy is all ready destroyed!!!!
I will be ok though as I never was a big fan of leverage either!!!!
bought the 100k house but was approved for the 500k house.
Every bank in North America is tied to some GM dealer somewhere. You would be surprised at the number of GM dealers that don't use GMAC to finance their floor plans. Hope all of you buy Fords. BTW, get to know your service manager quick if you;re buying a Ford. And good luck with any Navistar warranty you may have. Give them one little out to deny your warranty claim and you're paying for it out of your own pocket. That's real good business.
The only rason Ford isn't at the trough is because they mortgaged the crap out of their factories and assets before the $hit hit the fan. It was more timing than good business.
Your bank is getting a hand out.
Your credit card company is getting a hand out.
Your utility company is getting a hand out.
Unless you're living in a cave, hand outs are going out to have some effect on you.
THe economy is dead because of good old American Greed plain and simple. And since it's the USA, the rest of the world gets sucked into the vortex.
You all want to know how to fix the car business and stop the bail outs? ..............................
GO OUT AND BUY A FRIGGIN CAR !!!!!!!!
GO OUT AND BUY A FRIGGIN CAR !!!!!!!!
Turn the TV off, stop listening to the biased media, quite whining about your president and the political crap going down, lay the blame squarely where it belongs (at the feet of the previous administration), bring all your troops home, point missiles at your enemies with a warning to back off or get turned into a parking lot, send the illegal immigrants back to where they came from, set up a system to make sure that everyone pays their taxes and get back to work.
LMAO
I keep one creditcard witha zero balance ( use it to rent a car or whatever)
I have no motgage or loans!!!
By next year I should be pretty well off the grid!!!
No cave just conservative with my money.
I have 3 ford desiels and I have not had any troble getting things done under warenty but whatever just sayin!!!
Maybe a Toyota is better????
Well my good Doctor, you are not the norm.
And as far as Ford warranty, I speak from experience. Lots of it.
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Ollie
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WRONG.
That attitude is what got us here.
People buying things they didn't need and couldn't afford.
They got credit to buy it so they did.
Now it is expected that the people that actually can manage their money should have to bail them out.
To bad, so sad.
You messed up, deal with it.
Capitalism works. It just has to be allowed to run it's cource.
Let the companies that are bad, go under.
We have the FDIC for a reason. It would have been infanetly cheaper to let all the banks fail and just pay off the FDIC.
It's when government steps in that things get messed up.
You say the whole world economic problem is caused by the U.S..
So, hows the weather on your planet?
You think the ENTIRE WORLDS ECONOMY is based solely on US spending??
Your kidding right?
If you would like to talk about what caused the actual financial problems in the U.S. and the rest of the world, I'll be happy to, if your looking to just jump on the "Blame the U.S. for everything" bandwagon, have a nice day.
So you don't think that the world's largest economy and it's drop into the crapper doesn't affect the rest of the world? Give your head a shake man.
I agree with your comment concerning too many people buying cars on credit but it wasn't car credit that casued the crash. It was housing credit, greedy developers and an out of control lending system that lined the pockets of a few at the cost of the many.
I agree with your comment concerning too many people buying cars on credit but it wasn't car credit that casued the crash. It was housing credit, greedy developers and an out of control lending system that lined the pockets of a few at the cost of the many.
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Ollie
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First off, it started with Clinton, not Bush.
Second, as for bringing the troops home, heres an idea, finish the job then come home.
Pointing missiles doesn't work when the guys killing your countrymen don't have a country of their own. That and you need leaders willing to pull the trigger. Our military needs to be allowed to do what any countries military is designed to do. Kill, destroy and win. They arn't a peace keeping force, they aren't there to hand out food and they arn't there to make sure everything is fair.
The rest I agree with.
The whole financial system started going south when the tech industry went boom. During that time period credit was easy, jobs were plentiful and paid very well, we actually didn't have a deficit (so of cource the politicians decided to spend money), and you were only unemployed if you wanted to be.
The tech crash affected the entire world, not just the U.S..
people started trying to get jobs that weren't there, if they couldn't make their bills they just put it on their credit cards. People were living in denial. They kept buying because the banks were lending money with almost zero restrictions.
Home loans were easy and there were a few hundred options that would allow you to buy more house than you could actually afford. Clinton signed a law making Fannie may and Freddie mac buy up the toxic loans so there was no down side to banks making the loans.
Then Fannie may and freddie mac went BOOM.
Now there was no one to buy the toxic loans and the major lenders were stuck with em. They stopped loaning money and went into survival mode.
This shut down the home loan industry and crashed the market.
During this same time period you could buy cars and trucks with zero down and zero interest for 5 years. So, everyone went out and bought cars they couldn't afford. The big 3 auto makers were already in trouble, yet did nothing other than try to get people to buy more overpriced cars.
Gas prices shot up to 4 dollars a gallon, sales of SUV's bottomed out the auto industry went bust.
It was at the end of these converging accounts that it was discovered that morons were playing the credit card game. Get a new credit card with zero payments for 3 months and transfer all the debt off your old card onto the new one. People were so upside down there was no way out.
With the tech jobs gone.
Wall street in a free fall
The housing market inploding.
Construction at an all time low.
Car industry spiraling out of control.
Credit card crash.
unemployment at record highs.
Bush tried to buy up the toxic loans and restart the credit industry, that is what TARP was originally intended for, it was intersepted when Obama got elected and the money was used to pay off the unions.
The economic crash is being used as an excuse to push thru all kinds of harmful spending and tax increase legislation that will bankrupt this nation.
Capitalism only works with it is allowed to also fail.
Bad companies go broke, good companies excell.
When the government comes in and artificially props up the bad companies it just creates a drain on the entire system.
What Obama is doing is bad on a massive scale. There is a reason every world leader is telling him don't do this, I just wish he was smart enough to listen.
We need a third party and term limits for all branches of government.
Public office should be a privilege, not a career.
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Ollie
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Of cource it affects it.
It's just not the sole source of the problem.
Over consumption is a world problem, not just a U.S. problem.
The rest of the world had the same problems the U.S. did, just not on as grand a scale.
We have spent the last 30 years exporting all our industrial jobs. We need to get those back in country. We will be in this giant up and down scale so long as we have no control over the industries that make our country run.
how many times have you seen someone buy something just because they thought it was cool?
As more and more people bought stuf they didn't need, it created jobs that were living on a bubble. When the bubble burst, their jobs went with it.
The economy needs to re-adjust to reality. It will never be able to do that so long as the government props it up.
Well said Ollie. I agree with 99% of it. I still think that foreign policy that tries to make every other country like yours is doomed to fail. You will never solve the Middle East. That crap has been going on for over 2000 years. Find a couple of allies, flex your muscles, give the war (if you want a war) the full push, involve the entire country and get the job done. Finish it and move on.
Besides, my rant on this thread is about so-called GM getting the 7.5 Billion when it's GMAC. You would be closer to being correct if you said "US government sends another 7.5 billion to an already bankrupt Chrysler."
Besides, my rant on this thread is about so-called GM getting the 7.5 Billion when it's GMAC. You would be closer to being correct if you said "US government sends another 7.5 billion to an already bankrupt Chrysler."
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Ollie
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First off, I consider GM and Chrysler to be 2 sides of the same coin.
That is correct, except according the news, the 7.5 billion is supposed to allow GMAC to start making auto loans again. Which is supposed to help (direct quote here) "Prop up the auto market". Heres an idea to help prop up the auto market. Cut wages across the board, drop the dead weight and make a car people want and can afford.
As for the auto loans, if your credit is so bad you can't get a loan from the bank, you shouldn't get one.
That's true but for a while, good credit was shut out. When the $hit hit the fan, they pulled back on just about everyone. If you have the money, go buy a car.
THe union has to carry some of the blame for this mess too. GM pays way to much for labour.
THe union has to carry some of the blame for this mess too. GM pays way to much for labour.
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