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Obama's plan to save GM: bankruptcy, $30 billion

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  • CougarKeith
    June 1, 2009 10:43 a.m.

    I thought this guy was a "Communitee Organizer"? Now he is a world class business man too? I think he should give every american who makes less than $250,000 a stimulous coupon to buy an american made car good up to $35,000 per household! You want to get the American Auto Industry going again Barack, that's what you do! Every Family in America get's a coupon good towards a big 3 Brand New American Made Car up to $35,000, and you get a cash rebate on whatever is left over $1.00 per $10.00 in coupon value! give it to the peons who have to pay the money back! You want to get re-elected, that's how to do it! Order all the old car trade-ins (Which must be part of the deal) over a certain age (5 years) to be destroyed and recycled or exchanged in the great american used car exchange to get older non efficiant cars off the highway! How is that for a green liberal democratic party idea!

  • Nate
    June 1, 2009 11:08 a.m.

    Of course, GM could have re-organized *before* Obama spent all that taxpayer money to put himself in the driver's seat.

  • Its all about the UAW
    June 1, 2009 11:23 a.m.

    BO needs the UAW to get re-elected so he is more than happy to use OUR tax dollars to save GM and the UAW. If there was no UAW then BO would just let GM go under - no big deal. Everything BO does is carefully calculated to support his re-election which gives us all a look into the pathetic window of this liberal moron.

  • Print Money
    June 1, 2009 11:44 a.m.

    Does Obama know how to do anything but print money? Has he never taken an economics course? Hold onto your hats, folks, because runaway inflation is coming!

  • Dave
    June 1, 2009 11:47 a.m.

    Americans don't like the govt. giving handouts to big business, and as a result will buy FEWER GM and chrysler products!

    EVEN IF GM and Chrysler gets their act together, Americans won't want to touch their cars with a ten foot pole.

  • Why would
    June 1, 2009 11:52 a.m.

    anybody buy any 2009 vehicle made by GM. The employee moral is so low that the odds of buying one that is "not" a lemon, would be astronomical.

  • OK
    June 1, 2009 12:01 p.m.

    Tell, me, will anybody, in their right mind, put their own $$ into GM as an investment now that BHO own it? Will you be willing to invest any $$ into any venture now that the gov't has done their deeds?

  • Longterm Green Win
    June 1, 2009 12:02 p.m.

    This is a huge win for the environmentalgreen folks. They can now mandate green technology in a huge automaker. It could be used for a platform for experimental technologies, and eventually used to mandate to all other car companies compliance to technologies that they own. It's a serious meddling with free markets, but heck, at least it may someday bring about a cleaning up of the disgusting air we breathe here along the Wasatch front.

  • Obama ain't Romney
    June 1, 2009 12:06 p.m.

    Ya know, if Romney were president and was "fixing" GM, I might have some confidence in the outcome - he spent umpteen years doing exactly that very successfully with a number of companies. But what on earth does a Chicago community organizer know about business?!?!?!?

  • New Yorker
    June 1, 2009 12:22 p.m.

    yomama doesn't have a clue. the biggest budget he has ever dealt with is his personal checking account. It is too bad that the republicans are such bigots that they couldn't support the only guy that does have a clue, Mitt. He advocated bankruptcy last November before bo and w gave them additional billions. What a country! Community organizer to the presidency. You gotta love it. Only 3 years and 8 months left, that is if we can hold on that long.

  • rightascension
    June 1, 2009 12:55 p.m.

    Welcome, comrades to the brave new world.

    As Charles Wilson, who left GM to be Eisenhower's secretary of defense, once said, "What's good for GM is good for America."

    How exactly?

    Well -- The administration keeps saying that it doesn't want to stay in GM for long, but in a military-industrial society, it is in the government's interest to keep a control of this type of industry.

    Frankly, I wish the Obama administration would nationalize the various defense contractors and keep a close eye on THEM as well.

  • rightascension
    June 1, 2009 12:58 p.m.

    It is obvious that private enterprise is incompetent and cannot make GM profitable. So hard to see how government could do worse in running it.

  • ridiculous
    June 1, 2009 1:11 p.m.

    @rightascension
    If they are too incompetent to run the business then let the business fail because all it becomes is a burden on the economy. Another automaker would fill its void. That is how economics works.

    What is scary is how the government is suddenly controlling businesses. They can't run their own programs, social security, medicare, welfare, yet now they think they can run businesses that don't have open ended pockets.

    More government is not what we need right now. Smart government minding their own business and allowing the economy to stabilize is what we need.

  • Brother Chuck Schroeder
    June 1, 2009 1:27 p.m.

    At the top of our Hurricane Season in Florida, in a way I am "HAPPY" President Barack H. Obama pushed a humbled General Motors Corp. into bankruptcy and said the federal government will act as reluctant shareholder (this means The AMERICAN tax payer's and the "we the people") when it assumes a 60 percent ownership of the smaller carmaker that emerges. Now, seeing I DON'T TRUST A LIBERAL, I want the stocks in my hand, mailed to me (seeing the federal government don't have to pay postage), so if and when I deside to cash them in I can, or, pass them on to my grand children, I can, but, I want them in hand ASAP. Secondly, seeing I am a majority, (stock holder) now, I say, "GET RID OF THOSE FRIGGEN UNION WORKERS AND THAT UNION RIGHT NOW!."

    Plus add onto that, the sign of "Made In America".

    And, mean it this time.

    That's my view.

    What's your's in Utah, and, the World.

    I wanna know.

  • A_Chinese_American
    June 1, 2009 1:36 p.m.

    Any rational citizen please don't buy any car from GM and Cry-sle! We don't want socialism in U.S.A.

  • Bro Chuck's Rant n Rave's
    June 1, 2009 2:02 p.m.

    First off;

    "Happy Father's Day" men.

    Secondly, as for (the muslim that can't be a terrorist because he don't have 17 H's in his name yet), President Obama, and GM have one thing in common right now.

    It was Julius Caesar who started the practice of flipping a coin to make decisions. His own head was on one side of every Roman coin, so "heads" determined the winner in each flip. People thought "heads" meant that Caesar agreed with the decision. The coin flip was used in serious litigation involving property,
    marriage and even criminal guilt.

    Seeing I am a 60% share holder now of GM, let's hope this coin flip is a good one, and, that I won my shares real soon, from him.

  • David Montgomery
    June 1, 2009 2:03 p.m.

    Simply put, the U.S. Gov. is now in the long term business involving the Auto Industry. It is our tax dollars being spent without our consent. Once the officiandos in office have their hands in the pie, it won't come out. Can you think of a time when the Government has said it will be short termed and it has really happened? That's what they said about income tax before any of us were born and it is here to stay.

  • lynn
    June 1, 2009 2:30 p.m.

    all that's left to say is, people wanted "change" and they've got it. A few pennies in their pockets!

  • Don
    June 1, 2009 2:42 p.m.

    WOW, This is amazing! All the news does is spout off on how great this President is yet he has personally approved now 75 Billion Dollars in Losses to GM and Chrysler and put over 100,000 people out of work! In total with families nearly 350,000 people are negatively affected by this incompetence! Obama has never run a business or been a executive in any capacity, but yet the media continues to see him as some great leader! Not! With the 400 percent increase in the National Debt and the prospect that the Stimulus is failing too can anyone say INFLATION! How about 30 percent? And how about Ford? They are at a distinct disadvantage when Obama and his henchman or Czar's(Another term for Dictator)control the competition, the banks that are supposed to lend and the large insurers used by the Auto Industry! Conclusion? Obama lied about tax cuts has cost millions their jobs, has saddled us with TRILLIONS in debt, and is about to put HUNDREDS OF THOUSANDS of SMALL BUSINESSES OUT OF BUSINESS WITH 30 PERCENT INFLATION! 75 Percent of the Job creation market will be declining for years!

  • Voter
    June 1, 2009 3:37 p.m.

    The next act of this circus of incompetence is Obama's appointment of a 31 year old campaign worker to oversee the overhaul of GM.

    Only a fool would make an appointment like that. He may be a very nice, loyal Obama campaigner, even with some education and an almost Masters Degree.

    But, is really the BEST choice that the President of the United States can find for the catastrophic breakup and restructuring of one of our largest industrial corporations? If so, we are in even worse trouble than anyone ever imagined.

    Just when you think the incompetence and cronyism could not get any worse, Obama springs a new tsunami of "hope and change" on us.

    Alarming!

    Next idiocy is what-- off to Cairo to offer a surrender to the Muslim radicals? Nothing would surprise me any more.

  • Obama is job 1
    June 1, 2009 4:19 p.m.

    I am glad the Obama administration took over GM.

    When the company fails-
    and it will fail-
    Name three people that would invest in a welfare car company?
    Name three liberals?

    Anyway when it goes under-

    People will protest his socialized universal health care.

    Look at medicare part D.
    It is bankrupt and the ones that pushed it through Bush and Congress became rich.

    65 year olds are still paying $2,000 deductibles per year.

    Going to Wal-Mart to get your drugs yet?

    GM will be the us post office dejvu all over again.

  • Pride
    June 1, 2009 4:36 p.m.

    A... This is a Depression.

    This was a problem before Obama was President. Maybe all that trillions of dollars spent on Iraq by the Republicans should of been used to help the local americans with the economy and healthcare?

    To much greed was used in the past to increase the pockets of few at the expense of the majority.

    Pride comes before the fall.... Not during the fall...

  • Arizona
    June 1, 2009 5:08 p.m.

    The good news is that we have enough early warning of the impending hyperinflation and dollar collapse that we can protect ourselves. bu time may be short.

    Got gold?

  • wrz
    June 1, 2009 6:17 p.m.

    @Its all about the UAW | 11:23 a.m.

    Your post is right on the money. Our tax dollars are going from our pockets, to the IRS, to the UAW union members' pockets all for the sole purpose of getting BO reelected in 2012.

    Even the stimulus money is designed to hit the economy just in time or BO to look good for the 2012 election. Everything he does is designed to get him reelected.

  • Anonymous
    June 1, 2009 6:51 p.m.

    Amazing! Simply Amazing!

    How quick you Utah neoCons seem to forget that it was Chenney/Bush that got us all into this mess with their out of control free-market deregulation coup de'at. Of course this all started with the magical thinking implementation of early Reganonomics, now understood to me an unmitigated disaster. Why?

    Because it didn't benefit the working middle-class American, only the less than 1% rich and privileged of society, and now the same middle-class Americans have been strapped with the rich and privileged money-changers wreckless actions, who took the non-value-based profits and sank the producer economy in the process, just like the bass tards did back in pre Depression '29!

    Frankly, I'm disappointed that Obama hasn't taken on the mantle of FDR more, since only rolling back the laws to FDR era bank and securities regulations and enforcing those regulations will straighten this mess out and get the economy back on track to the benefit of middle class Americans. C'mon folks, this is the stuff of history, regardless of political or ideological leanings.

  • uhHello
    June 1, 2009 7:05 p.m.

    UhHello wrz,

    I believe money has gone to the Directors of the company and CEO. Not the union..

    That is why there is a new CEO.

    Of course, Obama is doing what the republicans didnt do. Reelecting someone who is helping the majority of americans rather than the rich few would be fine since the majority of americans are part of the American Union. Not the Republican rich union which has failed to include us.

  • GM for the better?
    June 1, 2009 7:15 p.m.

    Now that Uncle Sam and the UAW control GM, it'll do much better. As Archie Bunker once said, "One is a novelty, two is ghetto."

  • Clean your glasses Utah ok?
    June 1, 2009 9:17 p.m.

    Welcome To The New Banana Republic Of The United States of America and Black Markets.

    We would not, under any circumstances, believe our government would make decisions flying in the face of sacred United States contract law. What they have done to auto company bondholders is to favor unions for political votes forcing bondholders into a lower, non-preferred payment order. This says corporate contracts in the United States are now meaningless.Auto union people were moved to the head of the bankruptcy line while bondholders with a preferred first lien position by CONTRACT LAW, are now forced to the end of the line.

    If your government will do this to auto bondholders, what will they do to the Sheeple?

    News this morning told of GM bondholders finally reaching a settlement providing $.17 on the dollar in two parts as GM shares trading was halted. Further news stated GM shareholders are receiving 1% of the deal.

    Brother Chuck Schroeder is right.

  • Shareholder?
    June 1, 2009 10:02 p.m.

    A shareholder has risk. If the company does well they get part of the profits. If the company does bad, they lose money. I know exactly how I'll lose my money when GM loses money. But how am I going to get money when things go well? Good feelings? A "strong" America. As a shareholder, I would like to sell my stock right now thus removing any risk/reward for me. I'm willing to give up my chance for any future dividend and not have to participate in the ever increasing bailouts to come. A shareholder typically has a vote. Where is mine? Apparently gone with all the other contract law thrown out the window in this deal.

  • One other thing -
    June 1, 2009 10:23 p.m.

    One mans prediction. If the Republican party does not come up with its own set of answers. If the Republican party cannot do anything but critisize, comdemn and complain. If the Republican party does not beome a more moderate party as suggested by one of its own Colin Powell.

    then -

    We will have solid Democratic Majorities in both houses of Congress not to mention a Democratic president for years to come. Don't believe me, just wait till the next national election. If another national election were held today Obama would win in a landslide plus the Democrats would have even bigger majorities in the house and the senate.

  • TheSystem
    June 1, 2009 10:41 p.m.

    well... if one listens to what the public does, one will have the publics problems. Dont invest blindly... Go behind the scenes and see the legal structure of the organization, nothing is inept but shareholders do get paid last if there is anything left. This is on all companies. Bet on the jockey, not on the horse.

    Most jockeys (CEO's directors etc) have been unethical and uncontrolled. They still get paid when the horse (business) dies.

    Be sure to test the liquidity of your investment by withdrawing/moving it at times to other places and not all bet on the same horse.

    Many more problems have not been uncovered with other companies as the depression drags on.

    Make sure investments have good liquidity right now.


  • The Right crumbles
    June 1, 2009 10:42 p.m.

    The right complains about the government saving jobs. GM is important to the security of the United States, and for some reason, the right complains. "We should let GM fail".

    Why has the right grown to hate America? What do they stand for anymore?

  • Utah is so blind
    June 2, 2009 12:15 a.m.

    If Obama helps GM...BAD, If Obama doesnt help GM...BAD....That's so Republican!!!!
    If you are not helping, be quiet!!!
    Most of you were buying all those GM v8 cylinder big truck oil eaters for a long time, so what happened to your "big truck love"???

    Utah is so blind, always complaining just to make some noise, nonsense noise!!!!

  • Anonymous
    June 2, 2009 8:34 a.m.

    As a hero of the GOP once said, you are all a bunch of nattering nabobs of negativism. Obama didn't want this mess. And if the GOP has a better idea, put it out there instead of taking cheap shots. If GM and the feeder businesses go down, the ecomony will suffer further. Is that what you want? Most of you are focused on your own little corner of the world and can't see beyond it. Wait until you lose your job. You'll be like the now famous person who recently said that he came up from nothing, living on FOOD STAMPS and WELFARE until he was successful and that government shouldn't be involved. Duh!