Taxpayers to Lose Billions on GM [Archive] - Glock Talk

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aircarver
12-19-2012, 09:12
http://www.detroitnews.com/article/20121219/AUTO0103/212190382/Treasury-announces-GM-exit-strategy-automaker-buying-200-million-shares-from-U-S-?odyssey=mod|breaking|text|FRONTPAGE


"Still, taxpayers will almost certainly lose billions of dollars in the $49.5 billion GM bailout. If the government sold the rest of its stock at current prices, taxpayers would lose more than $13 billion."

:steamed:

jrd22
12-19-2012, 09:16
What's a couple a billion between friends? We'll be lucky if this boondogle doesn't cost us a lot more than 13B.

aircarver
12-19-2012, 09:18
Do we, at least, get a free Silverado with that ? ... :whistling:

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HarleyGuy
12-19-2012, 09:58
I get a little confused when dealing with so many zero's but let's take a look at this.

With an estimated population of 330 MILLION in the U.S., 13 BILLION would equate to about what, $ 40 each per person?

Our current National Debt of 16.4 TRILLION DOLLARS is nearly $ 50,000 for each one of us.

I just heard this morning on Fox News that every household's share of the National Debt is $ 149,000 dollars.

cowboywannabe
12-19-2012, 10:16
you say that like obama cared.....he will make it up by taxing successful American more and more, then punishing small businesses with a health care tax.

jeanderson
12-19-2012, 11:27
This is what happens when government picks winners and losers.

You think the Chevy Volt would even exist if it weren't for the Federal Government subsidizing every car? Stupid, stupid, stupid government at its finest.

WT
12-19-2012, 11:53
$13 billion? Heck, that's chump change. The US Army spends that much money every week.

pugman
12-19-2012, 12:15
Serious question: at this point what does it matter?

No one wants the federal government to fail or the American dollar to completely collapse. Congress, being they are in a real sense of power, are very happy with the status quo. This said...

There is no plan*. The government will continue to beg, borrow, steal, print, rape and pillage until someone finally decides to not accept the dollar any more. And when that happens they might pull a gun telling them they have to accept it.

Everyone for the most part is in the same boat. Imagine a complete financial collapse of the federal government happens over a period of several weeks to a month the impact will be 1) as substantial as WW2 or 9/11 2) will be felt world wide. China would probably layoff millions within the first few days.

$13 billion? Eh, its less than 5 days interest on the national debt. Depending on who you want to believe, the federal government has a net worth of a negative $60-$80 trillion dollars....or $220 or $660K per citizen/taxpayer. Billion, Trillion...Quadrillion - its just a extra printed zero at this point.

The federal government's books are so one sided it boggles the mind....take every penny from every billionaire in the U.S and you offset deficit spending for a single year?

*the only real plan at this point is two parted. 1) there is no intention on every paying this off 2) if the federal government could control the collapse in any real fashion. This control could be martial law. I don't think its legal (then again, what's "legal" is whatever they say it is) but could they file some sort of bankruptcy?

Hell, once the dollar fails and GM is able to shed all its liabilities and union obligations it might be valuable again...Hold on to the stock!

Wake_jumper
12-19-2012, 12:32
But think of all the union jobs that were saved in MI and OH. Oh and we know how those folks voted... so indirectly, the bailout got O' re-elected too.

rj1939
12-19-2012, 12:44
Here is what Zero Hedge had to say:


Assuming a price in the $27.50 range, this implies a nearly 50% loss on the government's breakeven price of $54. So much for the "profit" spin. One hopes all those Union votes were well worth the now booked $40+ billion cost to all taxpayers.

rj1939
12-19-2012, 12:48
GM is sitting on @250,000 p/u trucks and they just introduced the 2014 model...................are the 2013 models going to be left over 2012's? Disreguard the faded paint and cracked dash........it is a new model.

aircarver
12-19-2012, 17:26
GM is sitting on @250,000 p/u trucks and they just introduced the 2014 model...................are the 2013 models going to be left over 2012's? Disreguard the faded paint and cracked dash........it is a new model.

Give 'em to us that paid for 'em ..... :whistling:

.

whoflungdo
12-19-2012, 17:29
Do we, at least, get a free Silverado with that ? ... :whistling:

.

No..but you can have a Chevy Volt...