Sad day for America
in [Toyota]
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From: Canuck57 on 28 Mar 2010 21:45 On 28/03/2010 6:26 PM, Bill Putney wrote: > "When the people find they can vote themselves money, that will herald > the end of the republic." > > Benjamin Franklin And it is occuring now. Benjamin was a wise dude. With the trillions of funny ponzi money going into the system, it will at some time pop big time. My guess is hyper-stagflation. Wake up one morning and gas costs $10 gallon. I don't think government can raise interest rates to protect the USD value, far too much pre-existing debt. Which makes any real recovery impossible, or may take decades to occur. All for debt mongers. At least it is now easy to see why Europe had debtors courts. -- -------------- Politicians don't provide anything, the tax payers do.
From: Canuck57 on 28 Mar 2010 21:54 On 28/03/2010 6:33 PM, dr_jeff wrote: > Canuck57 wrote: >> GMAC, now Ally Bank, they do the same for GM auto buyers. Courtesy of >> Bailout Obama (BO) who wants this GM pig to fly. > > Its banking unit is Ally Bank, but the company is still called GMAC. > also has major problems with another of its businesses: Mortgages. GMAC > is owned by GM (49%) and Cerberus Capital Management, L.P. (51). > Cerberus Capital Management is the same company that owns a small > portion of Chrysler and used to own a much larger portion of it. > >> Debt, bailout, debt... lets face it, a world of hurt is coming for all >> this liberalism ponzi money management. Does not mater who is getting >> bailed out, it is wrong morally, ethically and financially. Sooner or >> later... the sky for many will fall hard. > > I don't think it is ethically or financially wrong to help those who > swindled by the banks (I mean the people who got mortgages that they > could not afford or were lied to - some people report that the agreed to > a fixed rate mortgage only to get a variable rate mortgage). > >> But at least now you are seeing why bailouts are bad. And any toxic >> government, company or individual in over their head with debt is >> eventually going to get washed out before a real recovery can occur. > > It depends on why they got underwater. Some people just bought at the > top of the market and then lost their jobs, got sick or something. > However, people who were buying a $500,000 on $20,000 a year need to > find cheaper housing. > >> In the mean time, government is just pissing away wealth at a record >> pace. >> >> Fannie Mae, Freddie Mac and now Ally ... debt for losers on the taxpayer. > > Actually, the US gov't is getting back a lot of bailout money. Seems > that a lot of banks don't want the US Gov't to own them. That is only true of some. Most of the bailout moneys are lost causes, take GM. They only owe some $6 billion or so, yet add up all of GM's pieces, GMAC, Delco, GM itself, well over $100 billion was spent yet only $6 billion on the books. So if GM was privatized, it would have to fetch over $100 billion to cover costs, and that is debatable as interest, pension bailouts and legal isn't factored in. Not going to happen in my lifetime. Not to mention the tax losses as anyone related to GM got welshed and declaired layoffs and losses as opposed to profits and tax paying jobs. By allowing GM to operate for at least 3 years past basic bankruptcy is going to cost the america taxpayer a lot of money in the end. As for which banks got bailouts and others that did not, I suspect it had a lot to do with who your clients were. Well connected clients with DC connections you were bailed. Warren Buffet types would not like it if their money was in an insolvant bank... -- -------------- Politicians don't provide anything, the tax payers do.
From: dr_jeff on 28 Mar 2010 22:01 Canuck57 wrote: > On 28/03/2010 6:33 PM, dr_jeff wrote: >> Canuck57 wrote: >>> GMAC, now Ally Bank, they do the same for GM auto buyers. Courtesy of >>> Bailout Obama (BO) who wants this GM pig to fly. >> >> Its banking unit is Ally Bank, but the company is still called GMAC. >> also has major problems with another of its businesses: Mortgages. GMAC >> is owned by GM (49%) and Cerberus Capital Management, L.P. (51). >> Cerberus Capital Management is the same company that owns a small >> portion of Chrysler and used to own a much larger portion of it. >> >>> Debt, bailout, debt... lets face it, a world of hurt is coming for all >>> this liberalism ponzi money management. Does not mater who is getting >>> bailed out, it is wrong morally, ethically and financially. Sooner or >>> later... the sky for many will fall hard. >> >> I don't think it is ethically or financially wrong to help those who >> swindled by the banks (I mean the people who got mortgages that they >> could not afford or were lied to - some people report that the agreed to >> a fixed rate mortgage only to get a variable rate mortgage). >> >>> But at least now you are seeing why bailouts are bad. And any toxic >>> government, company or individual in over their head with debt is >>> eventually going to get washed out before a real recovery can occur. >> >> It depends on why they got underwater. Some people just bought at the >> top of the market and then lost their jobs, got sick or something. >> However, people who were buying a $500,000 on $20,000 a year need to >> find cheaper housing. >> >>> In the mean time, government is just pissing away wealth at a record >>> pace. >>> >>> Fannie Mae, Freddie Mac and now Ally ... debt for losers on the >>> taxpayer. >> >> Actually, the US gov't is getting back a lot of bailout money. Seems >> that a lot of banks don't want the US Gov't to own them. > > That is only true of some. Most of the bailout moneys are lost causes, > take GM. They only owe some $6 billion or so, yet add up all of GM's > pieces, GMAC, Delco, GM itself, well over $100 billion was spent yet > only $6 billion on the books. GMAC was 49% owned by GM. Delco is a brand for aftermarket parts owned by GM. Perhaps you mean Delphi, which has been a seperate company for over 10 years. > So if GM was privatized, it would have to > fetch over $100 billion to cover costs, and that is debatable as > interest, pension bailouts and legal isn't factored in. Not going to > happen in my lifetime. > > Not to mention the tax losses as anyone related to GM got welshed and > declaired layoffs and losses as opposed to profits and tax paying jobs. > > By allowing GM to operate for at least 3 years past basic bankruptcy is > going to cost the america taxpayer a lot of money in the end. When did GM go bankrupt? What evidence do you have? > As for which banks got bailouts and others that did not, I suspect it > had a lot to do with who your clients were. Well connected clients with > DC connections you were bailed. Warren Buffet types would not like it > if their money was in an insolvant bank... Actually, Buffet and our money was put into insolvent banks. Jeff
From: Bill Putney on 29 Mar 2010 06:03 dr_jeff wrote: > Actually, the US gov't is getting back a lot of bailout money. Seems > that a lot of banks don't want the US Gov't to own them. Yeah and every time they discuss that money coming back, it's talked about as if it was new found money to spend on more social programs. It is fraud pure and simple. -- Bill Putney (To reply by e-mail, replace the last letter of the alphabet in my address with the letter 'x')
From: Obveeus on 29 Mar 2010 08:06
"dr_jeff" <utz(a)msu.edu> wrote: > While that is true, it's time to start judging Obama based on what he has > accomplished. The Cash for Clunkers program did little to help the > environment and made used cars more expensive. Mostly, it was a bailout program designed to hand money to the auto manufacturers...and most significantly to Ford since they made, by far, the most 'clunkers'. |