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Auto Sector Success #2

Discussion in 'Political Discussion' started by PatsFanInVa, Jul 9, 2009.

  1. PatsFanInVa

    PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

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    GM clears final hurdle to quick bankruptcy exit - Jul. 9, 2009

    First Chrysler, now GM. Back from the brink. Not easily and not without pain, but our domestic auto industry has not been flushed down the toilet as our local theocons demanded.

    It's hard to fix stuff. It's easy to tank stuff. That's why GW was able to do the latter.

    Idiots, I don't much care how you react.

    People with brains: patience is certainly in order, despite the counsel of the teeming dozens who appear at a tea party now and again.

    Chrysler's out of bankruptcy. GM's coming out. And yeah, nobody's buying cars again. Yet.

    '12 is soooooo far away too :enranged:

    PFnV
  2. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    Payback for the Auto Unions and the American people get screwed great ......

    But as a gov worker WTF do you care.....your in a union too right?
  3. PatsFanInVa

    PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

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    Yeah that's a great concept, anyone in a union is evil because the financial sector were too busy making up new kinds of pretend wealth and ****ed everybody else's ability to obtain credit.

    FYI, nope, I'm not bargaining unit.

    And as usual when specifically lambasted for working for the public, I would like to stipulate that nothing I post here is representative of the U.S. government or any branch or agency thereof. I post here on my own time and the opinions expressed here are my own.

    PFnV
  4. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    If it walks like a union drone and talks like a union drone....


    Point you are thrilled that the administration used public funds and overturned 200+ years of bankruptcy law to pay off the UAW, many aren't thrilled with this.


    You might check out T Sowells articles of the causes of the financialcrisis, so you won't sound so ignorant about the current situation.
  5. alvinnf

    alvinnf Rookie

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    Well , your half right. Unions are kinda like the fat guy at the buffet. You know for 8.99 you should have a little more prime rib and some dessert. But don't start scarfing down handfuls of shrimp and b@tch about your cholesterol.
    I forgot to say that Ford cut their racing budgets across the board last year. It makes you wonder if they saw the writing on the wall. So kudos to them.
    Last edited: Jul 9, 2009
  6. sdaniels7114

    sdaniels7114 Rookie

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    A good little sub goal. I still wanna see them back in private hands without a giant sucking sound coming from the US treasury and I wanna see them in position to compete equally with the Japanese*. Then the one will have himself a real victory.

    Baseball analogy: 2-0, top of the second; but our starter is a po'd Josh Becket and the Bullpen is rested:D


    *Possibly even selling a few right-hand drive cars in the parts of the world that prefer that weird practice.
    Last edited: Jul 9, 2009
  7. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    Who would buy intoGM and Chrysler when you know the administration will screw you as an investor in favor to the UAW?

    No sane person would invest in government motors at this point.
  8. efin98

    efin98 Rookie

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    There will be scavengers on Wall Street that will buy into the company only to up the value and dump it later on...it'll be a cheap stock that could turn out to be a high priced one later on.
  9. IcyPatriot

    IcyPatriot ------------- PatsFans.com Supporter

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    #87 Jersey

    I want to know if local dealers are receiving stimulus money on the Q T to air commercials. I have never heard so many car commercials on the radio ... going to sleep at night with them in my head.
  10. sdaniels7114

    sdaniels7114 Rookie

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    Whoa, whoa, whoa there Tiger. You have to back those statements up if you don't want everyone callin' you NEPatsfan13.

    Look at my post. Sure I made the declarative statement: 'The one will have himself a real victory' but and make note that this is a big but, only after I named two specific criteria that can be measured objectively, IE either the government owns them or not and either T & H are still whipping their asses or not. Try going to the facts first before you make declarative statements. I think you'll find that you'll like being in that place better than NE place else.
  11. PatsFanInVa

    PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

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    Hey I'll take that.

    Despite my Mr. Hyde persona this evening, I'm reasonable enough to know we might still go through this all over again in a few years.

    The work being done right now is weird and unusual and politically risky. Who the hell doesn't know that? BUT AT LEAST WE, AS A COUNTRY, ARE DOING IT. We're not just throwing in the towel and saying, "oh well sometimes capitalism ***** most of the populace for the benefit of whoever took money off the table in time, win a few lose a few..."

    I think the goal is to get the government OUT of the private sector, but to leave the private sector regulated rather than unregulated (and that's more on the Wall Street end than anywhere else.)

    At any rate, I do see these bankruptcy workouts as having been unlikely to succeed in the timeframes provided, and they're actually happening. These are huge hurdles, and obviously a lot of political capital is on the line.

    We needn't fool ourselves that any of the arguments here are significant by the time the voters tell the tale. In '10 we'll see our first view of whether the Dems are scaring people (but what's the alternative?)... or whether people are ready to give up on the program.

    Time will tell.

    PFnV
  12. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    In both bankruptcy proceedings (Chrysler & GM) the rights of Secured Creditors and Shareholders were ignored and the UAW who had no standing according to 200+ years of law were given favored treatment.

    IOW if the gov is involved you have no rights. No sane person would invest in these companies. If things get bad the gov could step in again and screw you.

    i agree with your desire to see the gov get out.
  13. IcyPatriot

    IcyPatriot ------------- PatsFans.com Supporter

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    #87 Jersey

    Investment in these companies will become similar to junk bonds and investments. A small percentage of the investment basket which means uncle sam will remain the beackbone probably for the next 20-30 years if not forever. Investors don't forget ... they may get reckless but they do not forget. Depression era investors never forgot ... neither will todays investors.

    Options, futures, spread bidding ...
    I'm no expert but what is it like 10% or less of the basket if I remember right.
    Last edited: Jul 9, 2009
  14. efin98

    efin98 Rookie

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    Prior government ownership hasn't stopped Norfolk Southern Corporation's or CSX Corporation's bottom lines after they bought a government owned company...it's only grown since then. Investors will buy the stock.
  15. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    That was prior to the government stiffing secured creditors. The rules of the game have been dramatically by the obamaites. You may not understand that but investors do.
  16. efin98

    efin98 Rookie

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    Doesn't change that it won't stop people from investing in the company despite the stiffing of creditors.
  17. tanked_as_usual

    tanked_as_usual Banned

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    gotta love this moron PFinV with this libbie notion that emerging from bankruptcy is any kind of success..........
  18. tanked_as_usual

    tanked_as_usual Banned

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    no....what's going to happen is that GM is going to wind up in politicians portfolios for pennies on the dollar ....... there will be a tidy return on the taxpayer bailout except the taxpayer ain't gonna see it.........a government run IPO that will get quite a few elected officials richer
  19. PatsFanInVa

    PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

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    "moron"? Watch the personal stuff, *****!

    So I take it emerging from bankruptcy is "failure", and liquidating would be "success"?
  20. Real World

    Real World Moderator Staff Member

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    This is why people who read a lot of books, and have never run as much as a lemonade stand, should stay away from posting about business "successes". So what was successful here? All the gubmit did was steal taxpayer money, hand it to a bankrupt car company, thus paying for it to come out of bankrupcy. Some success. If the gubmit took our money, and handed it to Joe Blow, so he could pay off his $40k credit card debt, would that be a "success" story, when we wrote the last check for him? I guess in the new world of rewarding failure, some people probably think it would be. :rolleyes: This was a give away of monumental porportions, and not only were taxpayers bent over, but so weren't secured investors. The only one's who came away drinking Moet, were the UAW, and the gubmit, who now know they can confiscate taxpayer money for any, and every private corporation of their choosing.

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