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      08-22-2012, 08:02 AM   #23
Templar
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Hey now, he says he works in DC. So he must know everything, even if it is only flipping burgers
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      08-22-2012, 08:35 AM   #24
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I stopped reading after liberal bullshit.

I'm a card carrying member of the Republican party. Unlike you, I don't suck on Rush's drivel. In fact, I realize what a worthless piece of shit he is and how he is destroying what the Republican party once stood for.

Open a history book: the US has bailed out countries before, and the opposition is always the party not in control.

Good for you for falling for this bullshit.
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Originally Posted by divisionbell77 View Post
You have zero idea about anything. They couldn't get a loan because they were not making money? When has that stopped anyone from getting a loan? They had, 'no solution?' What do you think they were presenting to Congress?

They had a restructuring plan, but needed a loan to get them there. Not one bank offered up a loan, NOT ONE. They had to then BEG the government. Go to youtube, watch them in front of Congress.

Its about CREDIT, not about PROFITS. GM and Chrysler had zero credit left. Completely, 100% maxed out credit line.

Union salaries are what did this now?

You seriously have zero clue about any of this. I mean, you're a joke.
So nice to see there are still sane Republicans out there!
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      08-22-2012, 08:38 AM   #25
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Originally Posted by divisionbell77 View Post
You have zero idea about anything. They couldn't get a loan because they were not making money? When has that stopped anyone from getting a loan? They had, 'no solution?' What do you think they were presenting to Congress?

They had a restructuring plan, but needed a loan to get them there. Not one bank offered up a loan, NOT ONE. They had to then BEG the government. Go to youtube, watch them in front of Congress.

Its about CREDIT, not about PROFITS. GM and Chrysler had zero credit left. Completely, 100% maxed out credit line.

Union salaries are what did this now?

You seriously have zero clue about any of this. I mean, you're a joke.
WOW, JUST WOW. Presenting a solution to Congress???! Get back to me when they come crying for that next bail-out, I mean "loan." You haven't a clue...
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      08-22-2012, 10:13 AM   #26
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So nice to see there are still sane Republicans out there!
Few and far between. Since the 80's the GOP has been slowly raped by fanaticals. The Tea Party tools being what could possibly be the final nail in the coffin to our party.

Fun facts for supposed Republicans: your party first introduced regulations on business and broke up trusts controlling monopolies. You were the first party to introduce universal health care. All of this in what would be called modern US history.

Those guys fully stated their goal was to prevent anything from happening in the federal government and that is exactly what they are causing to happen. Somehow this is a good idea because it will end Obama being president.

This is the most ineffectual Congress in modern times, even more so than the Do Nothing Congress under Truman's presidency.
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      08-22-2012, 02:24 PM   #27
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They had a restructuring plan, but needed a loan to get them there.
Most of the money the U.S. government put into GM was in the form of equity ownership, not loans. The money that remains outstanding is equity, not loans.

GM also benefited from the washing away of debt granted by the government, including the unprecedented treatment of debtor classes that held liens against the company.

Finally, GM was granted the tax credits for the losses incurred by the "old" GM, which are worth (from memory) around $30 billion dollars. So, GM can shield an additional $30 billion dollars of future income from taxes; this was also unprecedented.

The UAW was given an equity position in GM in exchange (in part) for their pension liabilities. Nothing wrong with that per se, except that other classes of debt holders with equally valid lien status were summarily written off. That's probably one are in which many folks got pissed - the unequal (and arguably unlawful) treatment give these debtor classes.

The U.S. government equity stake in GM is another area that distresses many people - that probably doesn't need my explanation.
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