Originally Posted by Franc Rauscher
You are right. They could turn it down. But they didn't. So now, because we have given them some already, they haven't a choice. Obama called the note and now we own GM. Great.
First the government participated in a banking scheme that locked up commercial credit. Not intended perhaps but they are at fault none the less.
So now the auto makers ask the government, who has no trouble sending piles of money to their banking freinds who still won't free up credit, to back up the financing. Government says come back later and beg.
Then the government tells GM to dump Wagner or no money .
GM dumps Wagner and Obama says"I'm still not giving you the money."
Wagner has been at the helm for about 7 years. He has turned the company around with new products and streamlined production. He is a car guy, not a bean counter. Have you seen the new product line from GM?
Exactly what consumers are ready to buy and the new electric vehicle coming on, the Volt.
Unfortunately, consumers aren't buying anything right now so all car companies are suffering. Obama says "Screw GM' and tells Chrysler to sell off to Fiat. The Japanese and the Koreans are backing their guys so when this storm is over, how many jobs will President Obama have sent overseas by arrogant decree?
Meanwhile we, the taxpayers, will own whatever is left in the bag from GM and Chrysler and those unions will want payback for their support of Barry last fall. So how much money will we have to print to pay their salaries while the union guys sit in the "Job Banks"?
Rumor has it the Chineese want garrantees. Wanna bet it's an option on 44,000 Hectares of land and all it contains in Central Kentucky?
It does seem GM cars have gotten better. The Malibu is nice. The Vette is world class, and the new Camaro seems great (they squeezed lots of mileage out of a powerful V6 - not really sure 'bout the V8). The Volt is supposed to be a game-changer, but we'll see. Anyway, GM made shitty cars for decades, have had too many divisions for decades, and it couldn't keep going that way. It's a terrible shame that American cars were once the envy of the world, and now Detroit has a tin cup out. Perception is reality, and perception doesn't change quickly or easily. Sad.