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Topic:
General Motors Unveils Record Profits For 2011 [Locked] |
Z-Elder  Posts: 671
Registered: 2002-3-15 13:58:39
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Date Posted:
1/1/00 12:00am
Subject:
General Motors Unveils Record Profits For 2011 |
We own a third? Did our voting block vote for their new bonuses?
And, did we vote to keep Opal?
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Groucho48 Posts: 821
Registered: 2003-10-22 03:00:14
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Date Posted:
1/1/00 12:00am
Subject:
General Motors Unveils Record Profits For 2011 |
Altra_Shadowstalker posted:
Does that include the sales tax on the 9 million sold? Or the tax on the workers paychecks? Or the taxes on the supplies to build the cars? How about not having to pay unemployment, welfare, food stamps, etc...?
Sounds like that can add up to 14 billion pretty easily, and that's just one company. Seems to me it was in the countries best interest to maintain a lucrative manufacturer afloat.
From the CNN link, it doesn't sound as though it did count that stuff.
Quote:
Still, advocates of the bailout say the success of the companies is proof that the bailout worked. The hit to the economy would have been far worse than the $15 billion or so that the bailouts might end up costing taxpayers, considering the estimated 1.5 million additional job losses, the closure of GM, Chrysler and many of their suppliers and the shifting of much auto production overseas if the companies had failed.
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“Science is like sex: sometimes something useful comes out, but that is not the reason we are doing it.†– Richard Feynman
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theredkay1 Posts: 611
Registered: 2008-5-16 10:37:09
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Date Posted:
1/1/00 12:00am
Subject:
General Motors Unveils Record Profits For 2011 |
ZigmundZag posted:
http://money.cnn.com/2012/02/16/news/companies/gm_bailout/
GM still owes the gubmint 25.5 billion, but we're holding about 13 billion worth of their stock.
IMHO all dividends should be going to the treasury until that debt is repaid in full.
gubmint decided to sell some of its stock already and they were not the only entity who participated in the bailout so they never had complete ownership. Right now GM is not paying any dividends.
the government decided that getting ownership back into private hands was important and has not focused on maximizing profit.
From a 'whats good for the economy' perspective, the bailout and the decision to sell shares back even if it means a loss seem like the correct move.
The uncalculated cost of not extending financing to GM as several hundred thousand jobs shut down is probably pretty high.
One of the few really smart economic decisions made by the powers that be during the economic collapse.
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theredkay1 Posts: 611
Registered: 2008-5-16 10:37:09
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Date Posted:
1/1/00 12:00am
Subject:
General Motors Unveils Record Profits For 2011 |
Grymlo posted:
Then let them go under. Its a private business and the gubmint had to right to get involved with taxpayer money to begin with. Someone else would end up filling the void anyways
the last part is a statement of faith on your part.
Similar statements can be used to get rid of the fire department. When the city is burning down, just let it burn...something else will fill the void one day in the future. Ignoring all the pain and permanently lost economic growth in the interim is not a smart approach.
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Rosaria  Title: They call me Mellow Yellow, quite rightly.
Posts: 477
Registered: 2003-8-22 10:07:30
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Date Posted:
1/1/00 12:00am
Subject:
General Motors Unveils Record Profits For 2011 |
All I know about GM is that its selling at a 50% reduction loss of its original IPO last time I looked. I would rationally decline purchase of that offer.
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Groucho48 Posts: 821
Registered: 2003-10-22 03:00:14
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Date Posted:
1/1/00 12:00am
Subject:
General Motors Unveils Record Profits For 2011 |
theredkay1 posted:
Grymlo posted:
Then let them go under. Its a private business and the gubmint had to right to get involved with taxpayer money to begin with. Someone else would end up filling the void anyways
the last part is a statement of faith on your part.
Similar statements can be used to get rid of the fire department. When the city is burning down, just let it burn...something else will fill the void one day in the future. Ignoring all the pain and permanently lost economic growth in the interim is not a smart approach.
As I recall both Chrysler and GM tried to auction off parts of their business to other entities. The only serious offer was from Fiat, for Chrysler.
The right is now claiming, of course, that there were all sorts of free market remedies available which would have turned out much better than the record profits GM and Chrylser are achieving. But, when you parse them, mainly what they are saying is that the unions didn't get screwed enough.
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“Science is like sex: sometimes something useful comes out, but that is not the reason we are doing it.†– Richard Feynman
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paulg_68  Posts: 2,469
Registered: 2009-7-27 18:45:54
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Date Posted:
1/1/00 12:00am
Subject:
General Motors Unveils Record Profits For 2011 |
theredkay1 posted:
Similar statements can be used to get rid of the fire department. When the city is burning down, just let it burn...something else will fill the void one day in the future.
In your mind the fire department is another example of the free market?
One day I'd love to see you criticize the free market using an actual free market example. Every time you've criticized it before you've had to resort to a government example.
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Blue_arrow Posts: 468
Registered: 2008-7-2 02:02:19
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Date Posted:
1/1/00 12:00am
Subject:
General Motors Unveils Record Profits For 2011 |
"the 13 billion worth of their stock"
GM stock has to dubble before you see any of that
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Bowlartz  Title: Offical VN Tin Foil Hat Supplier
Posts: 221
Registered: 2006-1-4 19:59:15
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Date Posted:
1/1/00 12:00am
Subject:
General Motors Unveils Record Profits For 2011 |
When oil companies see profits near that amount they are called the devil. 
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Lend a little to entrepreneurs around the world so
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Date Posted:
1/1/00 12:00am
Subject:
General Motors Unveils Record Profits For 2011 |
Bowlartz posted:
When oil companies see profits near that amount they are called the devil.
lol
the oil companies make enough in profits to pay fishermen a years lost wages because of the oil slick in their fishing lands.
i dont see GM paying local auto mechanics salaries for a loss in wages due to influx of crappy foreign cars
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